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Recognition, Valuation, and Classification Essay Sample

Recognition, Valuation, and Classification Pages
Pages: Word count: Rewriting Possibility: % ()

Normal Balances
SE4.Tell whether the normal balance of each accounts in SE1is a debit or a credit. Transaction Analysis
SE5. Shawn Michael started a computer programming business, Michael’s Programming Service. For each transaction that follows, indicate which account is debited and which account is credited. May 2) Shawn Michael invested $10,000.

5) Purchased a computer for $5,000 in cash.
7) Purchased supplies on credit for $600.
19) Received cash for programming services performed, $1,000. 22) Received cash for programming services to be performed, $1,200. 25) paid the rent for May, $1,300.
31) Billed a customer for programming services performed, $500. Recording Transactions in T Accounts
E6A. Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; C. Ferdinand, Capital; Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account. A. Collin Ferdinand opened Ferdinand Repair Service by investing $8,600 in cash and $3,200 in repair equipment. B. Paid $800 for the current month’s rent.

C. Purchased repair supplies on credit, $1,000.
D. Purchased additional repair equipment for cash, $600.
E. Paid salary to an employee, $900.
F. Paid $400 of amount purchased on credit in c
G. Accepted cash for repairs completed, $3,720.
H. Withdrew $1,200 in cash.
Trial Balance
E9A. After recording the transactions in E6A, prepare a trial balance in proper sequence for Ferdinand Repair Service as of June 30, 2014.

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