Acc 557 Homework Week 2 Chapter 2 (E2-6,e2-9,e2-11,p2-2A)

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ACC 557 Homework Week 2 Chapter 2 (E2-6,E2-9,E2-11,P2-2A)

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<b>Exercise 2-6</b>Elvira Industries had the following transactions.1.Borrowed $5,000 from the bank by signing a note.2.Paid $2,500 cash for a computer.3.Purchased $450 of supplies on account.<b>(a) </b>Indicate what accounts are increased and decreased by each transaction.<b>(b)</b> Journalize each transaction. <b><i>(Credit account titles are automatically indented when amount is entered. </i></b><b><i>Do not indent manually.)</i></b><b>Exercise 2-9</b>Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.<b>Date</b><b>Account Titles and Explanation</b><b>Ref.</b><b>Debit</b><b>Credit</b>Aug.1Cash5,000Common Stock5,000(Investment of cash for stock)10Cash2,700Service Revenue2,700(Received cash for services provided)12Equipment5,000Cash1,000Notes Payable4,000(Purchased office equipment for cash and notes payable)25Accounts Receivable1,600Service Revenue1,600(Billed clients for services provided)31Cash850Accounts Receivable850(Receipt of cash on account)a) Post the transactions to T accounts. <b><i>(Post entries in the order displayed in the problem statement.)</i></b>b) Prepare a trial balance at August 31, 2014.<b>ROBERTA MENDEZ, INVESTMENT BROKER</b><b>Trial BalanceAugust 31, 2014</b><b>Problem 2-2A</b>Kara Shin is a licensed CPA. During the first month of operations of her business, Kara Shin, Inc., the following events and transactions occurred.May 1Stockholders invested $20,000 cash in exchange for common stock.2Hired a secretary-receptionist at a salary of $2,000 per month.3Purchased $1,500 of supplies on account from Hartig Supply Company.7Paid office rent of $900 cash for the month.11Completed a tax assignment and billed client $2,800 for services provided.12Received $3,500 advance on a management consulting engagement.17Received cash of $1,200 for services completed for Lucille Co.31Paid secretary-receptionist $2,000 salary for the month.31Paid 40% of balance due Hartig Supply Company.Kara uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
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<b>Exercise 2-6</b>Elvira Industries had the following transactions.1.Borrowed $5,000 from the bank by signing a note.2.Paid $2,500 cash for a computer.3.Purchased $450 of supplies on account.<b>(a) </b>Indicate what accounts are increased and decreased by each transaction.<b>(b)</b> Journalize each transaction. <b><i>(Credit account titles are automatically indented when amount is entered. </i></b><b><i>Do not indent manually.)</i></b><b>Exercise 2-9</b>Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.<b>Date</b><b>Account Titles and Explanation</b><b>Ref.</b><b>Debit</b><b>Credit</b>Aug.1Cash5,000Common Stock5,000(Investment of cash for stock)10Cash2,700Service Revenue2,700(Received cash for services provided)12Equipment5,000Cash1,000Notes Payable4,000(Purchased office equipment for cash and notes payable)25Accounts Receivable1,600Service Revenue1,600(Billed clients for services provided)31Cash850Accounts Receivable850(Receipt of cash on account)a) Post the transactions to T accounts. <b><i>(Post entries in the order displayed in the problem statement.)</i></b>b) Prepare a trial balance at August 31, 2014.<b>ROBERTA MENDEZ, INVESTMENT BROKER</b><b>Trial BalanceAugust 31, 2014</b><b>Problem 2-2A</b>Kara Shin is a licensed CPA. During the first month of operations of her business, Kara Shin, Inc., the following events and transactions occurred.May 1Stockholders invested $20,000 cash in exchange for common stock.2Hired a secretary-receptionist at a salary of $2,000 per month.3Purchased $1,500 of supplies on account from Hartig Supply Company.7Paid office rent of $900 cash for the month.11Completed a tax assignment and billed client $2,800 for services provided.12Received $3,500 advance on a management consulting engagement.17Received cash of $1,200 for services completed for Lucille Co.31Paid secretary-receptionist $2,000 salary for the month.31Paid 40% of balance due Hartig Supply Company.Kara uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
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