accounting worksheet 459021

Part 1:

Analyze and record, in the form of T Accounts, Mr. James’ transactions:

Jan 1: Amount invested in the business $10,000

Jan 7: Bought equipment for $500

Jan 9: Bought office furniture with $2,000 cash

Jan 10: Bought materials with $2,000 cash

Jan 17: Sold part of equipment for $200

Jan 18: Bought computer on credit for $1,000

Jan 19: Purchased office stationary for $100

Jan 25: Paid $700 cash toward computer purchased on credit

Guidelines for the assignment:

Identify the account

Classify the account

Identify (Debit or credit i.e. left side or right side) the appropriate side to record

Make an entry under the appropriate side

Part 2:

Union Company wants to prepare a worksheet for the month of December 2007. The following information was taken from the general ledger:

Number Account Amount

101 Cash $500

102 Accounts Receivable $1,500

104 Vehicle $7,500

105 Equipment $2,500

201 Accounts Payable $1,000

205 Ross Capital $10,000

300 Sales $5,000

301 Ad Expense $500

302 Insurance Expense $500

303 Rent Expense $1,000

304 Utilities Expense $500

305 Supplies Expense $1,500

Prepare a worksheet to include the following:

Heading

Account Numbers

Account Names

Trial Balance

Income Statement

Balance Sheet

Be sure to carry other the account totals to either the income statement or balance sheet.