Question

 

ASSETS	LIABILITIES & STOCKHOLDERS’ EQUITY	INCOME STATEMENT ACCOUNTS
A. Cash	F. Accounts Payable	K. Service Revenue
B. Accounts Receivable	G. Salaries Payable	L. Advertising expense
C. Supplies	H. Deferred revenue	M. Rent Expense
D. Prepaid advertising	I. Notes Payable	N. Salaries/Wage expense
E. Equipment	J. Retained Earnings	O. Utilities expense

February 1^st transaction is completed as an example:  Only include the letter of the account not the account name.

	Date			Transaction		AMOUNT
	February  01 (ex)			Paid an Accounts Payable		$500
	February 2			Collected from customers for sales made in January		45,000
	February 7			Paid employees for work performed in January		34,000
	February 14			Purchased supplies on account		495
	February 15			Provided services to cash customers		15,000
	February 28			Recorded salaries for February, will pay in March		25,000
	February 28			Received cash in advance from customers will provide service later		3,000
		Date	Account		Debit	Credit
ex		FEB  1	F                                                     Account payable (L-)		500
			A                                                      Cash (A-)			500
21.		Feb 2
22.		Feb 7
23.		Feb 14
24.		Feb 15
25.		Feb 28
26.		Feb 28

 

Cash
10,000

27.            $__________If January 31st cash was $10,000, what is the cash balance at the end of the day on 2/28?

Answer 1

 

Date	Particulars	Debit	Credit
Feb 1	Accounts payable   a/c    dr      F(L-)	500
	To cash                      A (A-)		500
Feb 2	Cash      a/c   dr                     A(A+)	45,000
	To Accounts receivable     B(A-)		45,000
Feb 7	Salaries payable   a/c   dr       G(L-)	34,000
	To   Cash                       A(A-)		34,000
Feb 14	Supplies a/c dr               C(A+)	495
	To Accounts payable      F(L+)		495
Feb 15	Cash   a/c   dr                    A(A+)	15000
	To Service revenue          K(I+)		15000
Feb 28	Salary a/c dr                    N(E+)	25,000
	To Salary outstanding    G(L+)		25,000
Feb 28	Cash   a/c dr                   A(A+)	3000
	To Deferred revenue     K(L+)		3000

                           CASH a/c

Dr                                                                                                             Cr

Particulars	Amount	Particulars	Amount
Balance   b/d	10,000	Accounts payable	500
Accounts receivable	45,000	Salaries payable	34,000
Service revenue	15,000
Deferred revenue	3000	Balance c/d	38,500
	73,000		73,000