ACC Week 2 Questions and Answers
9 pages of homework screenshots
T.J. Carlin has the following transactions during August of the current year. Journalize the transactions based on the
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.
Selected transactions for the Finney Company are presented in journal from below. Post the transactions to T accounts.
Determine each account’s ending balance
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.
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
Presented below is the ledger for Heerey Co.
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).
BYTE REPAIR SERVICE