ACCT5001_Accounting Principles_2009 Semester 1_Week 4 Sem 1 2009 Solutions for Out-of-Class Study.docVIP

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ACCT5001_Accounting Principles_2009 Semester 1_Week 4 Sem 1 2009 Solutions for Out-of-Class Study.doc

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ACCT5001_Accounting Principles_2009 Semester 1_Week 4 Sem 1 2009 Solutions for Out-of-Class Study

ACCT5001 Week 4 Solutions for Out-of-Class Study Chapter 4 2. The worksheet is merely a device used to make it easier to prepare adjusting entries and the financial statements. 6. (1) (Dr) Individual revenue accounts and (Cr) Profit and Loss Summary. (2) (Dr) Profit and Loss Summary and (Cr) Individual expense accounts. (3) (Dr) Profit and Loss Summary and (Cr) Owner’s Capital (for net profit). (4) (Dr) Owner’s Capital and (Cr) Owner’s Drawings. 19. (a) The owner’s equity section for a company is called shareholders’ equity. (b) The three accounts and the purpose of each are: (1) Share Capital is used to record investments of assets in the business by the owners (shareholders). (2) Reserves are increases in equity from sources other than contributed capital from the owners and retained profits. (3) Retained earnings is used to record net profit retained in the business. BRIEF EXERCISE 4-9 1. Service Revenue 780 Accounts Receivable 780 2. Accounts Payable ($1850 – $1580) 270 Store Supplies 270 EXERCISE 4-8 (a) BETTER LIMOUSINE RENTAL SERVICES Worksheet For the year Ending 30 June 2007 Account titles Trial Balance Dr. Cr. Adjustments Dr. Cr. Adjusted trial balance Dr. Cr. Cash 9 000 9 000 Accounts Receivable 19 500 (a)1350 20 850 Office Supplies 3 120 (b) 720 2 400 Limousines 57 900 57 900 Accumulated Depreciation – Limousines 33 180 (c) 780 33 960 Salaries Payable (d) 1800 1 800 Unearned Income 2 700 (e) 630 2 070 L. Dimos, Capital 49 020 49 020 L. Dimos, Drawings 18 600 18 600 Limousine Service Revenue 35 490 (a) 1350 (e) 630 37 470 Salary expense 8 070 (d) 1800 9 870 Motor Vehicle expenses 4 200 4 200 Depreciation expense (c) 780 780 Supplies expense (b) 720 720 120 390 120 390 5 280 5 280 124 320 124 320 EXERCISE 4-8 (continued) (b) BETTER LIMOUSINE RENTAL SERVICES General Journal J20 Date Account Titles and Explanation Debit Credit 30 J