2 ACC 100 Homework for Chapter 1-(Shaw Repair Business) Objective: To record bus

Question

2 ACC 100 Homework for Chapter 1-(Shaw Repair Business) Objective: To record business transactions in an expanded accounting equation, and calculate balances Complete an Income Statement, Statement of Owner's Equity and Balance Sheet. Using the expanded accounting equation below, record the following transactions using+ and-for the transactions, while calculating an end of the problem balance for each account. Prove the equation is in balance at month end, by verifying that assets . liabilties + owner's equity Include an explanation if the transaction effects Owner's Equity as a revenue or an expense. Month of May, 2018 A) Shaw invested $25,000 in cash and a computer valued at $5,000. B) Paid cash for office supplies, $500. C) Purchased computer paper, pencils, pens for the office, $200 on account. D) Purchased equipment for $3,000, paying $1,000 down and the balance on account. E) Paid rent for the month, $800. F) Performed repair services for cash, $500. G) Returned $100 of defective supplies purchased in transaction C, receiving credit H) Performed repair services on account, $1,000 ) Paid utilities expense for the month, $400 J) wrote business checks for personal bills. S600. K) Collected $450 for the services performed in transaction H. L) Paid creditor on account; $500 for purchase in transaction D. TOTAL ASSETS: EQU CashAccounts+Supplies+Equipment+Accounts Shaw, Capital+ Revenue Expenses Payable + OOD 1000 5o0

Explanation / Answer

Cash A/c Dr 25000

Equipment A/c Dr 5000

Shaw capital Cr 30000

Supplies a/c dr 500

Cash a/c cr 500

Supplies a/c dr 200

Account Payable a/c cr 200

Equipment a/c dr 3000

Account Payable ac cr 2000

cash ac cr 1000

Rent Ac dr 800

Cash ac cr 800

Sr. No Cash Account Recivable Supplies Equipments = Account Payable Shaw Capital Revenue Expence Explanation a +25000 5000 = 30000

Cash A/c Dr 25000

Equipment A/c Dr 5000

Shaw capital Cr 30000

b -500 +500 =

Supplies a/c dr 500

Cash a/c cr 500

c +200 = +200

Supplies a/c dr 200

Account Payable a/c cr 200

d -1000 3000 = +2000

Equipment a/c dr 3000

Account Payable ac cr 2000

cash ac cr 1000

e -800 800

Rent Ac dr 800

Cash ac cr 800

f +500 +500 Cash Ac dr 500 Repair ac credit 500 g -100 = -100 Account Payable debit by 100 and Suppiles by 100 h 1000 = 1000 Account Rec debit by 1000 and Repair credit by 1000 I -400 = +400 Expence ac debit by 400 and cash credit by 400 J +600 -600 Shaw capital debit by 600 and account Payable credit by 600 K +450 -450 = Cash Ac debit by 450 and Account Rec credit by 450 L -500 = -500 Account Payable debit By 500 and CAsh credit by 500 Total 22750 550 600 8000 = 2200 29400 1500 1200 TOTAL 31900

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.