Problem 1: Selected transactions for the Joel Berges Company are presented in journal form below.
|
|
|
|
|
|
Date
|
Account Titles and Explanation
|
Ref.
|
Debit
|
Credit
|
|
May 5
|
Accounts Receivable
|
|
4,100
|
|
|
Service Revenue
|
|
|
4,100
|
|
(Billed for services performed)
|
|
|
|
|
12
|
Cash
|
|
2,400
|
|
|
Accounts Receivable
|
|
|
2,400
|
|
(Received cash in payment of account)
|
|
|
|
|
15
|
Cash
|
|
3,000
|
|
|
Service Revenue
|
|
|
3,000
|
|
(Received cash for services performed)
|
|
|
|
Post the transactions to T-accounts and determine each account's ending balance.
Problem 2: An inexperienced bookkeeper prepared the following trial balance.
|
HUEWITT COMPANY
Trial Balance
December 31, 2014
|
|
Debit
|
Credit
|
|
Cash
|
$10,800
|
|
|
Prepaid Insurance
|
|
$3,500
|
|
Accounts Payable
|
|
3,000
|
|
Unearned Service Revenue
|
2,200
|
|
|
Owner's Capital
|
|
9,000
|
|
Owner's Drawings
|
|
4,500
|
|
Service Revenue
|
|
25,600
|
|
Salaries and Wages Expense
|
18,600
|
|
|
Rent Expense
|
|
2,400
|
|
$31,600
|
$48,000
|
Prepare a correct trial balance, assuming all account balances are normal.
Problem 3: Kahl Enterprises had the following selected transactions.
1. Jo Kahl invested $4,000 cash in the business.
2. Paid office rent of $950.
3. Performed consulting services and billed a client $5,200.
4. Jo Kahl withdrew $750 cash for personal use.
Indicate the effect each transaction has on the accounting equation, using plus and minus signs.
Problem 4: Janet Miyoshi has prepared the following list of statements about the general ledger.
Identify each statement as true or false.
1. The general ledger contains all the asset and liability accounts but no owner's equity accounts.
2. The general ledger is sometimes referred to as simply the ledger.
3. The accounts in the general ledger are arranged in alphabetical order.
4. Each account in the general ledger is numbered for easier identification.
5. The general ledger is a book of original entry.
Problem 5: Janet Miyoshi has prepared the following list of statements about the general ledger.
Identify each statement as true or false.
1. The general ledger contains all the asset and liability accounts but no owner's equity accounts.
2. The general ledger is sometimes referred to as simply the ledger.
3. The accounts in the general ledger are arranged in alphabetical order.
4. Each account in the general ledger is numbered for easier identification.
5. The general ledger is a book of original entry.
Problem 6: The T-accounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations.
|
Cash
|
|
No. 101
|
|
4/1
|
12,000
|
4/15
|
1,300
|
|
4/12
|
900
|
4/25
|
1,500
|
|
4/29
|
400
|
|
|
|
4/30
|
1,000
|
|
|
|
Accounts Receivable
|
|
No. 112
|
|
4/7
|
3,200
|
4/29
|
400
|
|
Supplies
|
|
No. 126
|
|
4/4
|
1,800
|
|
|
|
Accounts Payable
|
|
No. 201
|
|
4/25
|
1,500
|
4/4
|
1,800
|
|
Unearned Service Revenue
|
|
No. 209
|
|
|
4/30
|
1,000
|
|
Owner's Capital
|
|
No. 301
|
|
|
4/1
|
12,000
|
|
Service Revenue
|
|
No. 400
|
|
|
4/7
|
3,200
|
|
|
4/12
|
900
|
|
Salaries and Wages Expense
|
|
No. 726
|
|
4/15
|
1,300
|
|
|
Prepare the complete general journal from which the postings to Cash were made.