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Week 4 | Acc1002 | Warm Up Exercise

In: Business and Management

Submitted By ATSChing
Words 655
Pages 3
Week 4 | Warm Up Exercise | Tan Siow Ching (Alicia)
p. 78: QS2-6
Prepare journal entries for each of the following selected transactions a. On January 15, Kolby Anderson received shares from setting up a remodelling company called Fancy Kitchens by investing $75,000 cash along with equipment having a $30,000 value. b. On January 21, Fancy Kitchens purchases office supplies on credit for $650 c. On January 25, Fancy Kitchens receives $8,700 cash for performing remodelling services. d. On January 30, Fancy Kitchens receives $4,000 cash in advance of providing remodelling services to a customer. | $ | $ | a | Cash ------------------------------------------------------------------------- | 75,000 | | | Equipment ----------------------------------------------------------------- | 30,000 | | | | Share Capital ------------------------------------------- | | 105,000 | b | Supplies -------------------------------------------------------------------- | 650 | | | | Accounts Payable ------------------------------------- | | 650 | c | Cash ------------------------------------------------------------------------- | 8,700 | | | | Remodelling Services Revenue -------------------- | | 8,700 | d | Cash ------------------------------------------------------------------------- | 4,000 | | | | Unearned Remodelling Services Revenue ------ | | 4,000 |

p. 79: QS2-8
Indicate the financial statement on which each of the following item appears. Use IS for income statement, SCE for statement of changes in equity, and SFP for statement of financial position. a. Buildings | SFP | g. Service Revenue | IS | b. Interest Expense | IS | h. Interest Payable | SFP | c. Dividends | SCE | i. Accounts Receivable | SFP | d. Office Supplies | SFP | j. Salaries Expense | IS | e. Rental Revenue | IS | k. Equipment | SFP | f. Insurance…...

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