Show effects of each transaction on financial statement

Assignment Help Accounting Basics

Reference no: EM131527400

Question: The Zuni Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected transactions in a journal. Show the effects of each transaction on the financial statements using the margin notation illustrated in this chapter.

Aug. 1 Paid rent for the month, $1,500.

2 Paid advertising expense, $700.

4 Paid cash for supplies, $1,050.

6 Purchased office equipment on account, $7,500.

8 Received cash from customers on account, $3,600.

12 Paid creditor on account, $1,150.

20 Paid dividends, $1,000.

25 Paid cash for repairs to office equipment, $500.

30 Paid telephone bill for the month, $195.

31 Fees earned and billed to customers for the month, $10,150.

31 Paid electricity bill for the month, $380.

Reference no: EM131527400

Questions Cloud

Which system provides a more accurate picture of the cost : Assignemnt: Accounting- ABC Analysis: In the assigned case, which system provides a more accurate picture of the cost incurred to produce the jobs?

Client-server security and intrusion detection : SLP assignments require you to build a Network Security Plan for the company or organization selected earlier in the course.

Negative net present value : Do you think there are situations where management would accept projects that provide a negative Net Present Value? Why or Why not?

Explain the covenants mentioned in scripture : Explain the covenants mentioned in scripture, where they climax and the ICC? A chart might be helpful, but not sufficient for all five points

Show effects of each transaction on financial statement : The Zuni Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Dividends.

Discuss the advantages and disadvantages of each calendar : Discuss the advantages and disadvantages of each calendar. Determine which calendar system is most useful

Completing the laboratory assignment : It is very important that you work through all of Part 1 of this assignment before you complete Part 2 so that you understand all of the features.

The effects of zebra and quagga mussels : Determine how an invasive species-the zebra and quagga mussel-affects other species in the freshwater lake.

Currently the yield curve observed in the market : Which bond should you buy if you plan to close out your position in one year right after receiving the coupon payment?

User Account

All Pages