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Homework answers / question archive /   Question 1    Required: Complete the accounting equation and journal entries for the transactions given below

  Question 1    Required: Complete the accounting equation and journal entries for the transactions given below

Accounting

 

Question 1   

Required:

  • Complete the accounting equation and journal entries for the transactions given below.
  • Complete the following ledger accounts: Cash, Capital, Accounts receivable, Accounts payable, Supplies, Fees earned. (You do not have to balance the accounts)

The following transactions appeared in the records of Canada Services (the business):

  1. C Canada, the owner, invests $20 000 cash, and a building (cost $80 000, valuation $90 000) into the business.
  2. Purchase office furniture for $7 000. $2 000 was paid in cash and the remainder on account.
  3. C. Canada, the owner, paid his child’s school fees for $2 500 and his water and electricity bill of $500 in cash withdrawn from the business.
  4. Canada performed electrical and plumbing services for $4 000 cash and billed the clients for $6 000 on account.
  5. Canada Services ordered and received office supplies from ABC Company, on account, for $3 000.
  6. $4 000 was received from clients for services provided by Canada Services.
  7. The business paid insurance of $1 200 cash for the whole year.
  8. The accountant issued a cash check of $1 000 to ABC Company due on account.
  9. The accountant of Canada Services calculated that $2 000 worth of supplies were unused by the Business

fill all tables

 No Assets Name of Account Increase Decrease Liabilities Name of Account Increase Decrease Owner's Equity Name of Account Increase Decrease 1.
Journal entries: (12) No Account Dr Cr
Ledger Accounts: (10) Cash Capital Accounts Receivable Accounts Payable Supplies Fees Earned

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No Assets Liabilitites Equity
Name of account Name of account Name of account
Increase Decerease Increase Decrease Increase Decrease
1) Cash by 20000       Capital by 20000  
  Building by 90000       Capital by 90000  
2) Office furniture by 7000 Cash by 2000 Accounts payable by 5000      
3)   Cash by 3000       Capital by 3000
4) Cash by 4000 & Accounts receivable by 6000       Increase revenue by 10000  
5) Supplies by 3000   Accounts payable by 3000      
6) Cash by 4000 Accounts receivable by 4000        
7)   Cash by 1200       Insurance expense by 1200
8)   Cash check by 1000   Accounts payable by 1000    
9)   Supplies by 1000       Supplies expense by 1000
No Account Debit Credit
1) Cash Ac Dr 20000  
  Building Ac Dr 90000  
  Capital   110000
       
2) Office furniture Dr 7000  
  Cash   2000
  Accounts payable   5000
       
3) Capital Ac Dr 3000  
  Cash   3000
       
4) Cash Ac Dr 4000  
  Accounts receivable Dr 6000  
  Fees earned   10000
       
5) Supplies Ac Dr 3000  
  Accounts payable   3000
       
6) Cash Ac Dr 4000  
  Accounts receivable Dr   4000
       
7) Insurance Expense Ac Dr 1200  
  Cash   1200
       
8) Accounts payable 1000  
  Cash check   1000
       
9) Supplies expense Ac Dr 1000  
  Supplies   1000
Cash
Capital 110000 Office Furniture 2000
Fees earned 4000 Capital 3000
Accounts receivable 4000 Insurance expense 1200
    Accounts payable 1000
       
       
Capital
Cash 3000 Cash 110000
       
       
       
       
Accounts receivable
Fees earned 6000 Cash 4000
       
       
       
Accounts payable
Cash 1000 Office furniture 5000
    Supplies 3000
       
       
Supplies
Accounts payable 3000 Supplies expense 1000
       
       
       
Fees earned
    Cash 4000
    Accounts receivable 6000
       

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