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ASSIGNMENT 04 A01 Introduction to Accounting Directions : Be sure to save an electronic copy of your answer before submitting it to Ashworth College...
A01 Introduction to Accounting
Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in format. Your response should be four pages; refer to the "Assignment Format" page located on the Course Home page for specific format requirements.
Part A (30 points)
Record the following transactions in the basic accounting equation:
a. Brian invests $10,000 cash to begin an accounting service.
b. The company buys office furniture for cash, $600.
c. The company buys additional office furniture on account, $300.
d. The company makes a payment on the office furniture, $200.
Brian's Accounting Service
ASSETS = LIABILITIES + OWNER'S EQUITY
Cash + Office Furniture = Accounts Payable + Brian's Capital
Part B (40 points)
The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare trial balance in good form.
Cash $1,370 Benson, Withdrawals $ 500
Accounts Payable 770 Accounts Receivable 1,600
Office Equipment 900 Service Fees 2,730
Benson, Capital 1,500 Salaries Expense 630
Part C (30 points)
The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.
a. Tyler invested $6,500 in the bike service from his personal savings account.
b. Bought office equipment for cash, $900.
c. Performed bike service for a customer on account, $1,000.
d. Company cell phone bill received, but not paid, $80.
e. Collected $500 from customer in transaction c.
f. Tyler withdrew $300 for personal use.