Accounting Workbook 2 - Answer Key

JOURNALIZING TRANSACTIONS
PROBLEM 1
DR CR
1-Jan Cash 80,000.00
Building 110,000.00
Cruz, Capital 190,000.00
3-Jan Equipment 250,000.00

Cash 50,000.00
Note Payable 200,000.00
4-Jan ADVERTISING EXPENSE 1,500.00

CASH 1,500.00
5-Jan OFFICE SUPPLIES 15,000.00

ACCOUNTS PAYABLE 15,000.00
6-Jan LAND 150,000.00

CASH 65,000.00
NOTE PAYABLE 85,000.00
7-Jan CASH 50,000.00

SERVICE REVENUE 50,000.00
8-Jan CASH 17,000.00

16-Jan ACCOUNTS PAYABLE 3,800.00

CASH 3,800.00
20-Jan CRUZ, WITHDRAWAL 3,500.00

CASH 3,500.00
23-Jan CASH 12,000.00

UNEARNED SERVICE REVEN 12,000.00
25-Jan ACCOUNTS RECEIVABLE 3,550.00

27-Jan UNEARNED SERVICE REVENUE 6,000.00

30-Jan UTILITY EXPENSE 4,000.00
UTILITY PAYABLE 4,000.00
31-Jan RENT EXPENSE 5,200.00

CASH 5,200.00
PROBLEM 2
DR CR
1-Dec CASH 250,000.00
SANTIAGO, CAPITAL 250,000.00
3-Dec RENT EXPENSE 10,000.00

CASH 10,000.00
4-Dec EQUIPMENT 45,000.00

CASH 45,000.00
5-Dec SUPPLIES 5,200.00

7-Dec EQUIPMENT 55,000.00

CASH 37,000.00
9-Dec ACCOUNTS PAYABLE 5,200.00

CASH 5,200.00
10-Dec SALARIES EXPENSE 9,000.00

CASH 9,000.00
11-Dec RENT EXPENSE 10,000.00

CASH 10,000.00
14-Dec BUILDING 200,000.00

CASH 200,000.00
20-Dec CASH 30,000.00

CONSULTING REVENUES 30,000.00
24-Dec ACCOUNTS RECEIVABLE 38,000.00

CONSULTING REVENUES 38,000.00
28-Dec CASH 70,000.00

UNEARNED SERVICE REVENUES 70,000.00
30-Dec SANTIAGO, WITHDRAWAL 12,000.00

CASH 12,000.00
PROBLEM 3
DR CR
1-Nov CASH 40,000.00
ALVAREZ, CAPITAL 40,000.00
2-Nov LAND 20,000.00

CASH 20,000.00
3-Nov SUPPLIES 3,000.00

8-Nov CASH 5,500.00

SERVICE REVENUES 5,500.00
10-Nov ACCOUNTS RECEIVABLE 3,000.00

15-Nov RENT EXPENSE 2,000.00

SALARIES EXPENSE 1,200.00
CASH 3,200.00
21-Nov ACCOUNTS PAYABLE 400.00

CASH 400.00
22-Nov CASH 2,000.00

ACCOUNTS RECEIVABLE 2,000.00
25-Nov ALVAREZ, WITHDRAWAL 3,000.00

CASH 3,000.00
1-Dec PREPAID RENT 3,000.00

CASH 3,000.00
1-Dec SALARIES EXPENSE 1,200.00

CASH 1,200.00
1-Dec BUILDING 50,000.00

1-Dec FURNITURE 18,000.00

ALVAREZ, CAPITAL 18,000.00
15-Dec UTILITY EXPENSE 300.00

UTILITY PAYABLE 300.00
15-Dec SALARIES EXPESNE 1,200.00

CASH 1,200.00
21-Dec CASH 5,600.00

UNEARNED SERVICE REVENUES 5,600.00
28-Dec CASH 7,000.00

PROBLEM 4 PROBLEM 5
DR CR
1-Dec NOTE RECEIVABLE 50,000.00 1-Jul
2-Dec SEWING SUPPLIES 16,800.00 1-Jul

CASH 3,360.00
3-Dec PREPAID SALARIES 4,000.00

CASH 4,000.00
3-Dec RENT EXPENSE 7,000.00 2-Jul

CASH 7,000.00
4-Dec CASH 42,000.00 3-Jul

5-Dec TAYLORS, WITHDRAWAL 500.00 4-Jul

SEWING SUPPLIES 500.00
6-Dec NO ENTRY 7-Jul
6-Dec REPAIRS EXPENSE 2,500.00

CASH 2,500.00 9-Jul
7-Dec CASH 35,000.00

SERVICE REVENUE 35,000.00 11-Jul
8-Dec TRANSPORTATION EXPENSE 550.00

CASH 550.00 14-Jul
9-Dec ACCOUNTS PAYABLE 20,000.00

CASH 20,000.00 15-Jul
10-Dec TAYLORS, WITHDRAWAL 30,000.00

CASH 30,000.00 15-Jul
13-Dec LICENSES AND TAXES 2,350.00

CASH 2,350.00 17-Jul
14-Dec UTILITY EXPENSE 1,300.00
UTILITY PAYABLE 1,300.00 20-Jul
18-Dec CASH 75,000.00

UNEARNED SERVICE REVENUE 75,000.00 25-Jul
20-Dec INTERNET EXPENSE 2,200.00

CASH 2,200.00 28-Jul
27-Dec ACCOUNTS RECEIVABLE 75,000.00

SERVICE REVENUE 75,000.00 30-Jul
30-Jul
31-Jul
31-Jul
PROBLEM 6
DR CR
CASH IN BANK 4,000,000.00 1-Oct
GUTIERREZ, CAPITAL 4,000,000.00
LAND 3,000,000.00 3-Oct

BUILDING 1,400,000.00
SOUND EQUIPMENT 1,000,000.00
OFFICE EQUIPMENT AND FFE 600,000.00 4-Oct
CASH 3,000,000.00
LOAN PAYABLE 3,000,000.00
5-Oct
CASH 40,000.00
UNEARNED RENT INCOME 40,000.00
6-Oct
SUPPLIES 22,000.00
ACCOUNTS PAYABLE 4,500.00 9-Oct

SUPPLIES 4,500.00
PREPAID INSURANCE 8,000.00 12-Oct

CASH 8,000.00
RENT EXPENSE 400,000.00 16-Oct

CASH 400,000.00
CASH 70,000.00 17-Oct

UNEARNED REVENUE 70,000.00
CASH 400,000.00 22-Oct

ADMISSION REVENUES 400,000.00
JANITORIAL EXPENSE 25,000.00 24-Oct

CASH 25,000.00
SALARIES EXPENSE 24,000.00 27-Oct

CASH 24,000.00
LOAN PAYABLE 300,000.00 29-Oct

CASH 300,000.00
OFFICE SUPPLIES 9,500.00 30-Oct

CASH 9,500.00
RENT EXPENSE 500,000.00 31-Oct

CASH 500,000.00
CASH 250,000.00 31-Oct

JANITORIAL EXPENSE 25,000.00 31-Oct

SALARIES EXPENSE 24,000.00
CASH 49,000.00
GUTIERREZ, WITHDRAWAL 12,000.00

CASH 100,000.00
MAINTENANCE EXPENSE 4,500.00

CASH 4,500.00
PROBLEM 7
DR CR
CASH IN BANK 200,000.00 1-Feb CASH IN BANK
CAPITAL 200,000.00
EQUIPMENT 34,000.00 3-Feb CLEANING SUPPLIES

CAPITAL 34,000.00
OFFICE SUPPLIES 13,000.00 5-Feb CLEANING EQUIPMENT

RENT EXPENSE 7,000.00 6-Feb SERVICE VEHICLE

CASH 7,000.00
SERVICE VEHICLE 80,000.00

CASH 40,000.00 7-Feb RENT EXP
PREPAID INSURANCE 6,000.00 9-Feb CASH

CASH 6,000.00
A/R 6,150.00 11-Feb ADVERTISING EXP

OFFICE SUPPLIES 1,200.00 13-Feb PREPAID INSURANCE

A/P 1,200.00
A/R 14,000.00 15-Feb A/P

TRANSPORATION EXP 500.00 16-Feb MISCELLANEOUS EXP

CASH 500.00
A/R 14,000.00 20-Feb A/R

ACCOUNTS PAYABLE 2,500.00 22-Feb SALARIES EXP

CASH 2,500.00
CASH 6,150.00 24-Feb CASH

A/R 6,150.00
A/R 11,000.00 24-Feb N/P

UTILITY EXP 1,000.00 25-Feb UTILITY EXP

CASH 1,000.00
SALARIES EXP 22,400.00 27-Feb SALARIES EXP

CASH 22,400.00
DRAWING 15,000.00 28-Feb A/R

CASH 15,000.00
Feb-30 DRAWING
DR CR
SH IN BANK 40,000.00
CAPITAL 40,000.00
EANING SUPPLIES 12,000.00

A/P 12,000.00
EANING EQUIPMENT 10,000.00

A/P 10,000.00
RVICE VEHICLE 60,000.00

CASH 15,000.00
N/P 45,000.00
5,000.00
CASH 5,000.00
25,000.00
SERVICE REV 25,000.00
DVERTISING EXP 3,000.00

CASH 3,000.00
EPAID INSURANCE 5,200.00

CASH 5,200.00
9,000.00
CASH 9,000.00
SCELLANEOUS EXP 2,000.00

CASH 2,000.00
13,000.00
LARIES EXP 8,000.00

CASH 8,000.00
6,000.00
A/R 6,000.00
2,400.00
CASH 2,400.00
1,000.00
CASH 1,000.00
LARIES EXP 12,000.00

CASH 12,000.00
20,000.00
10,000.00
CASH 10,000.00
PROBLEM 1
DR CR
1 SUPPLIES EXP 53,000.00
SUPPLIES 53,000.00
2 DEPRECIATION EXP 48,000.00

ACC. DEPRECIATION 48,000.00
3 INTEREST EXP 3,666.67

INTEREST PAYABLE 3,666.67
4 INSURANCE EXP 70,833.33

PREPAID INSURANCE 70,833.33
5 PAINTING SUPPLIES EXP 12,000.00

PAINTING SUPPLIES 12,000.00
6 INTEREST RECEIVABLE 1,775.00

INTEREST INCOME 1,775.00
7 PREPAID SALARIES 22,500.00

SALARIES EXP 22,500.00

9 PREPAID ADVERTISING 20,000.00

ADVERTISING EXP 20,000.00
10 UNEARNED INCOME 90,000.00

INCOME 90,000.00
11 INTEREST REVENUE 3,000.00

UNEARNED INTEREST REV 3,000.00
PREPAID INTEREST 1,000.00

INTEREST EXP 1,000.00
PROBLEM 2
DR CR


ACCUMULATED DEP 997,333.33
4 GARDENING SUPPLIES EXP 14,000.00

GARDENING SUPPLIES 14,000.00

6 PREPAID TAXES 2,500.00

TAXES EXP 2,500.00

ACC DEPRECIATION 19,833.33


10 PREPAID RENT 63,000.00

RENT EXP 63,000.00
11 LICENSES EXP 18,000.00

LICENSES PAYABLE 18,000.00
12 BAD DEBTS EXP 10,000.00

ALLOWANCE FOR BAD DEBTS 10,000.00
PROBLEM 3
DR CR
2 SALARIES EXP 76,566.00

SALARIES PAYABLE 76,566.00
3 KITCHEN SUPPLIES EXP 11,000.00

KITCHEN SUPPLIES 11,000.00
4 STORE SUPPLIES 9,000.00

STORE SUPPLIES EXP 9,000.00
5 ADVERTISING EXP 29,000.00

PREPAID ADVERTISING 29,000.00
6 DEFERRED RENT 80,000.00

RENT REVENUE 80,000.00



PROBLEM 4
DR CR
1 SUPPLIES 18,000.00
SUPPLIES EXP 18,000.00

3 DEFERRED RENT REV 12,000.00

RENT REV 12,000.00

ACCUMULATED DEP 13,125.00


PROBLEM 5
DR CR
1 NO AJE

ACC DEP 8,333.33

4 SHOP SUPPLIES EXP 11,000.00

OFFICE SUPPLIES EXP 12,500.00
SHOP SUPPLIES 11,000.00
OFFICE SUPPLIES 12,500.00


7 PREPAID TRANSPORATION EXP 5,000.00

TRANSPO EXP 5,000.00
PROBLEM 6
DR CR


ADVERTISING PAYABLE 30,000.00

ACC DEP 8,750.00

SUPPLIES 56,000.00
6 UNEARNED REV 150,000.00

REVENUE 150,000.00
7 PREPAID INSURANCE 90,000.00

INSURANCE EXP 90,000.00
PROBLEM 7
DR CR
1 OFFICE SUPPLIES EXP 3,600.00
OFFICE SUPPLIES 3,600.00
2 DEPRECIATION EXP 80.00

ACC DEP 80.00
3 RENT INCOME 9,000.00

UNEARNED RENT INC 9,000.00
4 LAUNDRY SUPPLIES EXP 4,500.00

LAUNDRY SUPPLIES 4,500.00
5 RENT EXP 4,000.00

PREPAID RENT 4,000.00
6 UNEARNED REV 60,000.00

REVENUE 60,000.00

SUPPLIES 1,000.00
8 INTEREST EXP 833.33

INTEREST PAYABLE 833.33


11 LEGAL SERVICE REV 9,600.00

UNEARNED LEGAL SERVICE REV 9,600.00
12 PREPAID INUSRANCE 10,000.00

INSURANCE EXP 10,000.00
PROBLEM 8
DR CR
1 USED SUPPLIES 4,000.00
UNUSED SUPPLIES 4,000.00

INTEREST PAY 5,000.00
3 RENT INCOME 120,000.00

UNEARNED RENT INC 120,000.00



PROBLEM 9
DR CR
SUPPLIES 19,900.00
2 UTILITIES EXP 4,250.00

UTILITIES PAYABLE 4,250.00

4 UNEARNED SERVICE REV 28,000.00



ACC DEP 2,500.00
7 ACCOUNTS RECEIVABLE 22,000.00

PROBLEM 10
DR CR
PREPAID INUSRANCE 15,000.00

INTEREST PAY 3,000.00

ACC DEP 43,333.33


SUPPLIES 7,150.00

7 RENT EXP 24,000.00

PREPAID RENT 24,000.00
PROBLEM 11
DR CR
1 LAUNDRY SUPPLIES EXP 17,000.00
LAUNDRY SUPPLIES 17,000.00

ACC DEP 25,000.00




7 ACCOUNTS RECEIVABLE 13,500.00

PROBLEM 1
(A)
1 ACCRUED REVENUE
2 PREPAID EXPENSE
3 PREPAID EXPENSE
4 DEFERRED REVENUE
5 ACCRUED EXPENSE
6 ACCRUED EXPENSE
PROBLEM 2
1 ASSET IS OVER; OE IS OVER

2 OE IS OVER; LIAB IS UNDER
5 OE IS UNDER; LIAB IS OVER
6 ASSET IS UNDER; OE IS UNDER
PROBLEM 3
1 UNDERSTATED
2 OVERSTATED
3 UNDERSTATED
4 OVERSTATED
5 NO EFFECT
6 NO EFFECT
7 NO EFFECT
PROBLEM 4
(B)
ASSET IS UNDERSTATED; REVENUE IS UNDERSTATED 1
ASSET IS OVERSTATED; EXPENSE IS UNDERSTATED 2
ASSET IS OVERSTATED; EXPENSE IS UNDERSTATED 3
LIABILITY IS OVERSTATED; REVENUE IS UNDERSTATED 4
EXPENSE IS UNDERSTATED; LIABILITY IS UNDERSTATED 5
EXPENSE IS UNDERSTATED; LIABILITY IS UNDERSTATED 6
7
(A) (B)
UNEARNED REVENUE LIABILITY IS OVERSTATED; REVENUE IS UNDERSTATED
ACCRUED EXPENSE EXPENSE IS UNDERSTATED; LIABILITY IS UNDERSTATED
PREPAID EXPENSE ASSET IS OVERSTATED; EXPENSE IS UNDERSTATED
PREPAID EXPENSE ASSET IS OVERSTATED; EXPENSE IS UNDERSTATED
ACCRUED REVENUE ASSET IS UNDERSTATED; REVENUE IS UNDERSTATED
PROBLEM 1
INCOME SUMMARY 103,000.00
CAPITAL 103,000.00
CAPITAL 30,000.00
DRAWING 30,000.00
PROBLEM 2
REVENUES 42,000.00

EXPENSES 24,000.00

CAPITAL 18,000.00
CAPITAL 5,000.00
DRAWING 5,000.00
PROBLEM 3
EXPENSES 61,000.00
REVENUES 290,000.00
INC SUMMARY 290,000.00

CAPITAL 229,000.00
PROBLEM 4
EXPENSES 23,500.00
REVENUES 34,000.00

CAPITAL 10,500.00
CAPITAL 8,000.00
DRAWING 8,000.00
PROBLEM 5
CAPITAL 360,000.00
CAPITAL 42,000.00
DRAWING 42,000.00
CAPITAL, END = 718,000
PROBLEM 6
REVENUES 307,500.00

EXPENSES 138,390.00

CAPITAL 169,110.00
CAPITAL 13,000.00
DRAWING 13,000.00
DR CR
1 CASH 100.00
A/P 100.00
2 SERVICE REV 1,000.00

A/R 1,000.00

4 SUPPLIES 2,500.00
EQUIPMENT 2,500.00
5 A/R 3,600.00
CASH 3,600.00
6 SUPPLIES 2,300.00
EQUIPMENT 2,300.00
7 SERVICE REV 7,500.00

A/R 7,500.00

UTILITY EXP 2,400.00
CASH 1,800.00
9 OFFICE SUPPLIES 8,400.00

OFFICE EQUIPMENT 4,800.00
A/P 3,600.00
10 A/P 7,000.00
A/R 7,000.00
11 CASH 3,800.00
A/R 4,500.00
A/P 8,300.00

CASH 6,000.00

INTEREST RECEIVABLE 1,200.00
14 A/P 5,400.00
CASH 5,400.00
15 SUPPLIES 5,000.00
EQUIPMENT 5,000.00
PROBLEM 1
INVOICE PRICE AMOUNT TO BE DISCOUNTED

1 27,360.00 26,860.00
2 47,840.00 35,840.00
3 68,181.30 62,181.30
4 17,640.00 17,490.00
5 110,925.00 99,925.00
6 97,152.00 92,652.00
7 32,000.00 30,800.00
8 41,974.71 38,774.71
9 85,612.80 77,722.80
10 54,184.20 52,834.20
PROBLEM 2
AMOUNT COLLECTED
1 5,684.00
2 2,667.50
3 4,360.00
4 7,712.60
5 6,389.60
PROBLEM 3
V'S BOOKS
A/R
SALES
COGS
MERCHANDISE INVENTORY
SUGA'S BOOKS
MERCHANDISE INVENTORY
A/P
PROBLEM 4
CASH
SALES DISCOUNT
SALES RETURNS AND ALLOWANCES
A/R/
CASH DISCOUNT AMOUNT COLLECTED
268.60 26,591.40
716.80 35,123.20
- 62,181.30
349.80 17,140.20
4,996.25 94,928.75
926.52 91,725.48
- 30,800.00
1,163.24 37,611.47
1,554.46 76,168.34
528.34 52,305.86
1,900.00
1,900.00
1,500.00
1,500.00
1,900.00
1,900.00
10,584.00
216.00
1,200.00
12,000.00
3
PROBLEM 5
PURCHASES 400,000.00
PURCHASE RET AND ALLOWANCE (23,000.00)
PURCHASE DISCOUNT (14,000.00)
NET PURCHASES 363,000.00
TRANSPORTATION IN 25,000.00
COST OF GOODS PURCHASED 388,000.00
PROBLEM 6
BEGINNING INVENTORY 65,000.00

PURCHASE RET AND ALLOWANCES (22,000.00)
FREIGHT IN 27,000.00
COST OF GOODS AVAIL FOR SALE 374,000.00
ENDING INVENTORY (45,000.00)
COGS 329,000.00
PROBLEM 7
SALES 560,000.00
LESS: SALES RET AND ALLOWANCES 20,000.00
SALES DISCOUNT 7,000.00 27,000.00
NET SALES 533,000.00
COGS 386,000.00
GROSS PROFIT 147,000.00
OPERATING EXPENSES
SELLING EXPENSES
STORE SALARIES EXP 55,000.00
ADS EXP 15,000.00
FREIGHT OUT 2,000.00
TOTAL SELLING EXP 72,000.00
ADMINISTRATIVE EXP
UTILITIES EXP 28,000.00
DEPRECIATION EXP 7,000.00
TOTAL ADMIN EXP 35,000.00
TOTAL OPEX 107,000.00
INCOME FROM OPS 40,000.00
OTHER REV AND GAINS
INTEREST REVENUE 30,000.00
OTHER EXP AND LOSSES
INTEREST EXPENSE 18,000.00 12,000.00
NET INCOME 52,000.00
PROBLEM 8
NET SALES 900,000.00
COGS 580,000.00
GROSS PROFIT 320,000.00
BEG, INVENTORY 80,000.00

PURCHASE RET AND ALLOW (8,000.00)
FREIGHT IN 10,000.00
COST OF GOODS AVAILABLE FOR SAL 607,000.00
COST OF GOODS AVAILABLE FOR SAL 607,000.00

ENDING, INVENTORY 27,000.00
COGS 580,000.00
PROBLEM 9
A 455,000.00
B 210,000.00
C 160,000.00
D 805,000.00
E 558,000.00
F 250,000.00
PROBLEM 1
1. Furniture and Fixtures NC

2. Cash C
3. Land NC
4. Accrued Interest Income C
5. Prepaid Advertising C
6. Office Supplies on Hand C
7. Accounts Receivable C
8. Office Equipment NC
9. Buildings NC
10. Advances to Employees C
11. Notes Receivable (180-days) C
12. Unexpired Rent C
13. Prepaid Insurance C
14. Notes Receivable (14 months) NC
15. Delivery Equipment NC
16. Rent Receivable C
17. Stationery and Office Supplies C
18. Prepaid Interest Expense C
19. Store Supplies Unused C
20. Laundry Supplies on Hand C
PROBLEM 2
1. Notes Payable due after one year NC

2. Accounts Payable C
3. Bonds Payable NC
4. Salaries Payable C
5. Interest Payable C
6. Taxes and Licenses Payable C
7. Mortgage Payable – due within one year C
8. Unearned Service Income C
9. Withholding Tax Payable C
10. Mortgage Payable NC
11. Notes Payable due within one year C
12. SSS Premiums Payable C
13. Philhealth Premiums Payable C
14. Pag-IBIG Premiums Payable C
15. Rent Payable C
16. Unearned Interest Revenue C
17. Precollected Rent Income C
18. Accrued Income N/A BONUS
19. Accrued Utilities Expense C
20. Accrued Salaries Expense C
Accounts Payable P120,000
Accounts Receivable 125,000.00
Accrued Interest Expense 56,000.00
Accrued Salaries Expense 34,000.00
Accumulated Depreciation – Building 38,000.00
Accumulated Depreciation – Furniture and Fixtures 23,000.00
Accumulated Depreciation – Office Equipment 19,500.00
Accumulated Depreciation – Delivery Equipment 15,000.00
Interest Expense 12,000.00
Interest Income 32,000.00
Interest Receivable 41,300.00
Land 800,000.00
Notes Payable (due December 31, 2025) 125,000.00
Notes Receivable 230,000.00
Office Equipment 200,000.00
Office Supplies 145,000.00
Office Supplies Expense 47,000.00
Advertising Expense 25,900.00
Allowance for Doubtful Accounts 12,000.00
Bonds Payable 65,000.00
Building 900,000.00
Cash 500,000.00
Depreciation Expense 50,000.00
Advances to Employees 40,000.00
Doubtful Accounts Expense 43,000.00
Furniture and Fixtures 190,000.00
Mortgage Payable 100,000.00
PK, Capital 400,000.00
PK, Drawing 14,000.00
Repairs and Maintenance Expense 18,400.00
Representation Expense 11,000.00
Rent Income 42,000.00
Salaries and Wages Expense 60,000.00
Delivery Equipment 100,000.00
Transportation Expense 32,000.00
Unearned Rent Income 30,000.00
Utilities Expense 20,000.00
TYPE
CL
CA
CL NOTE: I ALREADY CATEGORIZED EACH ACCOUNT. TRY TO SOLV
CL
NCA CA CURRENT ASSET
NCA NCA NONCURRENT ASSET
NCA CL CURRENT LIAB
NCA NCL NONCURRENT LIAB
EX REV REVENUES
REV EX EXPENSE
CA
NCA
NCL
CA
NCA
CA
EX
EX
CA
NCL
NCA
CA
EX
CA
EX
NCA
NCL
CAPITAL
DRAWING
EX
EX
REV
EX
NCA
EX
CL
EX
ED EACH ACCOUNT. TRY TO SOLVE THE QUESTIONS.
INCOME STATEMENT
DR CR
Account Title
Cash
Capital
Unearned Income
Supplies
Accrued Rent Income
Utilities Expense X
Used Supplies X
Rent Payable
Mortgage Payable
Deferred Interest Revenue
Drawing
Accum. Depreciation – Building
Equipment
Land
Telephone Expense X
Bonds Payable
Patent
Accounts Receivable
Service Revenue X
BALANCE SHEET
DR CR
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
TRIAL BALANCE
DR CR
CASH 20.00
A/R 12.00
PREPAID RENT 8.00
SUPPLIES 10.00
OFFICE EQUIPMENT 50.00
ACC. DEPRECIATION 10.00
ACCOUNTS PAYABLE 20.00
CAPITAL 25.00
DRAWING 2.00
RENT REVENUE 77.00
DEPRECIATION EXPENSE 6.00
RENT EXPENSE 4.00
SALARIES EXPENSE 20.00
TOTALS 132.00 132.00
SUPPLIES EXPENSE
SALARIES PAYABLE
TOTALS
NET INCOME
TOTALS
PROBLEM 6
1 REVENUE
2 UTILITIES PAYABLE
3 ACC. DEPRECIATION
4 RENT EXPENSE
5 INTEREST RVENUE
6 INTEREST EXPENSE
7 REVENUE
8 ACCOUNTS RECEIVABLE
PROBLEM 7
YES - IREREVERSE
NO - WAG MO IREVERSE PLS
1 YES
2 YES
3 YES
4 NO
5 NO
6 YES
7 NO
8 YES
9 NO
10 YES
11 YES
12 YES
13 YES
14 YES
15 YES
16 YES
NOTE: FOR PROBLEM 8

WE WILL ACCOMPLISH
THIS TOGETHER IN OUR
DISCORD SESSION;
PREPARE NYO NA YUNG
EXCEL FILE NYO COPY THE
DATA FROM WORKBOOK
ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DR CR DR CR DR CR DR
20.00 20.00
12.00 12.00
2.00 6.00 6.00
4.00 6.00 6.00
50.00 50.00
8.00 18.00
20.00
25.00
2.00 2.00
77.00 77.00
8.00 14.00 14.00
2.00 6.00 6.00
10.00 30.00 30.00
4.00 4.00 4.00

10.00 10.00
24.00 24.00 150.00 150.00 54.00 77.00 96.00
23.00
77.00 77.00 96.00
BALANCE SHEET
CR
18.00
20.00
25.00
10.00
73.00
23.00
96.00
1T
2T
3F
4F
5F
6F
7T
8T
9T
10 F
11 F
12 F
13 T
14 F
15 F
16 F
17 F
18 F
19 T
20 F
21 T
22 T
23 T
24 F
25 T
26 F
27 T
28 T
29 T
30 F
31 T
32 T
33 T
34 T
35 F
36 F
37 F
38 F
39 F
40 T
41 F
42 F
43 T
44 F
45 T
46 T
47 F
48 T
49 T
50 F
51 F
52 T
53 F
54 F
55 F
56 F
57 F
58 F
59 T
60 F
61 T
62 F
63 T
64 F
65 T
66 F
67 F
68 F
69 T
70 T
71 F
72 F
73 F
74 F
75 F
76 F
77 T
78 F
79 F
80 F
81 T
82 F
83 F
84 F
85 F
86 T
87 F
88 F
89 T
90 F
91 F
92 F
93 T
94 F
95 F
96 T
97 F
98 T
99 F
100 F
101 F
102 T
103 F
104 F
105 F
106 F
107 T
108 F
109 F
110 F
111 T
112 F
113 F
114 F
115 F
116 F
117 F
118 F
119 F
120 F
121 F
122 T
123 T
124 F
125 F
126 T
127 T
128 F
129 T
130 F
131 T
132 F
133 F
134 T
135 T
136 F
137 F
138 T
139 F
140 F
141 F
142 F
143 F
144 F
145 F
146 F
147 F
148 T
149 F
150 F
151 T
152 F
153 F
154 T
155 F
156 T
157 T
158 T
159 T
160 F
161 T
162 T
163 T
164 F
165 T
166 F
167 T
168 T
169 T
170 F
171 F
172 F
173 F
174 T
175 T
176 F
177 F
178 T
179 T
180 T
181 F
182 T
183 T
184 F
185 F
186 T
187 F
188 T
189 T
190 F
191 F
192 F
193 T
194 T
195 F
196 T
197 F
198 F
199 F
200 F
201 T
202 T
203 F
204 F
205 F
206 F
207 T
208 F
209 F
210 T
211 F
212 T
213 T
214 F
215 F
216 T
217 F
218 F
219 F
220 T
221 F
222 T
223 T
224 F
225 T
226 F

Accounting Workbook 2 - Answer Key

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Accounting Workbook 2 - Answer Key

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JOURNALIZING TRANSACTIONS

3-Jan Equipment 250,000.00

4-Jan ADVERTISING EXPENSE 1,500.00

5-Jan OFFICE SUPPLIES 15,000.00

6-Jan LAND 150,000.00

7-Jan CASH 50,000.00

8-Jan CASH 17,000.00

16-Jan ACCOUNTS PAYABLE 3,800.00

20-Jan CRUZ, WITHDRAWAL 3,500.00

23-Jan CASH 12,000.00

25-Jan ACCOUNTS RECEIVABLE 3,550.00

27-Jan UNEARNED SERVICE REVENUE 6,000.00

31-Jan RENT EXPENSE 5,200.00

3-Dec RENT EXPENSE 10,000.00

4-Dec EQUIPMENT 45,000.00

5-Dec SUPPLIES 5,200.00

7-Dec EQUIPMENT 55,000.00

9-Dec ACCOUNTS PAYABLE 5,200.00

10-Dec SALARIES EXPENSE 9,000.00

11-Dec RENT EXPENSE 10,000.00

14-Dec BUILDING 200,000.00

20-Dec CASH 30,000.00

24-Dec ACCOUNTS RECEIVABLE 38,000.00

28-Dec CASH 70,000.00

30-Dec SANTIAGO, WITHDRAWAL 12,000.00

2-Nov LAND 20,000.00

3-Nov SUPPLIES 3,000.00

8-Nov CASH 5,500.00

10-Nov ACCOUNTS RECEIVABLE 3,000.00

15-Nov RENT EXPENSE 2,000.00

21-Nov ACCOUNTS PAYABLE 400.00

22-Nov CASH 2,000.00

25-Nov ALVAREZ, WITHDRAWAL 3,000.00

1-Dec PREPAID RENT 3,000.00

1-Dec SALARIES EXPENSE 1,200.00

1-Dec BUILDING 50,000.00

1-Dec FURNITURE 18,000.00

15-Dec UTILITY EXPENSE 300.00

15-Dec SALARIES EXPESNE 1,200.00

21-Dec CASH 5,600.00

28-Dec CASH 7,000.00

2-Dec SEWING SUPPLIES 16,800.00 1-Jul

3-Dec PREPAID SALARIES 4,000.00

3-Dec RENT EXPENSE 7,000.00 2-Jul

4-Dec CASH 42,000.00 3-Jul

5-Dec TAYLORS, WITHDRAWAL 500.00 4-Jul

6-Dec NO ENTRY 7-Jul

6-Dec REPAIRS EXPENSE 2,500.00

7-Dec CASH 35,000.00

8-Dec TRANSPORTATION EXPENSE 550.00

9-Dec ACCOUNTS PAYABLE 20,000.00

10-Dec TAYLORS, WITHDRAWAL 30,000.00

13-Dec LICENSES AND TAXES 2,350.00

18-Dec CASH 75,000.00

20-Dec INTERNET EXPENSE 2,200.00

27-Dec ACCOUNTS RECEIVABLE 75,000.00

LAND 3,000,000.00 3-Oct

ACCOUNTS PAYABLE 4,500.00 9-Oct

PREPAID INSURANCE 8,000.00 12-Oct

RENT EXPENSE 400,000.00 16-Oct

CASH 70,000.00 17-Oct

CASH 400,000.00 22-Oct

JANITORIAL EXPENSE 25,000.00 24-Oct