ACCT1211financial Accounting

Question 1

A.Determine if a debit, credit, or nil entry would be made to the balance sheet:
1.Increase Accounts Receivable
2.Increase Accounts Payable
3.Decrease Mortgage Payable
4.Increase Office Supplies
5.Decrease Owner’s Capital
6.Increase Cash
7.Decrease Office Furniture
8.Increase Owner’s Withdrawals
9.Decrease Unearned Revenue
10.Increase Revenue
B.Determine if the normal balance is a debit or a credit:
1.Service Revenue
2.Unearned Revenue
3.Cash
4.Accounts Receivable
5.Bank Loan
6.Advertising Expense
7.Note Payable
8.Rent Expense
9.Owner’s Capital
10.Undeveloped Land

Question 2

John Tree started a business, Tree Trimming, which is a proprietorship, on June 01, 2018. The following transactions occurred in June 2018:

June 5: Tree Trimming provided tree trimming services for a client, on account, for $ 3,000.
June 9: John Tree withdrew $ 500 from his personal bank account and used the funds to purchase a television for his mother.
June 15: Tree Trimming received cash for the June 5 work that it had performed.
June 22: Tree Trimming paid $ 250 regarding an ad that it placed in the local newspaper.
June 24: Tree Trimming received $ 10,000 cash for tree trimming services it performed that day.

Required:
Journalize the above transactions affecting Tree Trimming. Provide a written explanation for each journal entry recorded or not recorded.

 

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