CHART OF ACCOUNTS. OWNER S EQUITY 301 Jack Hines, Capital 305 Jack Hines, Withdrawals. REVENUE 401 Web Service Fees
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1 MINI PRACTICE SET 1 CHART OF S ASSETS 101 Cash in Bank 105 Accounts Receivable Andrew Hospital 110 Accounts Receivable Indiana Trucking 115 Accounts Receivable Sunshine Products 130 Office Supplies 135 Office Equipment 140 Office Furniture 145 Web Server LIABILITIES 205 Accounts Payable Computer Specialists Inc. 210 Accounts Payable Office Systems 215 Accounts Payable Service Plus Software Inc. OWNER S EQUITY 301, Capital 305, Withdrawals REVENUE 401 Web Service Fees EXPENSES 505 Membership Expense 506 Telecommunications Expense 507 Rent Expense 508 Utilities Expense Mini Practice Set 1 77
2 Mini Practice Set 1 (textbook p. 194) Instructions: Use the following source documents to record the transactions for this practice set. TO: FROM: : SUBJECT: Accounting Clerk May 1, 20 Investment MEMORANDUM 1 Please make necessary entry to record investment of $50,000 into the business. Computer Specialists Inc Reseda Blvd., #2A Reseda, CA TO INVOICE NO. WS : May 7, 20 ORDER NO.: SHIPPED BY: TERMS: QTY. ITEM UNIT PRICE TOTAL 1 Web server $ 35, $ 35, TO: FROM: : SUBJECT: Accounting Clerk May 2, 20 Additional investment MEMORANDUM 2 RECEIPT No. 101 May 9 20 RECEIVED FROM James Market $ 1, One thousand and 00 /100 FOR Web site services Record additional investment of a desktop computer and printer (office equipment) worth $3,500 made by. RECEIVED BY Office Mart May 2 20 $ TO Andrew Hospital 1314 Sherman Way Van Nuys, CA INVOICE NO. 101 : May 11, 20 ORDER NO.: SHIPPED BY: TERMS: QTY. ITEM UNIT PRICE TOTAL N/A Web site design services $3, $3, One hundred twenty-five and 00 /100 MEMO Office supplies Office Systems 9177 California Blvd. Pasadena, CA TO INVOICE NO. 457 : May 3, 20 ORDER NO.: SHIPPED BY: TERMS: QTY. ITEM UNIT PRICE TOTAL 3 Tables $ $ Swivel Chairs , Fax Machine $2, Service Plus Softwar TO 616 Cordova Street, #7 Glendale, CA e Inc. INVOICE NO. 876 : May 12, 20 ORDER NO.: SHIPPED BY: TERMS: QTY. ITEM UNIT PRICE TOTAL N/A Software for Web server $ 10, $ 10, Mini Practice Set 1
3 DWP One hundred eighteen and 00 /100 MEMO Electric bill May $ May RECEIVED FROM Intercom Inc. $ 4, Four thousand and 00 /100 FOR Web site maintenance for one year RECEIVED BY RECEIPT No. 102 Two thousand five hundred and 00 /100 MEMO Personal withdrawal May $ 2, TO Indiana Trucking Soledad Canyon Newhall, CA INVOICE NO. 103 : May 20, 20 ORDER NO.: SHIPPED BY: TERMS: QTY. ITEM UNIT PRICE TOTAL N/A Design services $2, $2, TO Sunshine Products 1213 Oceanview Street Santa Monica, CA INVOICE NO. 102 : May 17, 20 ORDER NO.: SHIPPED BY: TERMS: QTY. ITEM UNIT PRICE TOTAL N/A Web site design $5, $5, RECEIPT No. 103 May RECEIVED FROM Sunshine Products $ 2, Two thousand five hundred and 00 /100 FOR Payment on account RECEIVED BY Office Mart Two hundred seventy-five and 00 /100 MEMO Filing cabinet May $ Telecom Four thousand nine hundred and 00 /100 MEMO Telephone services May $ 4, Mini Practice Set 1 79
4 May Service Plus Software Inc. $ 3, May Property Management $ Three thousand three hundred thirty-three and 00 /100 MEMO On account Seven hundred fifty and 00 /100 MEMO Rent Office Systems 107 May $ 2, May $ 2, Two thousand and 00 /100 MEMO On account Two thousand five hundred and 00 /100 MEMO Personal withdrawal RECEIPT May RECEIVED FROM Job Info. Services $ 1, One thousand and 00 /100 FOR 2 months of Web site services RECEIVED BY No. 104 May Computer Specialists Inc. $ 25, Twenty-five thousand and 00 /100 MEMO On account All Inclusive Group Seven thousand and 00 /100 MEMO Membership dues May $ 7, Mini Practice Set 1
5 GENERAL JOURNAL. PAGE Mini Practice Set 1 81
6 GENERAL JOURNAL. PAGE Mini Practice Set 1
7 GENERAL LEDGER NO. NO. NO. Mini Practice Set 1 83
8 NO. NO. NO. NO. NO. NO. 84 Mini Practice Set 1
9 NO. NO. NO. NO. NO. Mini Practice Set 1 85
10 NO. NO. NO. NO. 86 Mini Practice Set 1
11 Mini Practice Set 1 87
12 Mini Practice Set 1 (concluded) Analyze: 88 Mini Practice Set 1
13 MINI PRACTICE SET 1 Audit Test Directions: Use your completed solutions to answer the following questions. Write the answer in the space to the left of each question. 1. In the entry to record the May 1 transaction, which account was debited? 2. Were assets increased, decreased, or unaffected by the May 3 transaction? 3. What type of account is Web Server? 4. Which account was credited in the May 9, 17, and 26 transactions? 5. What account was credited for the purchase of the Web server on May 7? 6. What was the source document for the May 17 transaction? 7. How does the May 20 transaction affect the owner s capital account? 8. Was Accounts Receivable Sunshine Products increased or decreased by the transaction on May 21? 9. What was the balance of Cash in Bank on May 27? 10. What were the account numbers entered in the posting Reference column of the general journal for the May 25 transaction? 11. Which account was debited to record the issue of Check 110? 12. What is the ending balance of the Utilities Expense account? 13. Has the amount owed to Office Systems been paid off? 14. How many transactions recorded during May affected the Cash in Bank account? Mini Practice Set 1 89
14 15. What was the total cost of the office equipment purchased during the month? 16. How many checks were written by the business during May? 17. What was the total amount credited to Web Services Fees during May? 18. What was the total amount debited to Cash in Bank for May? 19. At the end of the month, did the, Withdrawals account have a debit or credit balance? 20. On May 30, what was the total amount owed to TechVision Web Design for services performed for clients? 21. What was the date of the trial balance? 22. What was the amount of the debit and credit totals on the trial balance? 23. How many accounts are listed in the trial balance for TechVision Web Design? 24. How many accounts on the trial balance have debit balances? 25. Which account on the trial balance has the largest balance? 90 Mini Practice Set 1
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