Part 1St. Johns Paul College of Engineering received the following fees from the students. Tuition fees $10,000Library fees $500Special fees $1,000The college paid $2,000 in examination fees to the Chicago University. Prepare the revenue account for the college. Part 2Temporary and permanent accounts show a normal debit balance or a normal credit balance. Create a table like the one above in Calc. Fill in the table by classifying the following accounts: Liabilities, Expenses, Revenue, Assets. Part 3John David uses the following accounts in his business. General Ledger: Cash at Bank, Accounts Receivable, Accounts Payable, Office Equipment, Sales Revenue, John David Capital, John David Withdrawals, Advertising Expenses, Rent Expenses, Salaries Expense and Utilities Expenses. Identify the two accounts affected by each of the following transactions and indicate whether each account is debited or credited. January 1: John David invested $50,000 in his business. January 4: Billed a customer for goods supplied worth $7,000. January 9: Issued a check for inventory purchased worth $10,000. January 12: Salaries paid to the staff $5,000. Part 4A company had the following economic activity during an accounting period:Sales during the period = $50,000Expenses incurred:As salaries = $ 2,500As advertising expenses = $3,000Deposited a check from Owner’s Personal Savings Account $5,000. Mr. Nicholas removed an office computer for his son, at the cost of $750. Determine the end balance of the Owner’s Capital Account. Part 5David uses the following accounts in South West Airlines Service:General Ledger:Cash at Bank accountCash in Hand accountDavid Capital accountDavid Withdrawals accountAirlines accountFlying Fees accountAccounts Receivable accountAdvertising accountFuel Oil accountRepairs accountFood Expenses accountAccounts Payable accountCreate a table like the one below in Calc. Provide the required information for each account. The first account information has been completed as an example. Classify each account as asset, liability, owner’s equity, revenue, expenses, or withdrawal. Indicate the increase or decrease side as debit or credit. Indicate the normal balance side. Account NameAccount ClassificationsIncrease SideDecrease SideNormal BalanceCash at BankAssetDebitCreditDebitClick here to see how your assignment will be graded.
Originally posted 2018-07-05 16:53:17. Republished by Blog Post Promoter