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    Cheng Company: Selected Transactions From The Journal of June Feldman, Investment Broker, Are Presented Below

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    Genesis Company performs several key accounting tasks including analyzing and interpreting financial information, classifying economic events, preparing accounting reports, and summarizing economic transactions. Abby Roland is trying to determine the correct balance sheet for Cheng Company. The balance sheet shows total assets of $75,500 including $15,000 of cash, $6,500 in accounts receivable, $8,000 in supplies, and $46,000 in equipment. Total liabilities and owner's equity equal $75,500, including $21,000 in accounts payable and $67,500 in owner's capital less $13,000 in owner's drawings. Selected transactions from June Feldman's journal are posted to T

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    Cheng Company: Selected Transactions From The Journal of June Feldman, Investment Broker, Are Presented Below

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    Hà Anh Đỗ
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    Genesis Company performs several key accounting tasks including analyzing and interpreting financial information, classifying economic events, preparing accounting reports, and summarizing economic transactions. Abby Roland is trying to determine the correct balance sheet for Cheng Company. The balance sheet shows total assets of $75,500 including $15,000 of cash, $6,500 in accounts receivable, $8,000 in supplies, and $46,000 in equipment. Total liabilities and owner's equity equal $75,500, including $21,000 in accounts payable and $67,500 in owner's capital less $13,000 in owner's drawings. Selected transactions from June Feldman's journal are posted to T

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    E1-E2

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    Genesis Company performs several key accounting tasks including analyzing and interpreting financial information, classifying economic events, preparing accounting reports, and summarizing economic transactions. Abby Roland is trying to determine the correct balance sheet for Cheng Company. The balance sheet shows total assets of $75,500 including $15,000 of cash, $6,500 in accounts receivable, $8,000 in supplies, and $46,000 in equipment. Total liabilities and owner's equity equal $75,500, including $21,000 in accounts payable and $67,500 in owner's capital less $13,000 in owner's drawings. Selected transactions from June Feldman's journal are posted to T

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    785 views4 pages

    Cheng Company: Selected Transactions From The Journal of June Feldman, Investment Broker, Are Presented Below

    Uploaded by

    Hà Anh Đỗ
    Genesis Company performs several key accounting tasks including analyzing and interpreting financial information, classifying economic events, preparing accounting reports, and summarizing economic transactions. Abby Roland is trying to determine the correct balance sheet for Cheng Company. The balance sheet shows total assets of $75,500 including $15,000 of cash, $6,500 in accounts receivable, $8,000 in supplies, and $46,000 in equipment. Total liabilities and owner's equity equal $75,500, including $21,000 in accounts payable and $67,500 in owner's capital less $13,000 in owner's drawings. Selected transactions from June Feldman's journal are posted to T

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    E1-1 Genesis Company performs the following accounting tasks during the year.

    C Analyzing and interpreting information.


    R Classifying economic events.
    C Explaining uses, meaning, and limitations of data.
    R Keeping a systematic chronological diary of events.
    R Measuring events in dollars and cents.
    C Preparing accounting reports.
    C Reporting information in a standard format.
    I Selecting economic activities relevant to the company.
    R Summarizing economic events.
    E1-13 Abby Roland is the bookkeeper for Cheng Company. Abby has been trying to deter- mine the correct balance sheet for Cheng Company. Cheng’s bal
    CHENG COMPANY
    Balance sheet
    December 31, 2017

    Assets
    Cash $ 15,000.00
    Account receivable 6,500
    Supplies 8,000
    Equipment 46,000
    Total assets $ 75,500.00
    Liabilities and Owner's equity
    Liabilities
    Account payable $ 21,000.00
    Owner's equity
    Owner's capital 67,500
    Owner's drawings 13,000
    Total liabilites and owner's equity $ 75,500.00

    E2-9 Selected transactions from the journal of June Feldman, investment broker, are presented below.
    (a) Post the transactions to T-accounts.
    Cash Service Revenue Owner's Capital
    Debit Credit Debit Credit Debit
    1 5,000
    10 2,600 2,600
    12 2,300
    25 1,700
    31 900
    (b) Prepare a trial balance at August 31, 2017.
    JUNE FELDMAN
    Trial Balance
    August 31,2017
    Debit
    Cash 900
    Account Receivable
    $ 900.00
    E2-5 Transaction data for Sanculi Real Estate Agency are presented in E2-4.
    Date Account titles and explanation Ref Debit Credit
    Oct.
    1 Cash $ 15,000.00
    Owner's capital $ 15,000.00
    2 No entry
    3 Equipment 1,900
    Account Payable 1,900
    6 Cash 3,800
    Service Revenue 3800
    27 Account payable 1100
    Cash 1100
    30 Salary expense 2500
    Cash 2500
    heet for Cheng Company. Cheng’s balance sheet is shown below.

    95

    Owner's Capital Equipment Notes payable Account Receivable


    Credit Debit Credit Debit Credit Debit Credit
    5,000

    5,000 2,700
    1,700
    900
    Credit

    900
    $ 900.00

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