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Acc 280 week two exercises

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Chapters 1, 2 & 7 Exercises
Chapter 1:Wrien answers
Exercise E1-1 Classifying the three accounng acvies
1. Communicang
2. Recording
3. Communicang
4. Recording
5. Recording
6. Communicang
7. Communicang
8. Idenfying
9. Recording
Exercise E1-5 Idenfying the Assets, liabilies and stockholder equity accounts
Assets Liability Stockholders Equity
Accounts payable
Accounts receivable
Cash Notes payable
Cleaning equipment
Salaries payable
Cleaning supplies Common stock
Exercise E1-12 Preparing an income and retained earnings statement
Linda Stanley Co.
Income Statement
For the Month Ending December 31, 2008
Revenues
Service revenue $62,500
Expenses
Salaries expense 30000
Rent expense 10400
Advertising expense 1800
Utilities expense 3100
Total expenses $45,300
Net income $17,200

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Linda Stanley Co.
Retained Earnings Statement
For the Month Ending December 31, 2008
Retained earnings, January 1 48,000
Add: Net income 17,200
65,200
Less: Dividends 6,000
Retained earnings, December 31 59,200
Exercise E1-13 Correcng an incorrect balance sheet
MENDEZ COMPANY
Balance Sheet
December 31, 2008
Assets
Assets
Cash
$15,000
Accounts receivable
8,500
Supplies
8,000
Equipment
46,000
Total assets $77,500 $
77,500
Liabilities and Stockholder’s Equity
Liabilities
Notes Payable
Accounts Payable
$20,000
Total Liabilies

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Stockholders’ Equity
Common Stock $50,000
Retained Earnings 7,500 57,500
Total Liabilies and Stockholders Equity $77,500 $77,500
Chapter 2: Wrien Answers
Exercise E 2-3 J-1
Date Account Titles Ref. Debit
Credit
Jan.2 Cash 10,000
Common Stock
10,000
4,000
3 Cash
Equipment
4,000
9 Cash 500
Supplies
500
11 Accounts Receivable 1,800
Service Revenue
1,800
16 Cash 200
Accounts Payable
200
20 Cash 700
Service Revenue
700
23 Cash 300
Notes Payable
300
28 Cash 1,000
Dividends
1,000
Jan. 2 Invested $10,000 cash in the business in exchange for common stock.
3 Purchased used car for $4,000 cash for use in business.
9 Purchased supplies on account for $500.
11 Billed customers $1,800 for services performed.
16 Paid $200 cash for advertising.
20 Received $700 cash from customers billed on January 11.

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