ACC – Week 2 – Homework Questions and Answers

ACC Week 2 Questions and Answers
9 pages of homework screenshots

Question 1
T.J. Carlin has the following transactions during August of the current year. Journalize the transactions based on the
data below.
Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash.
4 Pays insurance in advance for 6 months, $1,800 cash.
16 Receives $800 from clients for service provided.
27 Pays secretary $1,000 salary.

Question 2
Selected transactions for the Finney Company are presented in journal from below. Post the transactions to T accounts.
Determine each account’s ending balance

Question 3
From the ledger balances given below, prepare a trial balance for the Cleland Company at June 30, 2010. All account
balances are normal.
Accounts Payable $9,000, Cash $8,800, Cleland, Capital $20,000, Cleland, Drawing $1,200, Equipment $17,000, Service
Revenue $8,000, Accounts Receivable $3,000, Salaries Expenses $6,000, and Rent Expense $1,000.

Question 5
Konerko Industries had the following transactions.
Borrowed $5,000 from the b 1. ank by signing a note.
2. Paid $2,500 cash for a computer.
3. Purchased $700 of supplies on account.
(a) Indicate what accounts are increased, decreased or has no effect by each transaction

Question 6
Presented below is the ledger for Heerey Co.
Trial Balance

Question 7
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31,
2009 (the end of its fiscal year).
Trial Balance