Chapter 2 Exercises Analyzing and Recording Transactions.
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Transcript of Chapter 2 Exercises Analyzing and Recording Transactions.
Chapter 2Exercises
Analyzing and Recording Transactions
Analyzing TransactionsAnalyzing TransactionsAnalyzing TransactionsAnalyzing Transactions
• In-Class Exercises:
Exercise No. Page 2-7 79 Journal Entries
• In-Class Exercises:
Exercise No. Page 2-7 79 Journal Entries
Prepare general journal entries for the following transactions of a new company called Pose for Pics.
Aug. 1 Kasey Madison, the owner, invested $7,500 cash and $32,500 of photography equipment in the company.
Aug. 2 Paid $3,000 cash for an insurance policy covering the next 24 months.
Aug. 5 Purchased office supplies for $1,400 cash.
Aug. 20 Received $2,650 cash in photography fees earned.
Aug. 31 Paid $875 cash for August utilities.
Prepare general journal entries for the following transactions of a new company called Pose for Pics.
Aug. 1 Kasey Madison, the owner, invested $7,500 cash and $32,500 of photography equipment in the company.
Aug. 2 Paid $3,000 cash for an insurance policy covering the next 24 months.
Aug. 5 Purchased office supplies for $1,400 cash.
Aug. 20 Received $2,650 cash in photography fees earned.
Aug. 31 Paid $875 cash for August utilities.
Analyzing TransactionsAnalyzing TransactionsAnalyzing TransactionsAnalyzing Transactions
Analyzing TransactionsAnalyzing TransactionsAnalyzing TransactionsAnalyzing Transactions
Analyzing TransactionsAnalyzing TransactionsAnalyzing TransactionsAnalyzing Transactions
• In-Class Exercises:
Exercise No. Page 2-8 79 T-Accounts & Trial Balance
• In-Class Exercises:
Exercise No. Page 2-8 79 T-Accounts & Trial Balance
Analyzing TransactionsAnalyzing TransactionsAnalyzing TransactionsAnalyzing Transactions
Using the journal entries from Exercise 2-7, post the general journal entries to the T-accounts (which will serve as the general ledger).
After posting entries to the T-accounts, prepare a trial balance as of August 31 for Pose for Pics.
Using the journal entries from Exercise 2-7, post the general journal entries to the T-accounts (which will serve as the general ledger).
After posting entries to the T-accounts, prepare a trial balance as of August 31 for Pose for Pics.
Analyzing TransactionsAnalyzing TransactionsAnalyzing TransactionsAnalyzing Transactions
Completed T-AccountsCompleted T-AccountsCompleted T-AccountsCompleted T-Accounts
Analyzing TransactionsAnalyzing TransactionsAnalyzing TransactionsAnalyzing Transactions