cash A/R-Doaa equip

Transactions
1-Owner invested $100,000 cash in the business 100000 Dr
2- The Business borrowed a bank loan for $200,000 in cash 200000Dr
3- The business provided cash services to clients for $50,000 cash 50000 Dr
4-The business provided credit services to Doaa $20000 20000Dr
5- Doaa paid $5000 of her balance 5000 Dr (5000) Cr
6-The business purchased equipment for $70,000 in cash (70000) Cr 70000 Dr
7-The business purchased supplies for $2000 on account
8-The business paid the advertising bill for the month for $1000 in cash (1000)Cr
9- The business received the utilities bill for $500
10- The business paid the above utilities bill (500)Cr
11- The owner withdrew $5000 in cash for his personal use (5000)Cr
12-The business purchased a one year insurance policy for $60000 (60000)Cr
13- The business received $1000 cash deposits from clients for services to b 1000Dr
End of year Balances 219500 15000 70000
14- Determined that $500 of supplies were remaining at end of the period
15- Determined that 3 months insurance has expired
16- the company provided one forth of the services which was collected in advance
17- Telephone expenses accrued at end of the period was $2000
Balances after adjustment 219500 15000 70000
supp Prep Bank loan A/P Unearned Accrued TeCapital Revenues Expenses
Ins revenue (+) (+) (-)
100000Cr
200000Cr
50000Cr
20000 Cr

2000 Dr 2000Cr
1000 Debit
500 Cr 500 Debit
(500) Dr

60000 Dr
1000Cr 100000
2000 60000 20000 2000 1000 0 100000 0 1500
-1500 1500
-15000 15000
-250 250
2000 2000
500 45000 200000 2000 750 2000 100000 70250 20000

Exp Assets Drawings

debit +++ credit ----

Uses EAD
 Drawings
(-)

1000 Debit

5000Dr

5000

5000

Debit --- Credit++

Sources RCL
Task Nine cash Truck supplies A/R Bank loan

1- Owners started $10,000 cash to start the busines 10,000

2-The business borrowed $15000 from the bank us 15,000 15000
3-Purchased a truck for $20,000 in cash -20000 20000
4- Purchased supplies for $300 on account 300
5- Signed a contract for the first website design
6- Company purcahsed supplies fo $600 cash -600 600
7-Earned $9500 of service rendered, $3000 cash is r 3000 6500
8-Paid employees salaries for $2200 -2200
9- Received $4000 cash from customers who were p 4000 -4000
10- Withdraw $1000 cash for personal use -1000
11- Received telephone bill for $400 for the month
Total 8,200 20,000 900 2,500 15,000

Task Ten
Tabor Hill Designers entered into the following transactions during February of the current year. Analyze each of the
cash A/R Prepaid in Unearned Capital +
1-Tober Hill provided the first web site design ser 40000
2- Provided website design services to Acme Company for $2 20000
3- Collected $18000 from Acme Company for the in 18000 -18000
4- Collected $12000 cash in advance for services 12000 12000
5-Paid employees salaries for $16000 in cash -16000
6- Paid $3600 cash to purchase a one year insuran -3600 3600
7- Determined that two months insurance policy are expired -600
8- the company provided one third of the revenues related to the cash collected in -400
Total 50400 2000 3000 11600 0

Yellow = debit
Green = credit
 A/P Capital + Revenues Expenses -Drawings

10000

300

9500
2200

1000
400 400
700 10,000 9,500 2,200 1,400

rrent year. Analyze each of the following transactions and prepare the journal entry required to record the related transaction.
Revenues Expenses -
40000
20000

16000 Salaries exp

600 insurance exp

400
60400 16600
d the related transaction.
 TASK ONE Cash Office Equ Supplies A/Rec Accounts PayableCapital
### Paul Invested $100,000 of her personal savings into a checking account opened in the name of the business.
2 Rented office space and paid $1,200 cash for the month of September.
3 Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year.
4 Purchased office supplies for $750 cash.
8 Completed work for a client and immediately collected $2,700 cash for the services.
15 Completed $3,600 services for a client on credit.
20 Received $3,600 from a client for the work completed on April 15.
30 Paid the office secretary's monthly salary, $3,000 cash.
31 Lin withdrew $2,000 for personal use.

TASK TWO Cash Office Libr Office Equ A/Rec Accounts PayableCapital
a Mary invested $15,000 cash and a law library valued at $6,000.
b Purchased $7,500 of office equipment from John Bronx on credit.
c Completed legal work for a client and received $1,500 cash in full payment.
d Paid John Bronx $3,500 cash in partial payment of the amount owed.
e Completed $4,000 of legal work for a client on credit.
f Mary withdrew $2,000 cash from the business for personal use.
g Received $2,500 cash as partial payment for the legal work completed for the client in (e).
h Paid $2,500 cash for the secretary's salary.

Sarah's Paralegal Services completed these transactions in February:

TASK THREE

Cash Office Libr Office Equ A/Rec Accounts PayableCapital

a. Purchased office supplies on account, $300.
b Completed work for a client on credit, $500.
c. Paid cash for the office supplies purchased in (a).
d. Completed work for a client and received $800 cash.
e. Received $500 cash for the work described in (b).
f. Received $1,000 in advance from a client for services to be performed in March.
Required:
Prepare journal entries to record the above transactions. Explanations are not necessary.

TASK Sandy has started her own delivery service, on May 1, 2021. The following transactions occurred during the month of M
Cash A/R Supplies Accounts RAccounts PayableCapital
Sandy invested L.E. 10,000 cash in the business.
Purchased a van for delivery for L.E. 12,000.she paid L.E. 2,000 cash and signed a note payable for the rest.
Received a cash payment of L.E. 1,500 for services provided
Performed L.E. 4,400 of services on account
Withdrew L.E. 200 cash for personal use
Purchased supplies for L.E. 150 on account
Received a cash payment of L.E. 1,250 for services provided on May 5
Made a cash payment of L.E. 500 on the note payable
Paid L.E. 250 for utilities
Paid for the supplies purchased on account on May 10
Paid L.E. 2000 for employee salaries.
Based on the following trial balance for Sally's Salon, prepare an income statement, statement of owner's equity, and a

Sally's Salon
Trial Balance
31-Dec
Cash $6,500
Accounts receivable 475
Beauty supplies 2,500
Beauty shop equipment 17,000
Accounts payable $745
S. Crawford, Capital 21,155
S. Crawford, Withdrawals 36,000
Revenue earned 72,000
Beauty supplies expense 3,425
Rent expense 6,000
Wages expense 22,000
Totals $93,900 $93,900
 Revenues Expenses Drawings
of the business.

e in one year.

Revenues Expenses Drawings

Revenues Expenses Drawings

rred during the month of May:

Revenues Expenses Drawings

le for the rest.

nt of owner's equity, and a balance sheet. Sally Crawford made no additional investments in the company during the year.
uring the year.
TASK ONE Cash Office Equ
1 Paul Invested $100,000 of her personal savings into a 100,000
2 Rented office space and paid $1,200 cash for the mont -1200
3 Purchased office equipment for $30,000, paying $8,000 -8000 30,000
4 Purchased office supplies for $750 cash. -750
8 Completed work for a client and immediately collected 2700
15 Completed $3,600 services for a client on credit.
20 Received $3,600 from a client for the work completed o 3600
30 Paid the office secretary's monthly salary, $3,000 cash. -3000
31 Lin withdrew $2,000 for personal use. -2000

TASK TWO Cash Office Libr

a Mary invested $15,000 cash and a law library valued at $6,000. 6000
b Purchased $7,500 of office equipment from John Bronx on credit. 7500
c Completed legal work for a client and received $1,500 c 1500
d Paid John Bronx $3,500 cash in partial payment of the -3500
e Completed $4,000 of legal work for a client on credit.
f Mary withdrew $2,000 cash from the business for perso -2000
g Received $2,500 cash as partial payment for the legal wo 2500
h Paid $2,500 cash for the secretary's salary. -2500

TASK THRESarah's Paralegal Services completed these transactions in February:

Cash Office Libr

a. Purchased office supplies on account, $300.
b Completed work for a client on credit, $500.
c. Paid cash for the office supplies purchased in (a). -300
d. Completed work for a client and received $800 cash. 800
e. Received $500 cash for the work described in (b). 500
f. Received $1,000 in advance from a client for services 1000
Required:
Prepare journal entries to record the above transactions. Explanations are not necessary.

TASK FOURSandy has started her own delivery service, on May 1, 2021. The following transactions occurred during the month
Cash A/R
Sandy invested L.E. 10,000 cash in the business. 100,000
Purchased a van for delivery for L.E. 12,000.she paid L. -2000
Received a cash payment of L.E. 1,500 for services pro 1500
Performed L.E. 4,400 of services on account 4400
Withdrew L.E. 200 cash for personal use -200
Purchased supplies for L.E. 150 on account
Received a cash payment of L.E. 1,250 for services pro 1250
Made a cash payment of L.E. 500 on the note payable -500
Paid L.E. 250 for utilities -250
Paid for the supplies purchased on account on May 10 -150
Paid L.E. 2000 for employee salaries. -2000
Based on the following trial balance for Sally's Salon, prepare an income statement, statement of owner's equity, an

Sally's Salon
Trial Balance

Cash 6500
Accounts receivable 475
Beauty supplies 2500
Beauty shop equipment 17000
Accounts payable 745
S. Crawford, Capital 21155
S. Crawford, Withdrawals 36000
Revenue earned 72000
Beauty supplies expense 3425
Rent expense 6000
Wages expense 22000
Totals 93900 93900

Answer:
Income Statement
Revenue Earned
Less: Expenses
Beauty supplies expense 3425
Rent expense 6000
Wages expense 22000
Net Income

Owner's Equity Statement

S. Crawford, Capital 21155
Add: Net Income 40575
Less: Drawings -36000
Owner's Equity at end of the year 25730

Balance Sheet at end of the year

Assets
Cash 6500
Accounts receivable 475
Beauty supplies 2500
Beauty shop equipment 17000

Total assets 26475

 Supplies A/Rec Accounts PayablCapital Revenues Expenses Drawings
100,000
1200
22000
750
2700
3600 3600
3600
3000
2000

Office Equipment A/Rec Accounts PayablCapital Revenues Expenses Drawings

6000
7500
1500
-3500
4000 4000
2000
-2500
2500

Office supplies A/Rec Accounts PayablUnearned Capital Revenues Expenses

300 300
500 500
-300
800
-500
1000

ations are not necessary.

following transactions occurred during the month of May:

Delivery Van Supplies Accounts ReceivNotesPayabA/Payable Capital Revenues
100,000
12000 10000
1500
4400

150 150
1250
-500

-150
ncome statement, statement of owner's equity, and a balance sheet. Sally Crawford made no additional investments in the company duri

t
72,000

31425
40575

ment

Sheet at end of the year

Liabilities and Owner's Equity
Liabilities
Accounts Payable 745

Owner's Equity at end of the year 25730

Total liabilities and Equity 26475
Drawings

Expenses Drawings

200

250

2000
ents in the company during the year.