Week One Assignment

In: Business and Management

Submitted By terrilynn05
Words 1499
Pages 6
1. Recognition of normal balances
The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.

a. Amounts paid to a mall for rent. - Expense, Debit
b. Amounts to be paid in 10 days to suppliers. – Liability, Debit
c. A new fax machine purchased for office use. – Expense, Debit
d. Land held as an investment. – Asset, Debit
e. Amounts due from customers. – Revenue, Credit
f. Daily sales of merchandise sold. - Revenue, Credit
g. Promotional costs to publicize a concert. - Expense, Debit
h. A long-term loan owed to Citizens Bank. - Liability, Debit
i. The albums, tapes, and CDs held for sale to customers. – Revenue. Debit

2. Basic journal entries
The following transactions pertain to the Jennifer Royall Company:

May 1 Jenni¬fer Royall invested cash of $25,000 and land valued at $15,000 into the business.
5 Provided $1,000 of services to Jason Ratchford, a client, on account.
9 Paid $1,250 of salaries to an employee.
14 Acquired a new computer for $4,200, on account.
20 Collected $800 from Jason Ratchford for services provided on May 5.
24 Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
May 1-Jennifer Royall invested in cash of $15,000 and land value at $10,000 into the business.
Cash 15,000
Land 10,000
Owner’s Equity 25,000
May 5-$1,200 of services were provided to a client, Jason Ratchford on the account.
Ratchford agreed to pay $800 in 15 days and pay the remaining in May
Accounts Recievable 1,200
Revenue 1,200
(Services on account)
May 9- $250 of salaries were paid to employees
Salary Expense…...

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