Institutional Affiliation: Accounting (Solutions) Case Assignment (Math Problem Sample)

Accounting (Solutions)
Student’s Name
Institutional Affiliation
Accounting (Solutions)
Part A (20 points) Title
Journal Entries (Davidson & Weil, 1977).
Date

Details



Cash

Bank

2

Cash



$5,000

 

 


Owners' equity

 

$5,000

 




 

 

8

Supplies

 

$100

 

 


Accounts payable

 

$100

 

 

 

 

 

 

10

Salaries


$700

 

 


Cash


 

$700

 




 

 

15

Accounts payable

$100

 

 


Cash


 

$100

 

 

 

 

 

 

 




 

 

21

Salaries expense


$30

 

 

 

Salaries payable

 

$30

Part B
Title
Two-column journal (O'Donnell & Hoetker, 1973).
 

Description

 

Debit

Credit

a

Accounts receivable

$7,000

 

 

 

Sales

 

 

$7,000

b

Equipment


$45,000

 

 

 

Cash


 

$20,000

 


Accounts payable

 

$25,000

c

Rent expense

 

$3,000

 

 

 

Cash

 

 

$3,000

d

Supplies



$2,500

 

 


Accounts payable

 

$2,500

e

Cash

 

 

$1,000

 

 

 

capital

 

 

$1,000

f

Cash



$7,000

 

 


Account receivable

 

$7,000

g

Accounts payable

 

$1,200

 

 

 

Cash

 

 

$1,200

h

Wages expense


$6,250

 

 


Cash


 

$6,250

i

Cash

 

 

$7,150

 

 

 

Accounts receivable

 

$7,150

j

Capital



$1,750

 

 

 

Cash

 

 

$1,750

Title
Closing Entries as at 31st December (Davidson & Weil, 1977).
31-Dec

Tutoring fee

 

 

$3,450

 

 


Income statement

 


$3,450

 


 

 


 

 

Income statement

 

$700

 

 


Wages expense

 


$700

 

 

 

 

 

 

 

I...