Please answer all questions in the pictures , by word format or excel so i can copy and paste ..not handing writing or pictures!
The Recording Process Chapter 2 BRIEF EXERCISES Indicate debit and credit effects and normal balance. (LO 2) Identify accounts to be debited and credited. (LO) Journalize transactions (LO 4) Identify and explain steps in recording process. (LO 3) Indicate basic and debit-credit analysis. (LO2) BE2-1 For each of the following accounts, indicate the effects of (a) a debit and (b) a credit on the accounts and (c) the normal balance of the account. 1. Accounts Payable. 2. Advertising Expense. 3. Service Revenue. 4. Accounts Receivable. 5. Share Capital-Ordinary 6. Dividends. BE2-2 Transactions for the Kaustav Sen Company ASA, which performs welding services, for the month of June are presented below. Identify the accounts to be debited and cred- ited for each transaction. June 1 Kaustav Sen invests 4,000 cash in exchange for ordinary shares in a small welding business. 2 Purchases equipment on account for 900. 3 800 cash is paid to landlord for June rent. 12 Sent an invoice to L. Nigh 300 for welding work performed on account. BE2-3 Using the data in BE2-2, journalize the transactions. (You may omit explanations.) BE2-4 Tim Weber, a fellow student, is unclear about the basic steps in the record- ing process. Identify and briefly explain the steps in the order in which they occur. BE2-5 J.A. Motzek SA has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis illus- trated on pages 65-70. Aug. 1 Opens an office as a financial advisor, investing R$5,000 in cash in exchange for ordinary shares. 4 Pays insurance in advance for 6 months, R$1,800 cash. 16 Receives R$1,100 from clients for services performed. 27 Pays secretary R$1,000 salary. BE2-6 Using the data in BE2-5, journalize the transactions. (You may omit explanations.) BE2-7 Selected transactions for the Gilles Ltd. are presented in journal form on the next page. Post the transactions to T-accounts. Make one T-account for each item and determine each account's ending balance. Journalize transactions (LO 4) Post journal entries to T-accounts. (LO 6) J1 Credit Date Ref. Debit 5,000 May 5 5,000 12 Account Titles and Explanation Accounts Receivable Service Revenue (Billed for services performed) Cash Accounts Receivable (Received cash in payment of account) Cash Service Revenue (Received cash for services performed) 2,100 2,100 15 3,000 3,000 BE2-8 Selected journal entries for the Gilles Ltd. are presented in BE2-7. Post the transac- Post journal entries to tions using the standard form of account. standard form of account. (LO 6) BE2-9 From the ledger balances given below, prepare a trial balance for the Starr SE at Prepare a trial balance. June 30, 2017. List the accounts in the order shown on page 73. All account balances are (LO 7) normal Accounts Payable 8,600, Cash 6,800, Share Capital - Ordinary 20,000, Dividends 800, Equipment 17,000, Service Revenue 6,000, Accounts Receivable 3,000, Salaries and Wages Expense 6,000, and Rent Expense 1,000. BE2-10 An inexperienced bookkeeper prepared the following trial balance. Prepare a Prepare a correct trial correct trial balance, assuming all account balances are normal. balance (LO 7) CHENG COMPANY LTD. Trial Balance December 31, 2017 Debit Credit Cash 16,800 Prepaid Insurance 3,500 Accounts Payable 3,000 Unearned Service Revenue 4,200 Share Capital-Ordinary 13,000 Dividends 4,500 Service Revenue 25,600 Salaries and Wages Expense 18,600 Rent Expense 2,400 39,600 52,000
