W118ACCT110V01 Financial Accounting I Home My coursesW118AC

W118.ACCT.110.V01 Financial Accounting I Home / My courses/W118.ACCT.110.V01/ January 22- January 28 M3 Assignment (Graded) M3 Assignment (Grad Please submit your Chapter 2 Homework Assignment by using the template provided and uploading it to this drop box. Complete the following homework assignment for this module: PR 1-5B: Transactions; Financial Statements (page 47)

Solution

bank a/c

to common stock

(being business bank a/c opened against common stock)

rent on office equipment a/c

to bank a/c

(being rent paid on office furniture)

automobile expenses a/c

misc. expensesa/c

to bank a/c

1350

600

purchases a/c

to creditors

cash a/c

to sales commissions

creditors a/c

to bank

salaries a/c

to bank

dividends a/c

to bank

* no entry shall be passed for closing stock and consumption for stock of supplies .

2.

common stock 24000

net profits:7350

serial number	particulars	debit	credit
1	bank a/c to common stock (being business bank a/c opened against common stock)	24000	24000
2	rent on office equipment a/c to bank a/c (being rent paid on office furniture)	3600	3600
3	automobile expenses a/c misc. expensesa/c to bank a/c	1350 600	19504
4	purchases a/c to creditors	1200	1200
5	cash a/c to sales commissions	19800	19800
6	creditors a/c to bank	750	750
7	salaries a/c to bank	2500	2500
8	dividends a/c to bank	3500	3500