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ASSET

LIABILITIES

OWNER'S EQUITY

1. Invested $ 5,000 to open his law practice.


1

Cash
+ Supplies + Equipment = Accounts Payable +
=
+
$5,000

R. Barrow's Capital
$5,000

2. Bought supplies (stationary, forms, pencils, etc.) for cash, $ 300.


2

Cash
+ Supplies + Equipment = Accounts Payable +
$5,000
-$300
$300
=
$4,700 +
$300

R. Barrow's Capital
$5,000
$5,000

3. Bought office equipment for WayEnd Furniture Company


on account, $ 2,500.
3

Cash
+ Supplies + Equipment = Accounts Payable +
$4,700
$300
$2,500
$2,500
$4,700 +
$300 +
$2,500 =
$2,500 +

R. Barrow's Capital
$5,000
$5,000

4. Received $ 2,000 in fees earned during the month


4

Cash
+ Supplies + Equipment = Accounts Payable +
$4,700
$300
$2,500
$2,500
$2,000
$6,700 +
$300 +
$2,500 =
$2,500 +

R. Barrow's Capital
$5,000
$2,000
$7,000

5. Paid office rent for January, $ 500.


5

Cash
+ Supplies + Equipment = Accounts Payable +
$6,700
$300
$2,500
$2,500
-$500
$6,200 +
$300 +
$2,500 =
$2,500 +

R. Barrow's Capital
$7,000
-$500
$6,500

6. Paid salary for part-time help, $ 200.


6

Cash
+ Supplies + Equipment = Accounts Payable +
$6,200
$300
$2,500
$2,500
-$200
$6,000 +
$300 +
$2,500 =
$2,500 +

R. Barrow's Capital
$6,500
-$200
$6,300

7. Paid $ 1,000 to WayEnd Furniture Company on account.


7

Cash
+ Supplies + Equipment
Accounts Payable +
$6,000
$300
$2,500
$2,500
-$1,000
-$1,000
$5,000 +
$300 +
$2,500 =
$1,500 +

R. Barrow's Capital
$6,300
$6,300

8. After taking an inventory at the end of the month, found that


he had used $ 200 worth of supplies
8

Cash
+ Supplies + Equipment = Accounts Payable +
$5,000
$300
$2,500
$1,500
-$200
$5,000 +
$100 +
$2,500 =
$1,500 +

R. Barrow's Capital
$6,300
-$200
$6,100

9. Withdrew $ 300 for personal use.


9

Cash
+ Supplies + Equipment = Accounts Payable +
$5,000
$100
$2,500
$1,500
-$300
$4,700 +
$100 +
$2,500 =
$1,500 +
$7,300
$7,300

R. Barrow's Capital
$6,100
-$300
$5,800

1. Invested $ 5,000 to open his law practice.


capital

cash
Cr.
-

Dr.
+
5,000

Dr.
-

Cr.
+
5,000

2. Bought supplies (stationary, forms, pencils, etc.) for cash, $ 300.


supplies

cash
Cr.
Dr.
+
5,000 300

(2)

(2)

Dr.
+
300

Cr.
-

3. Bought office equipment for WayEnd Furniture Company


on account, $ 2,500.
accounts payable

equipment

(3)

Cr.
-

Dr.
+
2,500

Dr.
-

Cr.
+
2,500

(3)

4. Received $ 2,000 in fees earned during the month


fees income

cash

(4)

Cr.
Dr.
+
5,000 300
2,000

Dr.
-

Cr.
+
2,000

5. Paid office rent for January, $ 500.


Rent Expense

cash
Cr.
Dr.
+
5,000 300
2,000 500

Dr.
(5)

(5)

Cr.
+

500

6. Paid salary for part-time help, $ 200.


cash
Dr.
+

Cr.
300

Salaries Expense
Dr.
-

Cr.
+

(4)

5,000 500
2,000 200

(6)

(6)

200

7. Paid $ 1,000 to WayEnd Furniture Company on account.


Accounts Payable

cash
Cr.
300
500
5,000 200
2,000 1,000

Dr.
+

Dr.
-

(7)

(7)

Cr.
+

1,000 2,500

8. After taking an inventory at the end of the month, found that


he had used $ 200 worth of supplies
supplies expense

supplies
Cr.
Dr.
+
300 200

(8)

(8)

Dr.
+
200

Cr.
-

9. Withdrew $ 300 for personal use.


drawings

cash
Cr.
300
500
200
5,000 1000
2,000 300

Dr.
+

Dr.
+

(9)

(9)

300

Cr.
-

Assets
cash
Dr.
+

Cr.
300
500
200

(4)
4,700

5,000 1000
2,000 300
7,000 2,300

(2)

supplies
Cr.
Dr.
+
300 200

(1)

(2)

Libilities
Accounts Payable
Cr.
Dr.
+
(3)
(7)
1,000 2,500

(5)

Owner's Equity
Capital
Cr.
Dr.
+
5,000

1,500

(6)
(7)
(9)
(9)

drawings
Cr.
Dr.
+
300
Fees income
Cr.
Dr.
+
2,000

(8)

100

(3)

equipment
Cr.
Dr.
+
2,500

(5)

Rent Expense
Cr.
Dr.
+
500

Salaries Expense
Cr.
Dr.
+
(6)
200
Supplies expense
Cr.
Dr.
+
(8)
200
A. Barrow
Trial Balance
(Date)

Cash
Supplies
Equipment
Accounts Payable
A. Barrow, Capital
Drawing
Fees Income
Rent Expense
Salaries Expense
Supplies Expense

Debit
$4,700
$100
$2,500

Credit

$1,500
$5,000
$300
$2,000
$500
$200
$200
$8,500

$8,500

(1)

(4)

Assignment 1: Record the transaction and running balances in a 1 whole yellow paper.

On April 1, Freddie Prince Jr. started his lawn care service. Listed below are the transactions for
the month of April.
June

2
5
8
11
14
18
21
22
28

Invested $ 2,200 cash and equipment with a book value of $ 3,500


Received $ 475 for lawn care service
Received $ 1,050 for lawn care service
Purchased equipment for $ 1,750, paying $ 1,000 cash and giving a note for $ 750.
Paid gas bill, $ 250
Withdraw $ 200 cash for personal use
Purchased supplies for $ 125 on account
Paid $ 500 on outstanding note (see June 11 transaction)
Received $885 for lawn care service

giving a note for $ 750.

ASSET

LIABILITIES

OWNER'S EQUITY

1. Invested $ 2,200 cash and equipment with a book value of $ 3,500


1

Cash
+ Supplies + Equipment =
+
$2,200 +
$3,500 =

Notes Payable

Accounts Payable

Prince's Capital
+
$5,700

Service Income

+ Supplies Expense +

Drawing
s

-$250 +

-$200
-$200

-$250

-$200

-$250 +

-$200

-$250

-$200

-$250 +

-$200

-$250

-$200

-$250 +

-$200

Gas Expense

2. Received $ 475 for lawn care service


2

$2,200
$475
$2,675 +

$3,500

$5,700

$3,500 =

$5,700 +

$475
$475

3. Received $ 1,050 for lawn care service on account.


3

$2,675
$1,050
$3,725 +

$3,500

$5,700

$3,500 =

$5,700 +

$475
$1,050
$1,525

$5,700

$1,525

$5,700 +

$1,525

$5,700

$1,525

$5,700 +

$1,525 +

$5,700

$1,525

$5,700 +

$1,525 +

4. Purchased equipment for $ 1,750, paying $ 1,000 cash and giving a note for $ 750.
4

$3,725
-$1,000
$2,725 +

$3,500
$1,750
$5,250 =

$750
$750 +

$5,250

$750

$5,250 =

$750 +

5. Paid gas bill, $ 250


5

$2,725
-$250
$2,475 +

-$250
-$250

6. Withdraw $ 200 cash for personal use


6

$2,475
-$200
$2,275 +

$5,250

$750

$5,250 =

$750 +

-$250
+

7. Purchased supplies for $ 125 on account


7

$2,275
$2,275 +

$125
$125 +

$5,250

$750

$5,250 =

$750 +

$5,700

$1,525

$125
$125 +

$5,700 +

$1,525 +

$125

$5,700

$1,525

$125 +

$5,700 +

$1,525 +

$125

$5,700

$125 +

$5,700 +

$1,525
$885
$2,410 +

8. Paid $ 500 on outstanding note (see June 11 transaction)


8

$2,275
-$500
$1,775 +

$125

$5,250

$125 +

$5,250 =

$750
-$500
$250 +

9. Received $885 for lawn care service


9

$1,775
$885
$2,660 +

$125

$5,250

$125 +

$5,250 =
$8,035

$250
$250 +
$8,035

1. Invested $ 5,000 to open his law practice.


capital

cash
Cr.
-

Dr.
+
5,000

Dr.
-

Cr.
+
5,000

2. Bought supplies (stationary, forms, pencils, etc.) for cash, $ 300.


supplies

cash
Cr.
Dr.
+
5,000 300

(2)

(2)

Dr.
+
300

Cr.
-

3. Bought office equipment for WayEnd Furniture Company


on account, $ 2,500.
accounts payable

equipment

(3)

Cr.
-

Dr.
+
2,500

Dr.
-

Cr.
+
2,500

(3)

4. Received $ 2,000 in fees earned during the month


fees income

cash

(4)

Cr.
Dr.
+
5,000 300
2,000

Dr.
-

Cr.
+
2,000

5. Paid office rent for January, $ 500.


Rent Expense

cash
Cr.
Dr.
+
5,000 300
2,000 500

Dr.
(5)

(5)

Cr.
+

500

6. Paid salary for part-time help, $ 200.


cash
Dr.
+

Cr.
300

Salaries Expense
Dr.
-

Cr.
+

(4)

5,000 500
2,000 200

(6)

(6)

200

7. Paid $ 1,000 to WayEnd Furniture Company on account.


Accounts Payable

cash
Cr.
300
500
5,000 200
2,000 1,000

Dr.
+

Dr.
-

(7)

(7)

Cr.
+

1,000 2,500

8. After taking an inventory at the end of the month, found that


he had used $ 200 worth of supplies
supplies expense

supplies
Cr.
Dr.
+
300 200

(8)

(8)

Dr.
+
200

Cr.
-

9. Withdrew $ 300 for personal use.


drawings

cash
Cr.
300
500
200
5,000 1000
2,000 300

Dr.
+

Dr.
+

(9)

(9)

300

Cr.
-

Assets
cash
Dr.
+

Cr.
300
500
200

(4)
4,700

5,000 1000
2,000 300
7,000 2,300

(2)

supplies
Cr.
Dr.
+
300 200

(1)

(2)

Libilities
Accounts Payable
Cr.
Dr.
+
(3)
(7)
1,000 2,500

(5)

Owner's Equity
Capital
Cr.
Dr.
+
5,000

1,500

(6)
(7)
(9)
(9)

drawings
Cr.
Dr.
+
300
Fees income
Cr.
Dr.
+
2,000

(8)

100

(3)

equipment
Cr.
Dr.
+
2,500

(5)

Rent Expense
Cr.
Dr.
+
500

Salaries Expense
Cr.
Dr.
+
(6)
200
Supplies expense
Cr.
Dr.
+
(8)
200
A. Barrow
Trial Balance
(Date)

Cash
Supplies
Equipment
Accounts Payable
A. Barrow, Capital
Drawing
Fees Income
Rent Expense
Salaries Expense
Supplies Expense

Debit
$4,700
$100
$2,500

Credit

$1,500
$5,000
$300
$2,000
$500
$200
$200
$8,500

$8,500

(1)

(4)