14 Nov Browns Travel Agency Accounting Problems Worksheet
Question 1
On April 1, ElizabethBrown established Brown’s Travel Agency. The following transactions were completed during the month.
1.Invested $13,000 cash to start the agency.2.Paid $600 cash for April office rent.3.Purchased equipment for $3,400 cash.4.Incurred $800 of advertising costs in the Chicago Tribune, on account.5.Paid $700 cash for office supplies.6.Performed services worth $10,000: $3,000 cash is received from customers, and the balance of $7,000 is billed to customers on account.7.Withdrew $500 cash for personal use.8.Paid Chicago Tribune $600 of the amount due in transaction (4).
9.Paid employees' salaries $2,500.10.Received $4,000 in cash from customers who have previously been billed in transaction (6).
(a)
Complete the tabular analysis of the transactions. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
BROWN’S TRAVEL AGENCY
Assets
=
Liabilities
+
Owner’s Equity
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Accounts
Payable
+
Owner’s
Capital
–
Owner’s
Drawings
+
Revenues
–
Expenses
1.
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2.
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3.
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4.
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5.
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6.
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7.
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8.
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9.
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10.
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Question 2
Sharon Lee opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $ 5,500, Accounts Receivable $ 1,800, Supplies $ 500, Equipment $ 6,200, Accounts Payable $ 4,200, and Owner’s Capital $ 9,800. During August, the following transactions occurred.
1.Collected $ 1,500 of accounts receivable.2.Paid $ 2,500 cash on accounts payable.3.Recognized revenue of $ 7,400 of which $ 1,700 is collected in cash and the balance is due in September.4.Purchased additional equipment for $ 2,000, paying $ 300 in cash and the balance on account.5.Paid salaries $ 2,600, rent for August $ 1,000, and advertising expenses $ 350.6.Withdrew $ 1,100 in cash for personal use.7.Received $ 1,700 from Standard Federal Bank—money borrowed on a note payable.8.Incurred utility expenses for month on account $ 330.
(a)
Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
SHARON LEE, ATTORNEY AT LAW
Assets
=
Liabilities
+
Owner’s Equity
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Owner’s
Capital
–
Owner’s
Drawings
+
Revenues
–
Expenses
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