accounting information system involves assessing B u s i n e s s F i n a n c e
1) Which step in the accounting information system involves assessing the equality of total debits and total credits?
2) A list of all account names used to record transactions of a company is referred to as a __________
3) Consider the following T-account for Accounts payable. Compute the ending balance.
Accounts PayableDebit Credit 10,2008,000 5,000 4,600
4) Prepare the journal entries for these transactions
- Purchased equipment for $25,000 for 10% cash and the rest on credit
- Provided services to customers on credit of $5,100.
- Pay the current month’s rent of $1,700.
- Purchase office supplies on account for $1,900.
- Pay employee salaries of $1,500 for the current month
5) Prepare journal entries for the following transactions in September.
|September||1||Provide services to customers for cash, $3,600.|
|September||2||Purchase land with a long-term note for $5,300 from Crimson Company.|
|September||4||Receive an invoice for $390 from the local newspaper for an advertisement that appeared on September 2.|
|September||8||Provide services to customers on account for $4,900.|
|September||10||Purchase supplies on account for $1,200.|
|September||13||Pay $2,900 to Crimson Company for a long-term note.|
|September||18||Receive $3,900 from customers on account.|
|September||20||Pay $790 for September’s rent.|
|September||30||Pay September’s utility bill of $1,450.|
|September||30||Pay employees $2,900 for salaries for the month of September.|
|September||30||Pay a cash dividend of $1,200 to shareholders.|
6) Consider the recorded transactions below. a) describe the business event behind each journal entry and b) calculate the ending balances in the Cash and Accounts Receivable accounts
7) From this list, prepare a trial balance in the proper order. accounts have their normal debit or credit balance. Supplies, $1,100; Buildings, $38,000; Salaries Payable, $300; Common Stock, $18,000; Accounts Payable, $1,350; Utilities Expense, $2,000; Prepaid Insurance, $1,100; Service Revenue, $17,800; Accounts Receivable, $2,500; Cash, $1,800; Salaries Expense, $4,700; Retained Earnings, $13,750.
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