home work assignment chapters 1 and 2

ACC 2010 – Principles of Accounting I

Manual Homework Assignment for Chapter 1 & 2

Problem 1

The amounts of the assets and liabilities of ABC Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year are listed below.The capital of Walter Owens, the owner, was $670,000 on January 1, 2019, the beginning of the year.During the year, Walter withdrew $42,000.

Accounts Payable	$69,500		Rent Expense	$36,000
Accounts Receivable	285,000		Supplies	5,500
Cash	190,500		Supplies Expense	4,100
Service Revenue	912,500		Utilities Expense	28,500
Land	544,000		Wages Expense	510,000
Miscellaneous Expense	6,400

Instructions

Use the space below and on the next sheet to:

1.Prepare an income statement for the year ended December 31, 2019.

2.Prepare a statement of owner’s equity for the year ended December 31, 2019.

3.Prepare a balance sheet as of December 31, 2019.

Refer to the financial statement examples on page 22 of your textbook.Pay very close attention to proper format!Prepare the statements in the order listed above.

Problem 2

Frannie Marks, an architect, opened an office on October 1, 2019.During the month, she completed the following transactions connected with her professional practice:

a.Contributed cash from a personal bank account to an account to be used for the business, $36,000.

b.Paid October rent for the office and workroom, $2,400.

c.Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder.

d.Purchased office and computer equipment on account, $9,000.

e.Paid cash for supplies, $2,150.

f.Paid cash for annual insurance policies, $4,000.

g.Received cash from client for plans that were delivered in October, $12,200.

h.Paid cash for miscellaneous expenses, $815.

i.Paid cash to creditors on account, $4,500.

j.Paid $5,000 on note payable.

k.Received invoice for blueprint service, due in November, $2,890.

l.Recorded fees earned on plans delivered, payment to be received in November, $18,300.

m.Paid salary of assistants, $6,450.

n.Paid gas, oil, and repairs on automobile for October, $1,020.

o.Withdrew cash for personal use, $1,500.

Instructions

Use the Journal below and on the following page to journalize entries for transactions (a) through (o), using the following account titles: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; F Marks, Capital; F Marks, Drawing; Service Revenue; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense.

Be sure to review proper Journal Entry format!Explanations are required!

Date	Title and Explanation	Ref	Debit	Credit
Date	Title and Explanation	Ref	Debit	Credit

 

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