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2 years ago

GL0202 (No Analysis Tab) - Based on Exercise 2-9 LO A1

Business

1 answer:

sukhopar [10]2 years ago

7 0

1. The preparation of the journal entries for each transaction is as follows:

<h3>Journal Entries</h3>

Jan. 1 Debit Cash $142,750

Credit Owner's Equity $142,750

Jan. 2 Debit Office Supplies $2,650

Credit Cash $2,650

Jan. 3 Debit Office Equipment $14,050

Credit Accounts Payable $14,050

Jan. 4 Debit Cash $18,300

Credit Service Revenue $18,300

Jan. 5 Debit Accounts Payable $14,050

Credit Cash $14,050

Jan. 6 Debit Accounts Receivable $4,100

Credit Service Revenue $4,100

Jan. 7 Debit Rent Expenses $2,625

Credit Cash$2,625

Jan. 8 Debit Cash $2,175

Credit Account Receivable $2,175

Jan. 9 Debit Withdrawals $11,700

Credit Cash $11,700

2. The identification of the financial statement impact of each entry is as follows:

Jan. 1 Increase in Assets (Cash $142,750) and Owner's Equity ($142,750)

Jan. 2 Increase in Assets (Office supplies $2,650) Decrease in Assets (Cash $2,650)

Jan. 3 Increase in Assets (Office Equipment $14,050) and Liabilities (Accounts Payable $14,050)

Jan. 4 Increase in Assets (Cash $18,300) and Equity (Service Revenue $18,300)

Jan. 5 Decrease in Liabilities (Accounts Payable $14,050) and Assets (Cash $14,050)

Jan. 6 Increase in Assets (Accounts Receivable $4,100) and Equity (Service Revenue $4,100)

Jan. 7 Decrease in Equity (Rent Expenses $2,625) and Assets (Cash$2,625)

Jan. 8 Increase in Assets (Cash $2,175) and decrease in Assets (Account Receivable $2,175)

Jan. 9 Decrease in Equity (Withdrawals $11,700) and decrease in Assets (Cash $11,700)

<h3>Transaction Analysis:</h3>

Jan. 1 Cash $142,750 Owner's Equity $142,750

Jan. 2 Office supplies $2,650 Cash $2,650

Jan. 3 Office Equipment $14,050 Accounts Payable $14,050

Jan. 4 Cash $18,300 Service Revenue $18,300

Jan. 5 Accounts Payable $14,050 Cash $14,050

Jan. 6 Accounts Receivable $4,100 Service Revenue $4,100

Jan. 7 Rent Expenses $2,625 Cash$2,625

Jan. 8 Cash $2,175 Account Receivable $2,175

Jan. 9 Withdrawals $11,700 Cash $11,700

Thus, the journal entries show the accounts <u>debited</u> and the accounts credited for each transaction.

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