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Worksheet - Chapter 2 (In-Class Activity) Problem

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Moulik Anand
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18 views4 pages

Worksheet - Chapter 2 (In-Class Activity) Problem

Uploaded by

Moulik Anand
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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CDE 2 - Transaction Analysis

REMEMBER: Dr. = A, W, E ↑ and Cr.= C, L, R ↑

Account Category ↑ ↓ Normal Balance


A. Accounts Payable Liability Cr Dr Cr
B. Taxable Fees earned Revenue Cr Dr Cr
C. Accounts Receivable Asset Dr Cr Dr
D. M. Blanc, Capital Capital Cr Dr Cr
E. M. Blanc, Withdrawals Withdrawals Dr Cr Dr
F. Advertising Expense Expense Dr Cr Dr
G. Rent Expense Expense Dr Cr Dr

eg. A/P is a liability category


A/P increases liability ↑
Therefore it goes under Cr.(right side)
(what is the side that
increases by the rules of
debit and credit?)
P2-3A Prepare a trial balance from the T-Accounts

From the T accounts of Barry's Cleaning Service (a) record and foot the balances and (b) prepare a trial balance fo

Cash 111 Accounts Payable 211 Fees Earned 411


(A) 7,000 200 (D) (D) 200 1,300 (C)
(G) 3,500 200 (E) 200 1,300
400 (F) 1,100
200 (H)
900 (I)
Footings 10,500 1,900
Balance 8,600

Accounts Receivable 112 Barry Joy, Capital 311 Rent Expense 511
(B) 8,000 3,500 (G) 7,000 (A) (F) 400
8,000 3,500 7,000 400
4,500 7,000 400

Office Equipment 121 Barry Joy, Withdrawals 312 Utilities Expense 512
(C) 1,300 (I) 900 (E) 200
(H) 200 900 200
1,500 900 200
1,500
es and (b) prepare a trial balance for May 31, 2019

Fees Earned 411


8,000 (B)
8,000
8,000

Rent Expense 511

Utilities Expense 512

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