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Assignment 04 Introduction to Accounting (Example)

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Basic Accounting Student’s Name Institution Affiliation Basic Accounts Part A Assets Investment = $10 000 Office furniture (cash) = $600 Additional office furniture (bank) = $ 300 Liability Payment Cr($) Bal b/f 80 80 Cell phones bill 80 80 Receivable a/c Dr ($) Cr($) Customer service Bal b/d 1 000 1 000 Bank 500 Bal b/f 500 500 [...]

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ASSIGNMENT 04 A01 Introduction to Accounting Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) double-spaced pages; refer to the "Assignment Format" page located on the Course Home page for specific format requirements. Part A (30 points) Record the following transactions in the basic accounting equation: a. Brian invests $10,000 cash to begin an accounting service. b. The company buys office furniture for cash, $600. c. The company buys additional office furniture on account, $300. d. The company makes a payment on the office furniture, $200. Brian's Accounting Service ASSETS = LIABILITIES + OWNER'S EQUITY Cash + Office Furniture = Accounts Payable + Brian's Capital a. b. c. d. Part B (40 points) The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form. Cash $1,370 Benson, Withdrawals $ 500 Accounts Payable 770 Accounts Receivable 1,600 Office Equipment 900 Service Fees 2,730 Benson, Capital 1,500 Salaries Expense 630 Part C (30 points) The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate. a. Tyler invested $6,500 in the bike service from his personal savings account. b. Bought office equipment for cash, $900. c. Performed bike service for a customer on account, $1,000. d. Company cell phone bill received, but not paid, $80. e. Collected $500 from customer in transaction c. f. Tyler withdrew $300 for personal use.

Subject Area: Mathematics

Document Type: Reports

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $15

Words 550

Pages 2

Completed in 6 days

Expert sherlyne sherlyne

Client Review

I give this writer 5 stars great paper on time. I made a 100 on this paper thank you for a well done job

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05.21.2017

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