I need help with my Accouting Homework..again.?
Trial Balance
December 31, 2005
Account Titles Debit Credit
Cash
Accounts Receivable
Prepaid Rent
Land
Accounts Payable
Interest Payable
Notes Payable
Common stock
Retained Earnings
Dividends
Service Revenue
Operating Expense
Salaries Expense
Rent Expense
Interest Expense
Totals
Accounting events for 2005:
1. Paid cash for accrued salaries $2,100
2. Performed services for cash 40,500
3. Borrowed and issued Note 20,000
4. Paid cash for land 25,000
5. Rent paid for one year beginning 2/1/2005 5,400
6. Services performed on account 82,000
7. Operating expenses incurred on account 49,100
8. Accounts receivable collected 76,300
9. Paid accounts payable 48,000
10. Paid cash for salaries 41,000
11. Cash dividend paid 5,000
Favorite Answer
1. Dr Accounts payable 2,100
Cr Cash 2,100
(since there is no accrued liabilities account, assumed that accrued salaries are in accounts payable)
2. Dr. Cash 40,500
Cr. Service Revenue 40,500
3. Dr. Cash 20,000
Cr. Notes Payable 20,000
4. Dr. Land 25,000
Cr. Cash 25,000
5. Dr. Prepaid Rent 5,400
Cr. Cash 5,400
6. Dr. Accounts Receivable 82,000
Cr. Service Revenue 82,000
7. Dr. Operating Expense 49,100
Cr. Accounts payable 49,100
8. Dr. Cash 76,300
Cr. Accounts receivable 76,300
9. Dr. Accounts payable 48,000
Cr. Cash 48,000
10. Dr. Salaries Expense 41,000
Cr. Cash 41,000
11. Dr. Dividends 5,000
Cr. Cash 5,000
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