E2-4 Presented below is information related to Hanshew Real Estate Agency.Oct 1 Pete Hanshew begins business as a real estate agent with a cash investment of $15,000 in exchange for common stock...

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E2-4 Presented below is information related to Hanshew Real Estate Agency.
Oct.:
1 Pete Hanshew begins business as a real estate agent with a cash investment of $15,000 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $1,900, on account.
6 Sells a house and lot for B. Kidman; bills B. Kidman $3,200 for realty services provided.
27 Pays $700 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,500 in salary for October.

Instructions:
Prepare the debit-credit analysis for each transaction as illustrated on pages 61–66.

E2-3 Data for D. Reyes, Inc., interior decorating, are presented in E2-2. Instructions: Journalize the transactions using journal page J1. (You may omit explanations.)

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Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of
business, are as follows.

Jan. 2 Invested $10,000 cash in the business in exchange for common stock.
3 Purchased used car for $4,000 cash for use in business.
9 Purchased supplies on account for $500.
11 Billed customers $1,800 for services performed.
16 Paid $200 cash for advertising.
20 Received $700 cash from customers billed on January 11.
23 Paid creditor $300 cash on balance owed.
28 Declared and paid a $1,000 cash dividend

Instructions
Journalize the transactions

E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in the business in exchange for common stock...

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E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows.
Jan.
2 Invested $10,000 cash in the business in exchange for common stock.
3 Purchased used car for $4,000 cash for use in business.
9 Purchased supplies on account for $500.
11 Billed customers $1,800 for services performed.
16 Paid $200 cash for advertising.
20 Received $700 cash from customers billed on January 11.
23 Paid creditor $300 cash on balance owed.
28 Declared and paid a $1,000 cash dividend.

Instructions: For each transaction indicate the following.
(a) The basic type of account debited and credited (asset, liability, stockholders’ equity).
(b) The specific account debited and credited (cash, rent expense, service revenue, etc.).
(c) Whether the specific account is increased or decreased.
(d) The normal balance of the specific account.

Use the following format, in which the January 2 transaction is given as an example

E2-1 Josh Cephus has prepared the following list of statements about accounts. 1. An account is an accounting record of either a specific asset or a specific liability

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E2-1 Josh Cephus has prepared the following list of statements about accounts.
1. An account is an accounting record of either a specific asset or a specific liability.
2. An account shows only increases, not decreases, in the item it relates to.
3. Some items, such as Cash and Accounts Receivable, are combined into one account.
4. An account has a left, or credit side, and a right, or debit side.
5. A simple form of an account consisting of just the account title, the left side, and the right side, is called a T-account.

Instructions:
Identify each statement as true or false. If false, indicate how to correct the statement.

BE2-10 An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Cheng Company trial balance December 31, 2008....

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BE2-10 An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal.

BE2-9 From the ledger balances given below, prepare a trial balance for P. J. Farve Company at June 30, 2008. List the accounts in the order shown on page 60 of the text.All account balances are normal.

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BE2-9 From the ledger balances given below, prepare a trial balance for P. J. Farve Company at June 30, 2008. List the accounts in the order shown on page 60 of the text.All account balances are normal.
Accounts Payable $9,000, Cash $6,800, Common Stock $20,000, Dividends $1,200, Equipment $17,000, Service Revenue

BE2-8 Selected journal entries for Gilles Company are presented in BE2-7. Post the transactions using the standard form of account.

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BE2-8 Selected journal entries for Gilles Company are presented in BE2-7. Post the transactions using the standard form of account.