Project #20481 - Accounting

Part A (30 points)

Record the following transactions in the basic accounting equation:

  1. Brian invests $10,000 cash to begin an accounting service.
  2. The company buys office furniture for cash, $600.
  3. The company buys additional office furniture on account, $300.
  4. The company makes a payment on the office furniture, $200.

Brian's Accounting Service

ASSETS = LIABILITIES + OWNER'S EQUITY
Cash + Office Furniture = Accounts Payable + Brian's Capital

 

Part B (40 points)

The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form.

 

Cash $1,370
Accounts Payable 770
Office Equipment 900
Benson, Capital 1,500
Benson, Withdrawals 500
Accounts Receivable 1,600
Service Fees 2,730
Salaries Expense 630

 

Part C (30 points)

The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.

  1. Tyler invested $6,500 in the bike service from his personal savings account.
  2. Bought office equipment for cash, $900.
  3. Performed bike service for a customer on account, $1,000.
  4. Company cell phone bill received, but not paid, $80.
  5. Collected $500 from customer in transaction c.
  6. Tyler withdrew $300 for personal use.

Subject Mathematics
Due By (Pacific Time) 01/01/2014 12:00 am
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