8/11/2019 accounting chap 2

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SE 10

Oakland Floor

Trial Balance

December 31 2012

account debit credit

cash 12000

Equipment 45000

Account payable 2000

other liablilities 18000

Oakland Capital 22000

Revenues 34000

Expenses 19000

Total 76000 76000

SE 11

Debit = 70,400

Credit = 9,200

To correct this first take the difference between the total debits and the total credits and divide it by 2.

(70,400-9,200)/2= 30,600. After getting the answer, identify it on the trial balance and make the

necessary corrections.

SE 12

Debit = 37,100

Credit = 39,800

First take the difference between the debits and credits then divide it by 9. (39,800-37,100)/9 = 300,

then identify the account with that amount and make the corrections necessary.

SE 15

Assets = liabilities + Ownwers Equity

1)

Assets 390,000 (Debit) = Liabilities 260,000 (credit) + OE 130,000 (Credit)

2)

Net income = revenues(credit)expenses (debit) === 480,000 - 350,000 = 130,000

Net income represents a net credit

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E 16

London Engineering

Journal entries

E 17

May 1received cash from both cash and OE increases

2- Purchased supplies for 500 on account both supplies and accounts payable accounts increase.

4- Paid for building cash decreases, and building account increases

6- Received cash for services, cash and service revenue increases

9- Pay 400 on amount owed both cash and accounts payable decreases

17- Service performs for 2500 on account, service revenue and accounts receivable increases.

23- got paid 1900 of the debt of a customer, cash increases, accounts receivable decreases

31- payed a total of 2000 for salary and rent both accounts increase.

2)

110 120 130

1) 75,000 4) 53,000 17) 2,500 23) 1900 2)500

6) 2,600 9) 400

23) 1,900 31) 2000

bal 24,100 bal 600 bal 500

140 210 310

4) 53,000 9) 400 2) 500 1) 75,000

bal 53,000 bal 100 bal 75,000

Date Entry DR CR

Jul 2 Utilities expense 400

-

Cash 400

5 Equipment 2,100

-

Accounts payable 2,100

10 Accounts receivable 2,000

-

Service revenue 2,000

12 Cash 7,000

-

Notes payable 7,000

19 Cash 29,000

-

land 29,000

21 Supplies 800

-

Cash 800

27 Account Payable 2,100

-

Cash 2,100

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410 510 520

6) 2,600 31) 900

31)

1,100

17) 2,500

bal 5,100 bal 900 bal 1,100

4)

Trial Balace

Account DR CR

Cash 24,100

Accounts R 600

supplies 500

Building 53,000

Accounts Payable 100

Ward capital 75,000

Service Revenue 5,100

Rent expenses 900

Salary expenses 1,100

Total 80,200 80,200

E 25

Atkins Moving Company

Trial Balance

Aug. 21, 2012

Account DR CR

cash 4000

Accounts R 8800

Supplies 300

Trucks 132000

Building 48,000

Accounts payable 4000

Note Payable 54,000

Atkins Capital 72,000

Atkins Drawing 5400Service Revenue 80,000

supplies expense 400

Salary expense 7000

utilities expense 500

fuel expense 3000

Insurance expense 600

210000 210000