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    CH 2 Ex 7 - 8 - 9

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    Wepa Akiyew
    The document provides examples of journal entries for various transactions including rent expense, advertising expense, supplies expense, office equipment purchase, cash receipts, accounts payable payments, miscellaneous expense, utilities expense, fees earned, drawings. It also includes examples of T-accounts for the supplies and accounts payable accounts, and discusses whether the rules of debit and credit apply to all companies.

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    CH 2 Ex 7 - 8 - 9

    Uploaded by

    Wepa Akiyew
    8 views4 pages
    The document provides examples of journal entries for various transactions including rent expense, advertising expense, supplies expense, office equipment purchase, cash receipts, accounts payable payments, miscellaneous expense, utilities expense, fees earned, drawings. It also includes examples of T-accounts for the supplies and accounts payable accounts, and discusses whether the rules of debit and credit apply to all companies.

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    Ch 2 Ex 7_8_9

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    The document provides examples of journal entries for various transactions including rent expense, advertising expense, supplies expense, office equipment purchase, cash receipts, accounts payable payments, miscellaneous expense, utilities expense, fees earned, drawings. It also includes examples of T-accounts for the supplies and accounts payable accounts, and discusses whether the rules of debit and credit apply to all companies.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    8 views4 pages

    CH 2 Ex 7 - 8 - 9

    Uploaded by

    Wepa Akiyew
    The document provides examples of journal entries for various transactions including rent expense, advertising expense, supplies expense, office equipment purchase, cash receipts, accounts payable payments, miscellaneous expense, utilities expense, fees earned, drawings. It also includes examples of T-accounts for the supplies and accounts payable accounts, and discusses whether the rules of debit and credit apply to all companies.

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    © All Rights Reserved
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    You are on page 1of 4

    Ex.

    2-7
    2019
    Oct. 1 Rent Expense 3,600
    Cash 3,600

    3 Advertising Expense 1,200


    Cash 1,200

    5 Supplies 750
    Cash 750

    6 Office Equipment 8,000


    Accounts Payable 8,000

    10 Cash 14,800
    Accounts Receivable 14,800

    15 Accounts Payable 7,110


    Cash 7,110

    27 Miscellaneous Expense 400


    Cash 400

    30 Utilities Expense 250


    Cash 250

    31 Accounts Receivable 33,100


    Fees Earned 33,100

    31 Utilities Expense 1,050


    Cash 1,050

    31 Jason Payne, Drawing 2,500


    Cash 2,500
    Ex. 2-8
    a.
    JOURNAL Page
    87

    Post.
    Date Description Ref. Debit Credit
    2019
    Sept. 18 Supplies 15 2,475
    Accounts Payable 21 2,475
    Purchased supplies on account.

    b., c., d.

    Account: Supplies Account No. 15

    Post. Balance
    Date Item Ref. Debit Credit Debit Credit
    2019
    Sept. 1 Balance  840
    18 87 2,475 3,315

    Account: Accounts Payable Account No. 21

    Post. Balance
    Date Item Ref. Debit Credit Debit Credit
    2019
    Sept. 1 Balance  10,900
    18 87 2,475 13,375

    e. Yes. The rules of debit and credit apply to all companies.

    Ex. 2-9

    a. (1) Accounts Receivable 73,900


    Fees Earned 73,900

    (2) Supplies 1,960


    Accounts Payable 1,960

    (3) Cash 62,770


    Accounts Receivable 62,770

    (4) Accounts Payable 820


    Cash 820
    Ex. 2-9 (Concluded)

    b.
    Cash Accounts Payable
    (3) 62,770 (4) 820 (4) 820 (2) 1,960

    Supplies Fees Earned


    (2) 1,960 (1) 73,900

    Accounts Receivable
    (1) 73,900 (3) 62,770

    c. No. An error may not have necessarily occurred. A credit balance


    in Accounts Receivable could occur if a customer overpaid his or
    her account. Regardless, the credit balance should be
    investigated to verify that an error has not occurred.

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