ACCT 201 Problems Chapter 2 – Part 2

S2-4 Journalizing transactions

Learning Objective 3

Harold Wright opened a medical practice in Santa Barbara, California, and had the
following transactions during the month of January.

Journalize the transactions of Harold Wright, M.D. Include an explanation with each
entry.

Sinem Güler 77302

S2-4 Journalizing transactions

Jan 1 Cash 34,000

Wright ,Capital. 34,000

Wright’s contribution

Jan 2 Office Supplies 20,000

Accounts Payable 20,000

Purchased medical supplies for accounts payable

Jan 4 Cash 1,200

Service Revenue. 1,200

Performed services for cash

Jan 12 Rent Expense 2,700

Cash 2,700
Paid rent expense for cash

Jan 15 Accounts
Receviable 12,000

Service revenue 12,000

Cash will be taken later
S2-9 Preparing a trial balance
Learning Objective 4

Henderson Floor Coverings reported the following summarized data at December 31,
2016. Accounts appear in no particular order, and all have normal balances.

Prepare the trial balance of Henderson Floor Coverings at December 31, 2016.
ACCOUNT NAME DEBIT CREDIT
Cash 12,000
Accounts Receivable 4,000
Equipment 45,000
Accounts Payable 1,500
Salaries Payable 15,000
Interest Payable 7,500
Henderson, Capital 25,000
Henderson, Withdrawals 12,900
Service Revenue 38,000
Salaries Expense 1,800
Rent Expense 10,000
Utilities Expense 1,300
TOTAL 87,000 87,000
Sinem Güler 77302
S2-4 Journalizing transactions

Jan 1 Cash 34,000

Wright ,Capital. 34,000

Jan 2 Office Supplies 20,000

Accounts Payable 20,000

Jan 1 Cash 34,000

Wright ,Capital. 34,000

Jan 2 Office Supplies 20,000

Accounts Payable 20,000

Jan 4 Cash 1,200

Service Revenue. 1,200

Jan 12 Rent Expense 2,700

Cash 2,700

Jan 15 Cash 12,000

Unearned Revenue 12,000