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accounting82935

By Marcus Riley,2014-10-18 12:15
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accounting82935

     E2.8

    (a)Cash + Equipment = Accounts Payable+Owners Equity (1)+$15000 +$15000 issued shares

    (2)-$5000 +$10000 +$5000

     $10000 $10000 = $5000 $15000 (3)-$3000 -$3000

     $7000 $10000 = $2000 $15000

    (4)-$500 -$ 500 dividend

     $6500 $10000 = $2000 $14500

     $16500 $16500

(b)

    Date Account titles Post Debit Credit

    ref

    Sept.1 Cash 100 15000

     Share Capital 300 15000

     (Issued shares)

    5 Equipment 112 10000

     Cash 100 5000

     Accounts payable 200 5000

     (Purchased equipment part paid for in cash

     and part on account)

    2Accounts payable 200 3000 5 Cash 100 3000

     (Paid cash on balance owned for equipment)

     Dividends 320 500

    3 Cash 100 500 0 (Paid a cash dividend)

(C)

    Cash No.100 Sept.1 Share Capital 15000 Sept.5 Equipment 5000

     25 Accountpayable 3000

     30 Dividend 500

     ______ Closingbalance 65000

    15000 15000 Oct.1 Opening balance 65000

    Equipment No.112 Sept.5 Cash /Accounts payable 10000 Sept.30 Closing balance 10000

    10000 !0000 Oct.1 Opening balance 10000

    Share capital

     No.300 Sept.30 Closing balance 15000 Sept.1 Cash 15000

     15000 15000

    Oct.1 Opening balance 15000

    Dividends No.320 Sept.30 Cash 500 Sept.30 Closing balance 500

     500 500 Oct.1 Opening balance 500

P2.5

    (a)

    Date Account titles Post Debit Credit

    ref

    Apr.1 Cash 100 13000

     Share Capital 300 13000

     (Issued shares)

    2 Rent 510 700

     Cash 100 700

    3 Supplies 115 1500

     Cash 100 1500

     (Purchased architectual supplies on account)

    10 Cash 100 900

     Service Revenue 400 900

     (Completed blueprints on a carport and

     invoiced client)

    11 Cash 100 500

     Revenue received in advance 209 500

     (Received advance for the design of a new home)

    20 Cash 100 1800

     Accounts Receivable 110 1800

     (Received for services completed and delivered )

    30 Salaries Expense 500 1200

     Cash 100 1200

     (Paid assistant fot the month)

    30 Accounts payable 200 800

     Cash 100 800

     (Paid owned money)

(b)

    Cash

     No.100

    Apr.1 Share Capital 13000 2 Rent 700

    10 Service Revenue 900 3 Supplies 1500

    11 Revenue received in advance 500 30 Salaries Expense 1200

    20 Accounts Receivable 1800 30 Accounts payable 800

     12000

     16200 16200

    May.1 Opening balance 12000

    Rent No.510 Apr.2 Cash 700 Apr.30 Closing balance 700

     700 700 May.1 Opening balance 700

    Supplies NO.115 Apr.3 Cash 1500 May.1 Closing balance 1500

     1500 1500

    May.1 Opening balance 1500

    Service Revenue No.400 Apr.30 Closing balance 900 Apr.10 Cash 900

     900 900

     May.1 Opening balance 900

    Revenue received in advancce

    NO.209 Apr.30 Closing balance 500 Apr.11 Cash 500

     500 500

    May.1 Opening balance 500

    Accounts Receivable No.110 Apr.30 Closing balance 1800 Apr.20 Cash 1800

     1800 1800

    May.1 Opening balance 1800

    Salaries Expense No.500 Apr.30 Cash 1200 Apr.30 Closing balance 1200

     1200 1200 May.1 Opening balance 1200

    Accounts payable No.200

     Apr.30 Closing balance 800 Apr.30 Cash 800

     800 800

    May.1 Opening balance 800

(c)

    A trial balance

    on 30 April 2005

     No. Account tide Debit Credit

    100 cash $800 $1200

    500 Salaries Expense 1200

    200 Accounts payable 800

     _____ ____

     $2000 $2000

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