Homework Answers
a. Accounting Equation is Assets = Liabilities and Stockholders equity.
Accounting equation using the debit and credit rule for assets, liabilities and stockholders equity is as prepared below:
| Cash | + | Accounts Receivable | + | Office Supplies | + | Office Equipment | = | Accounts Payable | + | Common Stock | + | Retained Earnings | ||
| June | 1 | 8,000 | + | + | + | = | + | 8,000 | + | |||||
| 2 | -375 | + | + | + | = | + | + | -375 | ||||||
| 3 | + | + | + | 2,800 | = | 2,800 | + | + | ||||||
| 6 | -900 | + | + | 2,500 | + | = | 1,600 | + | + | |||||
| 11 | + | 4,750 | + | + | = | + | + | 4,750 | ||||||
| 17 | 2,600 | + | -2,600 | + | + | = | + | + | ||||||
| 19 | -2,000 | + | + | + | = | -2,000 | + | + | ||||||
| 25 | -750 | + | + | + | = | + | + | -750 | ||||||
| 30 | -525 | + | + | + | = | + | + | -525 | ||||||
| 30 | -2,750 | + | + | + | = | + | + | -2,750 | ||||||
| 3,300 | + | 2,150 | + | 2,500 | + | 2,800 | = | 2,400 | + | 8,000 | + | 350 |
b. Journal entries are as prepared below:
| Date | Particulars | Debit | Credit |
| Jun-01 | Cash | 8,000 | |
| Common Stock | 8,000 | ||
| Owner purchased common stock for cash | |||
| Jun-02 | Rent Expense | 375 | |
| Cash | 375 | ||
| Paid June Rent | |||
| Jun-03 | Office Equipment | 2,800 | |
| Accounts payable | 2,800 | ||
| Purchased office equipment on account | |||
| Jun-06 | Supplies | 2,500 | |
| Cash | 900 | ||
| Accounts payable | 1,600 | ||
| Purchased 2,500 of supplies, paid $900 down with balance due in 30 days | |||
| Jun-11 | Account Receivable | 4,750 | |
| Service Fees Earned | 4,750 | ||
| Billed clients for services | |||
| Jun-17 | Cash | 2,600 | |
| Account Receivable | 2,600 | ||
| Collections from clients on account | |||
| Jun-19 | Account Payable | 2,000 | |
| Cash | 2,000 | ||
| Payment on account | |||
| Jun-25 | Dividends | 750 | |
| Cash | 750 | ||
| Dividend paid to shareholder | |||
| Jun-30 | Utilities Expense | 525 | |
| Cash | 525 | ||
| Paid utilities bill for June | |||
| Jun-30 | Salaries Expense | 2,750 | |
| Cash | 2,750 | ||
| Paid salaries for june | |||
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