ASSIGNMENT 04. A01 Introduction to Accounting. Directio
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ASSIGNMENT 04A01 Introduction to AccountingDirections: Be sure to save an electronic copy of your answer before submitting it for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) double-spaced 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 EQUITYCash + Office Furniture=Accounts Payable+Brian's Capitala.b.c.d.Solution-Assets = Liabilities + Owner's Equity Cash + Office Furniture Accounts payableBrian's Capital a.+$10,000+ = + +$10,000b.($600)+ +$600= + c.+ +$300= +$300+ d.($200)+ = ($200)+ Total+$9,200+$900+$100+$10,000
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 a trial balance in good form.Cash$1,370Benson, Withdrawals$ 500Accounts Payable770Accounts Receivable1,600Office Equipment900Service Fees2,730Benson, Capital1,500Salaries Expense630Solution-Benson CompanyTrial BalanceJune 30, 20xxDebitCreditCash$1,370Accounts Payable$770Office equipment$900Benson, Capital$1,500Benson, Withdrawals$500Accounts receivable$1,600Service Fees$2,730Salaries expense$630Total$5,000$5,000Part 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.
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