In: Accounting
Record the following transactions using the below accounting
equation. The first one has been completed for...
Record the following transactions using the below accounting
equation. The first one has been completed for you as an example.
Make sure to indicate the specific account name and use a + or –
sign to indicate if the overall category is being increased or
decreased. Items that effect net income should only be shown in the
net income column and not in stockholders’ equity.
After recording all transactions, calculate total assets, total
liabilities, stockholders’ equity, revenues and expense. Prove your
accounting equation is in balance.
- Common Stock of $5,000 was sold for cash.
- A company paid $100 to car servicing store for an oil change
and regular maintenance for a corporate owned automobile. Make the
entry to record this.
- Make the entry to record $1500 of depreciation on company owned
laptops.
- Make the entry to record the purchase of equipment for $2,000
along with $200 for installation.
- Sold land that had originally cost $100,000 for $115,000 in
cash.
- For the payroll period ended on October 19, 2018, gross pay was
$22,300, net pay was $17,000, FICA tax withholdings were $1,500,
income tax withholdings were $3,000, and medical insurance
contributions were $800. Prepare the entry below to show the
effects of the payroll accrual on October 19,
2018.
- The Defiance College sells season tickets for four home
football games at a price of $60. For the 2018 season, 5,000 season
tickets were sold.
(a.) Record the journal entry below to show the effect of the sale
of the season tickets.
(b.) Record the journal entry to show the effect of hosting a home
football game
Trans.
|
Assets
|
=
|
Liabilities
|
+SE
|
<-
|
NI
|
1.
|
Cash 5,000
|
|
|
Common Stock+5,000
|
|
|
2.
|
|
|
|
|
|
|