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Answer Sheet U10 1 New

1. Maryam analyzed 16 transactions involving cash, equipment, supplies, accounts payable, service revenue, accounts receivable, inventory, sales returns, discounts, drawings, unearned revenue, expenses, and prepaid insurance. 2. She recorded the transactions in a general journal and transferred the entries to individual accounts in the ledger. 3. Maryam prepared a trial balance where total debits equaled total credits, ensuring the accounting equation balanced before finalizing the financial statements.

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rasem alessa
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67 views7 pages

Answer Sheet U10 1 New

1. Maryam analyzed 16 transactions involving cash, equipment, supplies, accounts payable, service revenue, accounts receivable, inventory, sales returns, discounts, drawings, unearned revenue, expenses, and prepaid insurance. 2. She recorded the transactions in a general journal and transferred the entries to individual accounts in the ledger. 3. Maryam prepared a trial balance where total debits equaled total credits, ensuring the accounting equation balanced before finalizing the financial statements.

Uploaded by

rasem alessa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Unit 10 Financial Accounting – RQF

Learner Name: Maryam alessa

Transaction Analysis

Assets = Liabilities + Equity

1 Cash (+150000) Capital (+150000)


2 Cash (-30000)
Equipment (+30000)
3 Supplies (+3500) Account payable(+3500)
4 Cash (+5000) Service Revenue
(+5000)
5 Cash (+7000) Service Revenue
A/R (+3000) (+10000)
6 Purchases inventory Account payable
(+15000) (+15000)
7 Purchases return (-2250) A/P (-2250)

8 Cash (-11250) A/P (-12750)


Purchase discount (-1275)
9 Account receivable Sales revenue
(+10000) (+10000)
10 A/R (-1000) Sales returns
(-1000)
11 Cash (+8460) Sales diccount
A/R (-9000) (-540)
12 Cash (-2000) Drawing (-2000)

13 NO effect
14 Cash (+6000) Unearned revenue
(+6000)
15 Cash (-5000) Rent expense(-950)
Salaries expense
(-2800)
Utilities expense
(-1250)
16 Cash (-6000)
Prepaid insurance (+6000)

General Journal

Transaction Date Account Title Debit Credit


#
1 DR/Cash 150000
CR/capital 150000

2 DR/equipment 30000
CR/ Cash 30000

3 DR/Supplies 3500
CR/ (A/P) 3500

4 DR/Cash 5000
CR/service revenue 5000

5 DR/Cash 7000
DR/ (A/R) 3000
10000
CR/service revenue

6 DR/purchase inventory 15000


C/R (A/P) 15000

7 D/R (A/P) 2250


CR/ purchase return 2250
8 DR/ (A/P) 12750
CR/purchase discount 1275
11457
CR/ Cash

9 DR/ (A/R) 10000


CR/ sales revenue 10000

10 DR/sales return 1000


CR/ (A/R) 1000

11 DR/Cash 8460
DR/sales discount 540
9000
CR/ (A/R)

12 DR/ drawings 2000


CR/ Cash 2000

13 NO ENTRY

14 DR/ Cash 6000


CR/ unearned revenue 6000

15 DR/ Rent expense 950


DR/ salary expense 2800
1250
DR/ utilities expense
5000
CR/ Cash

16 DR/ insurance prepaid 6000


CR/ Cash 6000
Ledger book

Cash Capital

__DR________________CR___________ _____DR_____________CR___________

150000 30000 150000


5000 11475
7000 2000
8460 5000
6000 6000

BALANCE: BALANCE:
121985 150000

Equipment Supplies

_____DR______________CR__________ _____DR_____________CR___________
30000
3500

BALANCE: BALANCE:
30000 3500

A/P Service . revenue

_______DR___________CR___________ _____DR_____________CR___________
2250 15000 5000
10000
12750 3500

BALANCE: BALANCE:
3500 15000
A/R Inventory
_____DR_____________CR___________ ___DR______________CR____________
3000 1000 15000 2250
10000 9000 1275

BALANCE: BALANCE:
3000 11475

Sales revenue Sales discount


______DR____________CR___________
____DR______________CR___________ 540
10000

BALANCE: BALANCE:
10000 540

Sales returns Drawings


_____DR____________CR____________ ____DR______________CR___________
1000 2000

BALANCE: BALANCE:
1000 2000

Unearned. Revenue Rent. Exp


______DR_____________CR__________ ____DR______________CR___________

6000 960

BALANCE: BALANCE:
6000 950

Salaries. Exp Utilities. Exp


____DR______________CR___________ _____DR_____________CR___________
2800 1250

BALANCE: BALANCE:
2800 1250

Prepaid. Exp Cost of sales


_____DR_____________CR___________ ______DR_____________CR__________
6000
450*13.5=
6075
850-450=
BALANCE: 400
6000 400*13.5=
5400

Trial balance

Account Debit Credit Account Financial statement


classification
Cash 121,985 ASSETS Balance sheet

Capital 150,000 EQUITY Balance sheet

Equipment 30,000 ASSETS Balance sheet

Supplies 3500 ASSETS Balance sheet

A/P 3500 LIABILITIES Balance sheet

Service revenue 15000 EQUITY Income statement

A/R 3000 ASSETS Balance sheet

Inventory 5,400 ASSETS Balance sheet

Sales. Revenue 10000 EQUITY Income statement

Sales return 1000 EQUITY Income statement

Sales discount 540 EQUITY Income statement

Drawings 2000 EQUITY Balance sheet


Unearned. Revenue 6000 LIABILITIES Balance sheet

Rent. Exp 950 EQUITY Income statement

Salaries. Exp 2800 EQUITY Income statement

Utilities. Exp 1250 EQUITY Income statement

Prepaid. Insurance 6000 ASSETS Balance sheet

Cost of goods sales 6075 Income statement

Total 184,500 184,500

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