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b. Cash
Sep. 2 975,000 Sep. 4 100,000 Sep. 19 180,000 Sep. 30 110,000
Sep. 30 110,000 Sep. 29 60,000
Sep. 30 bal. 925,000 Sep. 30 bal. 70,000
Office Supplies Land
Accounts Payable Capital Stock
Sep. 12 500 Sep. 2 975,000
Sep. 30 bal. 500 Sep. 30 bal. 975,000
Client Revenue Salary Expense
Sep. 19 180,000 Sep. 29 60,000
Accounts Receivable
c.
Georgia Corporation
Trial Balance
September 30, 2015
Debit Credit
Cash……………………………………. 925,000$
Accounts receivable……………………
…
70,000
Ex. 3.12 a. Feb. 1 Cash……………………………………………. 800,000
Capital Stock……………………………. 800,000
5 Cash……………………………………………. 100,000
Notes Payable…………………………… 100,000
Issued capital stock for $800,000.
b. Cash
Feb. 1 800,000 Feb. 8 200,000 Feb. 24 16,000
Office Supplies Land
Buildings Office Equipment
Notes Payable Accounts Payable
Capital Stock Client Service Revenue
Advertising Expense Salary Expense
Accounts Receivable
c.
Elaine Consulting
Trial Balance
February 28, 2015
Debit Credit
Cash……………………………………. 700,900$
Notes payable…………………………. 650,000$
Capital stock………………………….. 800,000
Client service revenue………………… 30,000
Ex. 3.13 Transaction
1. e.
Ex. 3.14 Transaction
1. d.
Ex. 3.15
a. The company's most recent balance sheet is dated January 29, 2012. Thus, it is apparent
financial year does not coincide with the calendar year.
30 Minutes, Medium
a.
1 500,000
Ca
p
ital Stock 500,000
Issued 25,000 shares of Capital Stock.
Feb.
SOLUTIONS TO PROBLEMS SET
A
HEARTLAND CONSTRUCTION
20__
PROBLEM 3.1A
General Journal
Cash
b.
Transaction Assets = Liabilities + Owners’ Equity
Feb. 1 + $500,000 (Capital
PROBLEM 3.1
A
HEARTLAND CONSTRUCTION
(
concluded
)
+ $500,000 (Cash) $0
30 Minutes, Medium
a. (1) (a)
PROBLEM 3.2
A
ENVIRONMENTAL SERVICES, INC.
The asset Accounts Receivable was increased. Increases in assets are recorded by debits.
b.
1 2,500
Testin
g
Service Revenue 2,500
3 3,800
PROBLEM 3.2
A
ENVIRONMENTAL SERVICES, INC. (continued)
20__ Accounts Receivable
Billed customers for services rendered.
General Journal
Aug.
Testing Supplies
(1)
(2)
c.
The realization principle requires that revenue be recorded when it is earned , even if cash for the
goods or services provided has not been received.
PROBLEM 3.2
A
ENVIRONMENTAL SERVICES, INC. (concluded)
