Week One Exercise Assignment Basic Accounting Equation
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Week One Exercise Assignment
Basic Accounting Equation
- Recognition of normal balances
a.Asset
b.Liabilities
c. Asset
d. Asset
e.Asset
f.Revenue
g.Expense
h.Liabilities
i.Asset
- Basic journal entries
1-May
Cash
25000
Land
15000
Capital
40000
Jennifer Royall investment
5-May
Accounts Receivable
1000
Revenues
1000
Provided services on account to Jason Ratchford
9-May
Salaries Expense
1250
Cash
1250
Paid employee salaries
14-May
Computers and Equipment
4200
Accounts Payable
4200
Purchase of new computer on account
20-May
Cash
800
Accounts Receivables
800
Collected receivable from Jason Ratchford for services on account
24-May
Cash
2500
Loan Payable
2500
...
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Published On:
06/12/2015
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