Journal Entries and Financial Statement Effects for J.K. Builders

This accounting assignment provides solutions to problems M2-13, M2-14, and M2-17, focusing on journal entries and the effects of transactions on financial statements. It includes identifying transactions, preparing journal entries for J.K. Builders, and analyzing the impact of these transactions on the company's assets, liabilities, and equity. The assignment also covers the preparation of journal entries related to equipment, accounts payable, cash, and contributed capital. The document concludes with a bibliography of accounting resources.

Running head: ACCOUNTING
Accounting
Name of the Student:
Name of the University:
Authors Note:

ACCOUNTING
1
Table of Contents
M2-13 Identifying Transactions and Preparing Journal Entries................................................2
M2-14 Determining Financial Statement Effects of Transactions.............................................2
M2-17 Identifying Transactions and Preparing Journal Entries................................................3
Bibliography:..............................................................................................................................4

ACCOUNTING
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M2-13 Identifying Transactions and Preparing Journal Entries
Transaction J.K. Builders
Data Particulars Debit Credit
a)
01-
Jul Cash $ 70,000.00
Common Stock $ 70,000.00
b)
01-
Jul Land $ 60,000.00
Cash $ 60,000.00
c)
01-
Jul Supplies $ 10,000.00
Discount received $ 1,000.00
Accounts Payable $ 9,000.00
d)
01-
Jul Cash $ 25,000.00
Long term loan $ 25,000.00
e) No journal entry required
M2-14 Determining Financial Statement Effects of Transactions
J.K. Builders
Transact
ion Assets Amount Liabilities Amount
Stockholder's
Equity Amount
a. Cash
$
70,000.00 Common Stock
$
70,000.0
0
b. Land
$
60,000.00
Cash
$ -
60,000.00
c.
Suppli
es
$
9,000.00
Accounts
Payable
$
9,000.00
d. Cash
$
25,000.00
Long term
loan
$
25,000.0
0
Total
$
1,04,000.0
0
$
34,000.0
0
$
70,000.0
0

ACCOUNTING
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M2-17 Identifying Transactions and Preparing Journal Entries
Transaction Sweet Shop Co.
Particulars Debit Credit
a) Equipment
$
12,000.00
Accounts Payable $ 12,000.00
b) Accounts Payable
$
6,000.00
Cash $ 6,000.00
c) Cash
$
400.00
Accounts receivable $ 400.00
d) Cash
$
20,000.00
Contributed Capital $ 20,000.00
e) Equipment
$
60,000.00
Cash $ 10,000.00
Long-term notes payable $ 50,000.00

ACCOUNTING
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Bibliography:
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Castrén, O., & Rancan, M. (2014). Macro-Networks: An application to euro area financial
accounts. Journal of banking & finance, 46, 43-58.
Chatfield, M., & Vangermeersch, R. (2014). The history of accounting (RLE accounting): an
international encylopedia. Routledge.
Edwards, J. R. (Ed.). (2014). Twentieth Century Accounting Thinkers (RLE Accounting) (Vol.
34). Routledge.
Janvrin, D. J., & Watson, M. W. (2017). “Big Data”: A new twist to accounting. Journal of
Accounting Education, 38, 3-8.
Lee, T. A., Bishop, A., & Parker, R. H. (2014). Accounting history from the Renaissance to
the present: A remembrance of Luca Pacioli. Routledge.
Ramirez, J. (2015). Accounting for derivatives: Advanced hedging under IFRS 9. John Wiley
& Sons.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Financial & managerial accounting.
John Wiley & Sons.