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ACC 290 Week 2 Individual Assignment Week Two Problems and Exercises

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Week Two Problems and Exercises
ACC/290
University of Phoenix

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E3-4
(a)  1. Stockholders invested $20,000 cash in the business.
 2. Purchased equipment for $5,000, paying $1,000 in cash and the balance of $4,000 on
account.
 3. Paid $750 cash for supplies.
 4. Earned $9,500 in revenue, receiving $4,100 cash and $5,400 on
account.
 5. Paid $1,500 cash on accounts payable.
 6. Paid $2,000 cash dividends to stockholders.
 7. Paid $800 cash for rent.
 8. Collected $450 cash from customers on account.
 9. Paid salaries of $3,000.
10. Incurred $300 of utilities expense on account.
(b) Issued common stock $20,000
Service revenue   9,500
Dividends  (2,000)
Rent expense (800)
Salaries and wages expense  (3,000)
Utilities expense (300)
Increase in stockholders’ equity $23,400
(c) Service revenue $ 9,500
Rent expense (800)
Salaries and wages expense  (3,000)
Utilities expense (300)
Net income $ 5,400
E3-9
General Journal
Date Account Titles Debit Credit
May  4 Accounts Payable
Cash
700
700
7
Accounts Receivable
Service Revenue
6,800
6,800
8
Supplies
Accounts Payable
 850
 850
9
Equipment
Cash
1,000
1,000

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Week Two Problems and Exercises ACC/290 University of Phoenix E3-4 (a) 1. Stockholders invested $20,000 cash in the business. 2. Purchased equipment for $5,000, paying $1,000 in cash and the balance of $4,000 on account. 3. Paid $750 cash for supplies. 4. Earned $9,500 in revenue, receiving $4,100 cash and $5,400 on account. 5. Paid $1,500 cash on accounts payable. 6. Paid $2,000 cash dividends to stockholders. 7. Paid $800 cash for rent. 8. Collected $450 cash from customers on account. 9. Paid salaries of $3,000. 10. Incurred $300 of utilities expense on account. (b) Issued common stock $20,000 Service revenue 9,500 Dividends (2,000) Rent expense (800) Salaries and wages expense (3,000) Utilities expense (300) Increase in stockholders' equity $23,400 (c) Service revenue $ 9,500 Rent expense (800) Salaries and wages expense (3,000) Utilities expense (300) Net income $ 5,400 E3-9 General Journal Date Account Titles Debit Credit May 4 Accounts Payable Cash 700 700 7 Accounts Receivable Service Revenue 6,800 6,800 8 Supplies Accounts Payable 850 850 9 Equipment Cash 1,000 1,000 17 Salaries and Wages Expense Cash 530 530 22 Maintenance and Repair Expense Accounts Payable 900 900 29 Prepaid Insurance Cash 1,200 1,200 P3-5A (a) Date Account Titles and Explanation Debi ...
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