Chapter 2 financial accounting - Financial Accounting | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố HCM

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Môn: Financial Accounting (BAOO5IU)

Trường: Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

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5 trang 5 tháng trước

Tác giả:

Profile Mai Nguyệt
Ep2-4.
Trasnsaction. On Oct.1, Alan Sanculi begins business as a real estate agent with a cash investment of
$15,000.
Basic Analysis The asset Cash increases $15,000 ; owner’s equity (specifically, Owner’s Capital)
increases $15,000
Equation Assets = Liabilities + Owner’s Equity
Analysis Cash = Owner’s Capital
+15,000 +15,000
Debit-Credit Debits increase assets: debit Cash $15,000
Analysis Credits increase owner’s equity: credit Owner’s Capital $15,000
Journal Entry
Posting
Cash 101
Oct. 1 15,000
Trasnsaction. On Oct. 2, hires an administrative assistant
Basic Analysis No accounting entry because a business transaction has not occurred.
Trasnsaction. On Oct. 3, purchases office furniture for $1,900, on account.
Basic Analysis The asset Supplies increases $1,900 ; the liability Accounts Payable increases $1,900
Equation Assets = Liabilities + Owner’s Equity
Analysis Supplies = Accounts Payable
+1,900 +1,900
Debit-Credit Debits increase assets: debit Supplies $1,900
Analysis Credits increase liabilities: credit accounts payable $1,900
Journal Entry
Posting
Supplies 126
Oct. 3 1,900
Trasnsaction. On Oct. 6, Sells a house and lot for R.Craig; bills R.Craig $3,800 for realty services performed.
Oct. 1 Cash
Owner’s Capital
(Owner’s investment of cash in business)
101
301
15,000
15,000
Owner’s Capital 301
Oct. 1 15,000
Oct. 3 Supplies
Accounts payable
(Purchased supplies on account)
126
201
1,900
1,900
Acounts Payable 301
Oct. 3 1,900
Basic Analysis The asset Accounts Receivable increases $3,800 ; the revenue account Service Revenues
increases $3,800
Equation Assets = Liabilities + Owner’s Equity
Analysis Accounts
Receivable = Service Revenues
+3,800 +3,800
Debit-Credit Debits increase assets: debit Accounts Receivable $3,800
Analysis Credits increase revenues: credit Service Revenues $3,800
Journal Entry
Posting
Accounts Receivable 112
Oct. 6 3,800
Trasnsaction. On Oct. 27, pays $1,100 on the balance related to the transaction of October 3.
Basic Analysis The asset Cash decreases $1,100 ; the liability Accounts Payable decrease $1,100
Equation Assets = Liabilities + Owner’s Equity
Analysis Cash = Accounts Payables
-1,100 - 1,100
Debit-Credit Debits decrease liabilities: debit Accounts Payable $1,100
Analysis Credits decrease assets: credit Cash $1,100
Journal Entry
Posting
Accounts Receivable 301
Oct.27 1,100
Trasnsaction. On Oct. 30, pays the administrative assitant $2,500 in salary for October .
Basic Analysis The asset Cash decreases $2,500 ; the expense Salaries and Wages Expense increase
$2,500
Equation Assets = Liabilities + Owner’s Equity
Analysis Cash = Salaries and Wages Expense
-2,500 -2,500
Debit-Credit Debits increase owner’s equity: debit Salaries and Wages Expense $2,500
Oct. 6 Accounts Receivable
Service Revenues
(Received cash for services performed)
112
400
3,800
3,800
Service Revenues 400
Oct. 6 3,800
Oct. 27 Accounts Payable
Cash
(Pays cash on balance on Oct.3)
301
101
1,100
1,100
Cash 101
Oct.27 1,100
Analysis Credits decrease assets: credit Cash $2,500
Journal Entry
Posting
Salaries and Wages Expense 301
Oct.30 2,500
Ep 2-5
Date Account Titles and Explanation Ref. Debit Credit
Oct. 1 Cash
Owner’s Capital
(Owner’s investment of cash in business)
101
301
15,000
15,000
2 No entry
3 Supplies
Accounts payable
(Purchased supplies on account)
126
201
1,900
1,900
6 Accounts Receivable
Service Revenues
(Received cash for realty services performed)
112
400
3,800
3,800
27 Accounts Payable
Cash
(Pays cash on balance on Oct.3)
301
101
1,100
1,100
30 Salaries and Wages Expense
Cash
(Pays salary for October)
726
101
2,500
2,,500
Ep 2-9
a)
Oct. 30 Salaries and Wages Expense
Cash
(Pays salary for October)
726
101
2,500
2,,500
Cash 101
Oct.30 2,500
B)
P2-1A
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Ep2-4.
Trasnsaction. On Oct.1, Alan Sanculi begins business as a real estate agent with a cash investment of $15,000. Basic Analysis
The asset Cash increases $15,000 ; owner’s equity (specifically, Owner’s Capital) increases $15,000 Equation
Assets = Liabilities + Owner’s Equity Analysis Cash = Owner’s Capital +15,000 +15,000 Debit-Credit
Debits increase assets: debit Cash $15,000 Analysis
Credits increase owner’s equity: credit Owner’s Capital $15,000 Journal Entry Oct. 1 Cash 101 15,000 Owner’s Capital 301 15,000
(Owner’s investment of cash in business) Posting Cash 101 Oct. 1 15,000 Owner’s Capital 301 Oct. 1 15,000
Trasnsaction. On Oct. 2, hires an administrative assistant Basic Analysis
No accounting entry because a business transaction has not occurred.
Trasnsaction. On Oct. 3, purchases office furniture for $1,900, on account. Basic Analysis
The asset Supplies increases $1,900 ; the liability Accounts Payable increases $1,900 Equation Assets
= Liabilities + Owner’s Equity Analysis Supplies = Accounts Payable +1,900 +1,900 Debit-Credit
Debits increase assets: debit Supplies $1,900 Analysis
Credits increase liabilities: credit accounts payable $1,900 Journal Entry Oct. 3 Supplies 126 1,900 Accounts payable 201 1,900 Posting
(Purchased supplies on account) Supplies 126 Oct. 3 1,900 Acounts Payable 301 Oct. 3 1,900
Trasnsaction. On Oct. 6, Sells a house and lot for R.Craig; bills R.Craig $3,800 for realty services performed. Basic Analysis
The asset Accounts Receivable increases $3,800 ; the revenue account Service Revenues increases $3,800 Equation
Assets = Liabilities + Owner’s Equity Analysis Accounts Receivable = Service Revenues +3,800 +3,800 Debit-Credit
Debits increase assets: debit Accounts Receivable $3,800 Analysis
Credits increase revenues: credit Service Revenues $3,800 Journal Entry Oct. 6 Accounts Receivable 112 3,800 Service Revenues 400 3,800
(Received cash for services performed) Posting Accounts Receivable 112 Oct. 6 3,800 Service Revenues 400 Oct. 6 3,800
Trasnsaction. On Oct. 27, pays $1,100 on the balance related to the transaction of October 3. Basic Analysis
The asset Cash decreases $1,100 ; the liability Accounts Payable decrease $1,100 Equation
Assets = Liabilities + Owner’s Equity Analysis Cash = Accounts Payables -1,100 - 1,100 Debit-Credit
Debits decrease liabilities: debit Accounts Payable $1,100 Analysis
Credits decrease assets: credit Cash $1,100 Journal Entry Oct. 27 Accounts Payable 301 1,100 Cash 101 1,100 Posting
(Pays cash on balance on Oct.3) Accounts Receivable 301 Oct.27 1,100 Cash 101 Oct.27 1,100
Trasnsaction. On Oct. 30, pays the administrative assitant $2,500 in salary for October . Basic Analysis
The asset Cash decreases $2,500 ; the expense Salaries and Wages Expense increase $2,500 Equation
Assets = Liabilities + Owner’s Equity Analysis Cash = Salaries and Wages Expense -2,500 -2,500 Debit-Credit
Debits increase owner’s equity: debit Salaries and Wages Expense $2,500 Analysis
Credits decrease assets: credit Cash $2,500 Journal Entry Oct. 30 Salaries and Wages Expense 726 2,500 Cash 101 2,,500 Posting (Pays salary for October) Salaries and Wages Expense 301 Oct.30 2,500 Cash 101 Oct.30 2,500 Ep 2-5 Date
Account Titles and Explanation Ref. Debit Credit Oct. 1 Cash 101 15,000 Owner’s Capital 301 15,000
(Owner’s investment of cash in business) 2 No entry 3 Supplies 126 1,900 Accounts payable 201 1,900
(Purchased supplies on account) 6 Accounts Receivable 112 3,800 Service Revenues 400 3,800
(Received cash for realty services performed) 27 Accounts Payable 301 1,100 Cash 101 1,100
(Pays cash on balance on Oct.3) 30 Salaries and Wages Expense 726 2,500 Cash 101 2,,500 (Pays salary for October) Ep 2-9 a) B) P2-1A