Plz help me to answer all QS on the QS SHEETBA380Week3-Class6Mid-termTestQ1andQ2AnswerTemplate.xlsmdocumentQSSHEET.pdf

Q1 JE

Q1 T-Account & Trial Balance

Q2 JE

Q2 T-Account & Trial Balance

BA 380 Week 3-2 Mid-term Test Part I Name:

1. The chart of accounts for Lara Landscaping is as follows:

Assets Revenue 111 Cash 411 Income from Services 112 Accounts Receivable 114 Prepaid Insurance Expenses 121 Equipment 511 Wages Expense

512 Rent Expense 513 Telephone Expense

Liabilities 211 Accounts Payable

Owner's Equity 311 J. Lara, Capital 312 J. Lara, Drawing

Lara Landscaping completed the following transactions in July:

July 2 Paid rent for the month of July, $580. 3 Billed Java Condos for services performed, $500. 7 Received cash on account from Java Condos, $218. 9 Bought equipment on account from Bray Equipment, $610.

12 Received and paid telephone bill, $95. 15 Billed City Hall for services performed, $310. 20 Paid cash for liability insurance (six months), $350. 21 J. Lara invested in the business her personal equipment having a fair market value

of $495. 23 Paid $200 on account to Bray Equipment. 31 Paid wages to part-time employee, $248. 31 Received cash for services performed, $2,723. 31 J. Lara withdrew cash for personal use, $515.

Journalize and post the transactions, and then prepare Trial Balance for July. Please use the Excel template provided. (40 points)

2. Below are selected transactions of Emmet Tree Service. Journalize and post transactions. And then prepare the Trial Balance to show the equality of debit and credit balances. Please use the Excel template provided. (40 Points) 0 .

B. J. Emmet invested $14,500 cash in the business. H

. B. J. Emmet withdrew $740 for personal use.

1

A .

Bought store equipment for cash, $1,300. I. Bought office equipment costing $900, paying $400 down

B .

Bought supplies on account, $900. and the remainder due in 30 days.

C .

Paid wages for the month, $850. J. Paid power bill received in f above.

D .

Received $1,400 in cash for services K

. Received $1,200 from charge customers to apply on

performed. account. E .

Billed customers for services performed, $1,900. L .

Invested own personal computer equipment in the business with a fair market value of $1,500.

F .

Received power bill, $90. M

. Paid $550 on account for supplies bought in b above.

G .

Paid creditors on account, $610.

3. Please circle Dr. or Cr. for each transaction. (20 points)

(1) Receipt of Cash for Service – Cash (Dr. or Cr.), Service Income (Dr. or Cr.) (2) Payment of Utility Bill – Cash (Dr. or Cr.), Utility Expense (Dr. or Cr.) (3) Purchase Equipment on account – Equipment (Dr. or Cr.), Accounts Payable (Dr. or Cr.) (4) Receipt for Accounts Receivable – Cash (Dr. or Cr.), Accounts Receivable (Dr. or Cr.) (5) Additional cash investment by the owner – Cash (Dr. or Cr.), Capital (Dr. or Cr.) (6) Purchase of Insurance for Two Years – Cash (Dr. or Cr.), Prepaid Insurance (Dr. or Cr.) (7) Decrease in Prepaid Insurance – Prepaid Insurance (Dr. or Cr.), Insurance Expense (Dr. or Cr.) (8) Withdrawal of investment by the owner – Cash (Dr. or Cr.), Drawing (Dr. or Cr.) (9) Purchase of Inventory – Cash (Dr. or Cr.), Inventory (Dr. or Cr.) (10) Payments for Accounts Payable – Cash (Dr. or Cr.), Accounts Payable (Dr. or Cr.)

2