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Acc290 Week 3 Be4-1 P4-2a P4-3a

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Acc290 Week 3 Be4-1 P4-2a P4-3a
BE4-1 Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.

(a) Purchased $100 of supplies for cash. Cash -100/ Net Income 0

(b) Recorded an adjusting entry to record use of $20 of the above supplies. Cash 0/ Net Income -20

(c) Made sales of $1,300, all on account. Cash 0/ Net Income 1300

(d) Received $800 from customers in payment of their accounts. Cash 800/ Net Income 800

(e) Purchased equipment for cash, $2,500. Cash -2500/ Net Income 0

(f) Recorded depreciation of building for period used, $600. Cash 0/ Net Income -600
P4-2A
A. | | GENERAL JOURNAL | PAGE | | | | | GENERAL | | 2012 | ACCOUNT TITLE | DEBIT | CREDIT | Jun | 30 | Supplies Expense | 1280 | | | | Supplies | | 1280 | | | (to record supplies used) | | | Jun | 30 | Utility Expense | 180 | | | | Utilities Payable | | 180 | | | (to record unpaid utility) | | | Jun | 30 | Insurance Expense | 240 | | | | Prepaid Insurance | | 240 | | | (to record insurance expired) | | | Jun | 30 | Unearned Service Revenue | 4100 | | | | Service Revenue | | 4100 | | | (to record revenue earned) | | | Jun | 30 | Salaries Expense | 1250 | | | | Salaries Payable | | 1250 | | | (to record accrued salaries) | | | Jun | 30 | Depreciation Expense | 250 | | | | Depreciation Equipment | | 250 | | | (to record monthly depreciation) | | | Jun | 30 | Accounts Payable | 3900 | | | | Service Revenue | | 3900 | | | (to record service revenue earned but not paid) | | |

B.
Cash Accounts Receivable
Bal. Jun 1 6850 Bal. Jun 1 7000
Bal. Jun 30 6850 Jun 30 Dr 3900 Bal. Jun 30 10900

Prepaid Insurance Supplies
Bal. Jun 1 2880 Bal. Jun 1 2000
Jun 30 Cr
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