Describing

Additional exercises Accounting

1) Record the following transactions (journal entries).
a) trustworthy capital from professional services rendered $2500
b) Purchased furniture for $1000 making a down remuneration of 30%
c) Incurred telephone expense on account $100
d) Paid $400 to creditors

2) The owner, who has little knowledge of accounting, hustling the following trial isotropy for Loretta Company. It therefore didnt balance. gussy up a right trial balance.





outpouring Balance
Debit balances realization balances
Cash50000$
Notes due10000$
Accounts collectible10000$
make65000$
Notes Payable$50000
Accounts Receivable$5000
Capital$70000
----------------------------------------------
$135000$125000

3) The following trial balance of Hardy Corporation does not balance:

Hardy Corporation
Trial Balance
Debit balancesCredit balances
Cash$ 1000
Accounts Receivable$12500
Machinery$7000
Accounts Payable$ 4300
Capital$8100
Professional Fee Income$31000
Salary Expense$9000
countercurrent expense$4000
---------------------------------------
$42500$43100

After reviewing the ledger account balances, it was found that: 1)Accounts Receivable has total debits of $20000 and total credits of $6500, 2) Cash paid of $6000 for a machine was not posted to the Machinery account, 3) the balance for professional slant income should be $1000 more than stated and 4) a payment to creditor of $700 was not posted to any account. Prepare a corrected Trial Balance.

4) Record transactions and prepare general ledgers.

e) Received $20000 funds from an increase in capital
f) Bought equipment of $8000 on account
g) Paid activate expense $1000
h) Rendered professional services of $30000, receiving $10000 in cash with the balance on account.
i) Paid $5000 to creditors
j) Sold for...If you want to get under ones skin a full essay, order it on our website: Ordercustompaper.com



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