Homework answers / question archive / Hoysted is a sign painter and truck letterer

Hoysted is a sign painter and truck letterer

Accounting

Share With

Hoysted is a sign painter and truck letterer. Her business has the following assets and liabilities Assets Bank A/R-G. Anderson A/R-N. Ostrowski Office Supplies Painting Supplies Office Furniture Automobile Liabilities $2 216 Bank Loan 357 A/P-Consumers' Supply 402 A/P-Nu-Style Furniture 2 980 Loan Payable, M. Hoysted 4 120 5 090 20 000 $6 500 1 375 2 951 1 980 1. Set up A. Hoysted's financial position in the T-accounts provided in the spreadsheet. Include the equity account 2. For the transactions listed below, record the accounting entries in T-accounts. If it is helpful for you, use a transaction analysis sheet. Transactions 1. Received $200 cash from a customer for painting a sign. 2. Paid $500 to Consumer's Supply. 3. Received $402 cash from N. Ostrowski. 4. Sold an extra office desk(which is included in the Office Furniture figure at $450) to G. Brand at a price of $250. Brand paid $100 cash and owed the balance. 5. Reduced the bank loan by $1 000. 6. Paid the regular monthly bank loan payment, $500. 7. Paid the balance owing to Consumers' Supply. 3. Calculate the account balances and balance the ledger by taking off a trial balance.
Chapter 4 - Review Exercise #5 1 2 Bank A/R-G. Anderson A/R-G.Brand 3 4 5 6 7 8 9 10 11 12 13 A/R-N. Ostrowski 14 Office Supplies Painting Supplies 15 16 17 18 19 20 Office Furniture Automobile Bank Loan 21 22 23 24 25 26 27 A/P Consumer's Sup. A/P - Nu-Style Furn. Loan Payable, Hoysted 28 29 30 31 32 33 Hoysted, Capital 34 35 36 37 38 39 40 41 42