Question

Question 1 Please indicate whether the normal balance of each of the following accounts is a...

Question 1

Please indicate whether the normal balance of each of the following accounts is a debit or a credit:

Debit

Credit

1.

Equipment

2.

Land

3.

Owner's, Withdrawals

4.

Rent Expense

5.

Interest Revenue

6.

Prepaid Rent

7.

Accounts Receivable

8.

Office Supplies

9.

Notes Receivable

10.

Notes Payable

11.

Owner's, Capital

12.

Rent Earned

13.

Rent Payable

14.

Interest Expense

15.

Interest Payable

Question 2

The following transactions take place in April 2018 for Del Martin Consulting:

  1. Del Martin invested $15,000 cash into his new business.
  2. Purchased $2,000 of furniture on account.
  3. Purchased $500 of furniture, paying cash.
  4. Did $1,000 of work for a customer; collected cash.
  5. Did $700 of work for a customer on account.
  6. Paid $500 regarding (b).
  7. Collected $300 regarding (e).
  8. Did $400 of work for a client on credit.

Required:

  1. Journalize all transactions.
  2. Open and record the transactions in T-accounts.

Homework Answers

Answer #1

Solution to QUESTION-1

Sl No Accounts   Account balance   Account balance  
1 Equipment Debit
2 Land Debit
3 Owner's, Withdrawals Debit
4 Rent Expense Debit
5 Interest Revenue Credit
6 Prepaid Rent Debit
7 Accounts Receivable Debit
8 Office Supplies Debit
9 Notes Receivable Debit
10 Notes Payable Credit
11 Owner's, Capital Credit
12 Rent Earned Credit
13 Rent Payable Credit
14 Interest Expense Debit
15 Interest Payable Credit
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