ACCT 1010 FUNDAMENTAL ACCOUNTING PRINCIPLES WITH ANSWERS 100% CORRECT STUDY GUIDE, DOWNLOAD TO SCORE A

ACCT 1010 FUNDAMENTAL ACCOUNTING PRINCIPLES WITH
ANSWERS 100% CORRECT STUDY GUIDE, DOWNLOAD
TO SCORE A




Score: 8 out of 8 points (100%)

award:
1 1 out of
. 1 point


Exercise 2-1 Identifying type and normal balances of accounts L.O. C3, C5
For each of the following (1) identify the type of account as an asset, liability,
equity, revenue, or expense, (2) select debit (Dr.) or credit (Cr.) to identify the
kind of entry that would increase the account balance, and (3) identify the
normal balance of the account.


Increase
Account Type of (Dr. or Normal Balance
Account Cr.)
a. Accounts Payable Liability Credit Credit
b. Postage Expense Expense Debit Debit
c. Prepaid Insurance Asset Debit Debit
d. Land Asset Debit Debit
e. Owner Capital Equity Credit Credit
f. Accounts Receivable Asset Debit Debit
g. Owner Withdrawals Equity Debit Debit
h. Cash Asset Debit Debit
i. Equipment Asset Debit Debit
j. Fees Earned Revenue Credit Credit

,ACCT 1010 FUNDAMENTAL ACCOUNTING PRINCIPLES WITH
ANSWERS 100% CORRECT STUDY GUIDE, DOWNLOAD
TO SCORE A
k. Wages Expense Expense Debit Debit
l. Unearned Revenue Liability Credit Credit




Exercise 2-1 Identifying type and normal balances of accounts L.O. C3, C5
For each of the following (1) identify the type of account as an asset, liability, equity, revenue,



Increase (Dr. or Cr.) Credit Debit Debit
Account Type of Account Liability Expense Normal Balance Credit
Accounts Payable Asset Debit Debit
Postage Expense
Prepaid Insurance
d. LandAssetDebitDebit
e. Owner Capital Equity Credit Credit
f. Accounts Receivable Owner Withdrawals
Asset Equity Debit Debit Debit Debit
g.
Cash Asset Asset Revenue Expense
Debit Debit
Liability
Credit
Debit
Debit
Debit
Credit
Credit Debit Cr
Equipment
Fees Earned
Wages Expense
Unearned Revenue

, ACCT 1010 FUNDAMENTAL ACCOUNTING PRINCIPLES WITH
ANSWERS 100% CORRECT STUDY GUIDE, DOWNLOAD
TO SCORE A


award:
2 1 out of
. 1 point


Exercise 2-4 Preparing general journal entries L.O. A1, P1
Prepare general journal entries for the following transactions of a new business
called Pose for Pics. (Omit the "$" sign in your response.)
Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of
photography equipment in the business.
2 Paid $2,100 cash for an insurance policy covering the next 24 months.
5 Purchased office supplies for $880 cash.
20 Received $3,331 cash in photography fees earned.
31 Paid $675 cash for August utilities.




Date General Journal Debit
6,500
Credit Aug. 1 Cash
33,500
Photography Equipment
Madison Harris, Capital 40,000


2 Prepaid Insurance 2,100
Cash 2,100


5 Office Supplies 880
Cash 880


20 Cash 3,331
Photography Fees Earned 3,331