Scribd Logo
Upload

Welcome to Scribd!

  • 591 views

    ACC 101 Chapter 2 Test (5

    Uploaded by

    Ammarrylee R. Williams
    CJG Management Services records transactions from November 1-30 including the owner investing cash and equipment, prepaying rent and insurance, purchasing supplies and equipment on credit, completing work for and receiving payments from clients, withdrawing cash, and paying expenses. Journal entries are posted to accounts to calculate ending balances. A trial balance is prepared listing account titles and ending balances.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    ACC 101 Chapter 2 Test (5

    Uploaded by

    Ammarrylee R. Williams
    591 views5 pages
    CJG Management Services records transactions from November 1-30 including the owner investing cash and equipment, prepaying rent and insurance, purchasing supplies and equipment on credit, completing work for and receiving payments from clients, withdrawing cash, and paying expenses. Journal entries are posted to accounts to calculate ending balances. A trial balance is prepared listing account titles and ending balances.

    Original Title

    ACC 101 chapter 2 Test (5

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    CJG Management Services records transactions from November 1-30 including the owner investing cash and equipment, prepaying rent and insurance, purchasing supplies and equipment on credit, completing work for and receiving payments from clients, withdrawing cash, and paying expenses. Journal entries are posted to accounts to calculate ending balances. A trial balance is prepared listing account titles and ending balances.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    591 views5 pages

    ACC 101 Chapter 2 Test (5

    Uploaded by

    Ammarrylee R. Williams
    CJG Management Services records transactions from November 1-30 including the owner investing cash and equipment, prepaying rent and insurance, purchasing supplies and equipment on credit, completing work for and receiving payments from clients, withdrawing cash, and paying expenses. Journal entries are posted to accounts to calculate ending balances. A trial balance is prepared listing account titles and ending balances.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Preparing and posting general journal entries; preparing a trial balance.

    CJG Management Services opens business and completes these transactions in November:

    Nov. 1 Brenda Shaine, the owner, invested $30,000 cash along with $15,000 of office equipment in the business.
    2 Prepaid $4,500 cash for six month’s rent for an office. (Hint: Debit Prepaid Rent for $4,500.)
    4 Made credit purchases of office equipment for $2,500 and of office supplies for $600. Payment is due within 10 days.
    8 Completed work for a client and immediately received $3,400 cash.
    12 Completed a $10,200 project for a client, who must pay within 30 days.
    13 Paid $3,100 cash to settle the account payable created on November 4.
    19 Paid $1,800 cash for the premium on a 24-month insurance policy.
    22 Received $5,300 cash as partial payment for the work completed on November 12.
    24 Completed work for another client for $1,750 on credit.
    28 Shaw withdrew $5,300 cash for personal use.
    29 Purchases $249 of additional office supplies on credit.
    30 Paid $531 cash for this month’s utility bill.

    Required:
    1. Prepare general journal entries to record these transactions (use account titles listed in part 2).
    2. Open the following accounts – their account numbers are in parentheses (use the balance column format): Cash (101);
    Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment
    (163); Accounts Payable (201); B. Shaine, Capital (301); B. Shaine, Withdrawals (302); Services Revenue (403); and
    Utilities Expenses (690). Post the journal entries from part 1 to the accounts and enter the balance after each posting.
    3. Prepare a trial balance as of the end of this month’s operations.

    Date Account Debit Credit


    Nov.1 Cash 30000
    Office Equipment 15000
    Owners Investment 45000
    Owner invested cash and equipment

    2 Prepaid Rent 4500


    Cash 4500
    Invested cash for prepaid rent

    4 Office Equipment 2500


    Office Supplies 600
    Account Payable 3100
    Credit supplies and equipments

    8 Cash 3400
    Revenue 3400
    Work completed for client

    12 Cash 12,200
    Unearned Revenue 12,200
    Work completed on credit

    13 Account Payable 3100


    Cash 3100
    Paid for account payabe

    19 Prepaid Insurance 1800


    Cash 1800
    Paid for insurance policy

    22 Cash 5300
    Unearned Revenue 4900
    Cash receive for partial payment

    24 Cash 1750
    Unearned Revenue 1750
    Completedwork on credit

    28 Ownerw Withdrawal 5300


    Cash 5300
    Owner withdraw cash

    29 Office Supplies 249


    Account Payable 249
    Purchase supplies on credit

    30 Utility Bill 531


    Cash 531
    Paid for month utility bill
    53
    1

    Cash Acct. No. 101


    Date Explanation PR Debit Credit Balance
    Nov.
    Accounts Receivable Acct. No. 106
    Date Explanation PR Debit Credit Balance
    Nov.

    Office Supplies Acct. No. 124


    Date Explanation PR Debit Credit Balance
    Nov.

    Prepaid Insurance Acct. No. 128


    Date Explanation PR Debit Credit Balance
    Nov.

    Prepaid Rent Acct. No. 131


    Date Explanation PR Debit Credit Balance
    Nov.

    Office Equipment Acct. No. 163


    Date Explanation PR Debit Credit Balance
    Nov.

    Accounts Payable Acct. No. 201


    Date Explanation PR Debit Credit Balance
    Nov.

    K. Shaw, Capital Acct. No. 301


    Date Explanation PR Debit Credit Balance
    Nov.

    K. Shaw, Withdrawals Acct. No. 302


    Date Explanation PR Debit Credit Balance
    Nov.

    Services Revenue Acct. No. 403


    Date Explanation PR Debit Credit Balance
    Nov.

    Utilities Expense Acct. No. 690


    Date Explanation PR Debit Credit Balance
    Nov.

    Part 3

    SHAW MANAGEMENT SERVICES


    Trial Balance
    November 30
    Debit Credit
    Cash.......................................................................
    Accounts receivable............................................
    Office supplies......................................................
    Prepaid insurance................................................
    Prepaid rent..........................................................
    Office equipment..................................................
    Accounts payable.................................................
    K. Shaw, Capital...................................................
    K. Shaw, Withdrawals..........................................
    Services revenue..................................................
    Utilities expense...................................................    ______
    Totals.....................................................................

    You might also like