Quiz 1, Part 3

For each of the accounts below, indicate : 1. The type of account : A = ASSET- LIABILITY - OWNERS EQUITY B = LIABILITY C = OWNERS EQUITY Letter a. is done as an example:

Place an X is the proper square:

A. ASSET Example: X x x x x x x x x x x x x x x B. LIAB. C. O/E a. Cash b. Commission Revenue c. Retained Earnings d. Accounts Receivable e. Equipment f. Notes Payable g. Prepaid Insurance h. Revenue i. Utilities Expense j. Land k. Building l. Wages Expense m. Wages Payable n. Drawing o. Service Revenue Example:

PART 4
1. RECORD THE ACCOUNT ON TOP OF THE T ACCOUNT

2. POST THE PROPER DEBIT AND CREDIT Use the accounts provided BELOW: CASH SUPPPLIES ACCOUNTS RECEIVABLE LAND

ACCOUNTS PAYABLE DRAWING SERVICE REVENUE RENT EXPENSE

EXAMPLE: 1. The owner made an investment to of $5,000 cash into the business: 1. Identify accounts 2. post to the accounts Cash 5,000 Capital

2. bought $400 of supplies on account 1. Identify accounts Supplies 400 2. post to the accounts

Accounts Payable

3. bought land for $700 in Cash 1. Identify accounts Cash 700 2. post to the accounts

Land 700

4. Paid $200 to creditor on account 1. Identify accounts Cash 200 2. post to the accounts

Accounts Payable 200

5. The owner withdrew $50 from the business 1. Identify accounts Drawing 50 2. post to the accounts

Cash

6. Paid the rent for the month $900 1. Identify accounts Rent Expense 900 2. post to the accounts

Cash

7. Earned $100 and received cash for services

1. Identify accounts 2. post to the accounts

Cash 100

Servive Revenue

8. earned $200 in service revenue will receive money in 30 days 1. Identify accounts Accounts Receivable 200 2. post to the accounts

Service Revenue

9. collected $200 that was owned. 1. Identify accounts Cash 200 2. post to the accounts

Accounts Receivable

10. purchased $500 in supplies using cash 1. Identify accounts Supplies Expense 500 2. post to the accounts

Cash

11. received cash for accounting fess performed $1,000 1. Identify accounts Cash 1,000 2. post to the accounts

Service Revenue

12. Purchased $575 of Inventory supplies for cash 1. Identify accounts Supplies Expense 575 2. post to the accounts

Cash

13. Paid rents expense $500 used cash 1. Identify accounts Rent Expense 500 2. post to the accounts

Cash

14. The owner took $300 cash for personal use. 1. Identify accounts Drawing 300

Cash

2. post to the accounts

15. Used $600 of supplies inventory for the business 1. Identify accounts Supplies Expense 600 2. post to the accounts

Supplies

16. Received $900 from a customer who owed the company money 1. Identify accounts Accounts Receivable 900 2. post to the accounts

Cash 900

17. Paid $780 for and electric bill cut a check 1. Identify accounts Cash 780 2. post to the accounts

Electric Expense 780

18. Paid wages $6800 to employees for the month 1. Identify accounts Salary Expense 6800 2. post to the accounts

Cash

19. Purchased a desk for the office $690 on account. 1. Identify accounts Supplies 690 2. post to the accounts

Accounts Payable

20. Paid any bill owed on account $400. 1. Identify accounts Accounts Payable 400 2. post to the accounts

Cash

Norma/Natural BALANCE Debit Credit X x x x x x x x x x x x x x x

SUPPLIES EXPENSE ELECTRIC EXPENSE SALARY EXPENSE

5,000

400

Accounts Payable

50

900

Servive Revenue 100

Service Revenue 200

Accounts Receivable 200

500

Service Revenue 1,000

575

500

300

600

Electric Expense

6800

Accounts Payable 690

400