Reference no: EM132327769
Question 1
Identify each account as either an asset (A), liability (L), equity (Eq), revenue (R), or expense (Ex):
- Unearned consulting fees
- Vehicles
- Prepaid insurance
- Depreciation expense
- Office supplies
- Interest income
- Notes receivable
- Interest expense
- Insurance fee revenue
- Furniture
- Unearned insurance fee revenue
- Utilities payable
- Salary and benefits expense
- Unearned rent revenue
- Small tools and supplies
- Service fees earned
- Salaries and benefits payable
- Service fees revenue
- Compensation expense
- Notes payable
- Buildings
- Meals and mileage expense
- Rent payable
- Share capital
- Equipment
Question 2
(1) Issued share capital for $5,000 cash.
(2) Billed $1,500 to customers for repairs completed today.
(3) Purchased on credit $2,000 of supplies to be used next month.
(4) Borrowed $7,500 from the bank.
(5) Collected $500 for the amount billed in transaction (2).
(6) Received a $200 bill for electricity used to date (the bill will be paid next month).
(7) Repaid $2,500 of the bank loan.
(8) Used $800 of the supplies purchased in transaction (3).
(9) Paid $2,000 for the supplies purchased in transaction (3).
Required:
a) Show the accounting equation which results from each of these transactions.
b) Prepare general journal entries.
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