ACCOUNTING 2301: CHAPTER 2 HOMEWORK CONNECT
ACCOUNTING WITH ANSWERS 100% CORRECT STUDY
GUIDE, DOWNLOAD TO SCORE A
1.For each of the following (1) identify the type of account as an asset, liability, equity,
revenue, or expense, (2) identify the normal balance of the account, and (3) select
debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account
balance.
Type of Normal Increase (Dr.
Account
Account Balance or Cr.)
a. Land Asset Debit Debit
b. Cash Asset Debit Debit
c. Legal Expense Expense Debit Debit
d. Prepaid Insurance Asset Debit Debit
e. Accounts Asset Debit Debit
Receivable
f. Dividends Equity Debit Debit
g. License Fee Revenue Credit Credit
Revenue
h. Unearned Revenue Liability Credit Credit
i. Fees Earned Revenue Credit Credit
j Equipment Asset Debit Debit
k Notes Payable Liability Credit Credit
l. Common Stock Equity Credit Credit
2. The transactions of Spade Company appear below.
a. Kacy Spade, owner, invested $100,750 cash in the company in exchange for
,ACCOUNTING 2301: CHAPTER 2 HOMEWORK CONNECT
ACCOUNTING WITH ANSWERS 100% CORRECT STUDY
GUIDE, DOWNLOAD TO SCORE A
common stock.
b. The company purchased office supplies for $1,250 cash.
c. The company purchased $10,050 of office equipment on credit.
d. The company received $15,500 cash as fees for services provided to a customer.
e. The company paid $10,050 cash to settle the payable for the office equipment
purchased in transaction c.
f. The company billed a customer $2,700 as fees for services provided.
g. The company paid $1,225 cash for the monthly rent.
h. The company collected $1,125 cash as partial payment for the account receivable
created in transaction f.
i. The company paid $10,000 cash in dividends to the owner (sole shareholder).
Required:
1. Prepare general journal entries to record the transactions above for Spade
Company by using the following accounts: Cash; Accounts Receivable; Office
Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Fees
Earned; and Rent Expense. Use the letters beside each transaction to identify
entries.
, ACCOUNTING 2301: CHAPTER 2 HOMEWORK CONNECT
ACCOUNTING WITH ANSWERS 100% CORRECT STUDY
GUIDE, DOWNLOAD TO SCORE A
2. Post the above journal entries to T-accounts, which serves as the general ledger for
Accounts Receivable
Cash
f. 2,700 h. 1,12
a. 100,750 b. 1,250 5
d. 15,500 e. 10,050 Balance 1,575
h. 1,125 g. 1,225
i. 10,000
Balance 94,850
this assignment. Determine the ending balance of each T-account.
ACCOUNTING WITH ANSWERS 100% CORRECT STUDY
GUIDE, DOWNLOAD TO SCORE A
1.For each of the following (1) identify the type of account as an asset, liability, equity,
revenue, or expense, (2) identify the normal balance of the account, and (3) select
debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account
balance.
Type of Normal Increase (Dr.
Account
Account Balance or Cr.)
a. Land Asset Debit Debit
b. Cash Asset Debit Debit
c. Legal Expense Expense Debit Debit
d. Prepaid Insurance Asset Debit Debit
e. Accounts Asset Debit Debit
Receivable
f. Dividends Equity Debit Debit
g. License Fee Revenue Credit Credit
Revenue
h. Unearned Revenue Liability Credit Credit
i. Fees Earned Revenue Credit Credit
j Equipment Asset Debit Debit
k Notes Payable Liability Credit Credit
l. Common Stock Equity Credit Credit
2. The transactions of Spade Company appear below.
a. Kacy Spade, owner, invested $100,750 cash in the company in exchange for
,ACCOUNTING 2301: CHAPTER 2 HOMEWORK CONNECT
ACCOUNTING WITH ANSWERS 100% CORRECT STUDY
GUIDE, DOWNLOAD TO SCORE A
common stock.
b. The company purchased office supplies for $1,250 cash.
c. The company purchased $10,050 of office equipment on credit.
d. The company received $15,500 cash as fees for services provided to a customer.
e. The company paid $10,050 cash to settle the payable for the office equipment
purchased in transaction c.
f. The company billed a customer $2,700 as fees for services provided.
g. The company paid $1,225 cash for the monthly rent.
h. The company collected $1,125 cash as partial payment for the account receivable
created in transaction f.
i. The company paid $10,000 cash in dividends to the owner (sole shareholder).
Required:
1. Prepare general journal entries to record the transactions above for Spade
Company by using the following accounts: Cash; Accounts Receivable; Office
Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Fees
Earned; and Rent Expense. Use the letters beside each transaction to identify
entries.
, ACCOUNTING 2301: CHAPTER 2 HOMEWORK CONNECT
ACCOUNTING WITH ANSWERS 100% CORRECT STUDY
GUIDE, DOWNLOAD TO SCORE A
2. Post the above journal entries to T-accounts, which serves as the general ledger for
Accounts Receivable
Cash
f. 2,700 h. 1,12
a. 100,750 b. 1,250 5
d. 15,500 e. 10,050 Balance 1,575
h. 1,125 g. 1,225
i. 10,000
Balance 94,850
this assignment. Determine the ending balance of each T-account.
