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March 6, 2020
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March 6, 2020

Exercise 2-4 Identifying type and normal balances of accounts LO C4

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) enter debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance.

 

Exercise 2-6 Analyzing effects of transactions on accounts LO A1

Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) computer equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the computer equipment. The entry Groro makes to record this transaction includes which one or more of the following? (Select all that apply.)

Exercise 2-7 Preparing general journal entries LO P1

Following are transactions of a new company called Pose-for-Pics.
Aug. 1Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock.
2The company paid $2,100 cash for an insurance policy covering the next 24 months.
5The company purchased office supplies for $880 cash.
20The company received $3,331 cash in photography fees earned.
31The company paid $675 cash for August utilities.

 

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