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Journal Entry Exercise: Recording Transactions and Analyzing Balances, Exercises of Accounting

Saint Louis University (SLU)Accounting

A practice exercise for students to learn how to record journal entries and perform tabular analysis to maintain the accounting equation. The exercise includes various transactions involving cash, office equipment, rent expense, supplies, rent income, utilities expense, accounts receivables, service revenue, and drawings. Students will learn how to debit and credit the correct accounts to maintain the accounting equation.

Typology: Exercises

2020/2021

Uploaded on 01/29/2022

gabriel-nicolai-baal
gabriel-nicolai-baal 🇵🇭

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PRACTICE EXERCISE 1-2
Journal Entry (Guide)
a. Cash 90,000
Office Equipment 15,000
Banylyn, Capital 105,000
b. Rent Expense 3,600
Cash 3,600
c. Office Equipment 70,000
Cash 70,000
d. Supplies 6,000
Accounts Payable 6,000
e. Cash 8,000
Rent Income 8,000
f. Accounts Receivables 12,100
Service Revenue 12,100
g. Utilities Expense 4,000
Cash 4,000
h. Cash 8,000
Accounts Receivables 8,000
i. Babylyn, Drawing 3,500
Cash 3,500
j. Accounts Payable 2,000
Cash 2,000
pf3

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Journal Entry (Guide)

  • PRACTICE EXERCISE 1-
  • a. Cash 90,
    • Office Equipment 15,
      • Banylyn, Capital 105,
  • b. Rent Expense 3, - Cash 3,
  • c. Office Equipment 70, - Cash 70,
  • d. Supplies 6, - Accounts Payable 6,
  • e. Cash 8, - Rent Income 8,
  • f. Accounts Receivables 12, - Service Revenue 12,
  • g. Utilities Expense 4, - Cash 4,
  • h. Cash 8, - Accounts Receivables 8,
  • i. Babylyn, Drawing 3, - Cash 3,
  • j. Accounts Payable 2, - Cash 2,

TABULAR ANALYSIS

ASSETS = LIABILITIES + OWNER'S EQUITY

Cash Accounts Office Supplies Accounts Babylyn, Types of Balance Receivables Equipment Payable Capital Owner's Equity a. 90,000 15,000 105,000 Investments 105, b. -3,600 -3,600 Rent Expense 101, c. -70,000 70,000 101, d. 6,000 6,000 107, e. 8,000 8,000 Rent Income 115, f. 12,100 12,100 Service Revenue 127, g. -4,000 -4,000 Utilities Expense 123, h. 8,000 -8,000 123, i. -3,500 -3,500 Drawing 120, j. -2,000 -2,000 118, Bal. 22,900 4,100 85,000 6,000 4,000 114, Tot. 118,000 = 118,