Question

Chapts Problem 1A The ollowing problem provides practice of the applications described in thi osi complete this problem, click Into, onm the toolbar for helpful check figures to andit your work asmove the Audit Test questions 1 A at the end of this problem and fill in the answers as you work through the f Step 2: Start Integroted Accounting 8e step 3: Open and load file IA8 Problem 01.A step 4: Enter your name in the User Name dialog box Choose Save As and save the file to your disk or folder with a step file name of 01-A Your Name. Access the Help system to obtain information about using the Web browser to search the Internet. Step Use the on-screen calculator to multiply S6,S89.00 by 390. Step 7: Calculate the annual cost of college based on savings using the College Planner. With the Annual College Costs option set on, enter the following data, and then display the schedule of college savings and payments reports. Beginning College Saving Annual Yield (Percent). Years until College. Number of Years of College .. $2,500.00 3.75 4 $3,000.00 Open the Accounting Drills window by clicking Drills on the toolbar; then select the Accounting Equation tab Step 9: Sept. 01 Received cash from owner as an investment, $10,000.00 02 03 04 05 06 06 Paid cash for supplies, $350.00. Paid cash for insurance, $495.00. Paid cash for advertising, $650.00. Bought supplies on account, $1,200.00. Owner withdrew cash for personal use, $1,100.00. Paid cash on account, $900.00 Step 10: Display the accounting equation report. Step 11: Click Check on the toolbar to check your work.

IA8 problem 01-A

Answer 1

Answer
I have answered the questions given in Step 9 and showed the classification of accounts and closing balances.
The other steps given are procedural in nature.
I assume that your requirement and doubts will be clarified with this answer.
A	Journalising the transactions given in Step 9
Sl No	Particulars	Debit ($)	Credit ($)
1	Cash A/c Dr	10000
	To David Lopex, Capital A/c		10000
	(Cash received from owner)
2	Accounts Payable A/c Dr	350
	To Cash A/c		350
	(Cash paid to supplier)
3	Prepaid Insurance A/c Dr	495
	To Cash A/c		495
	(Insurance paid in Cash )
4	Advertising Expenses A/c Dr	650
	To Cash A/c		650
	(Advertising expenses paid in Cash )
5	Inventory A/c Dr	1200
	To Accounts Payable		1200
	(Supplies purchased on credit)
6	Drawings A/c Dr	1100
	To Cash A/c		1100
	(Cash taken by owner)
7	Bank A/c Dr	900
	To Cash A/c		900
	(Paid cah on account)
B	Showing account classification, Debit and Credit balances as required in Step 12 & 13
Sl No	Account Name	Classification	Closing Balabce ($)	Debit or Credit
1	Cash A/c	Asset	6506	Debit
2	To David Lopex, Capital A/c	Liability	10000	Credit
3	Accounts Payable A/c	Liability	850	Credit
4	Prepaid Insurance A/c	Asset	494	Debit
5	Advertising Expenses A/c	Expenses	650	Debit
6	Inventory A/c	Asset	1200	Debit
7	Drawings A/c	Asset	1100	Debit
8	Bank A/c	Asset	900	Debit

_______________________________________________________________________________________