Question

Question 2: In a double entry accounting system, each transaction affects at least two different accounts....

Question 2:

In a double entry accounting system, each transaction affects at least two different accounts. For the following transactions identify the two accounts and what type of account is each, asset, liability, or equity account. (40 points, 1 point per answer)

1.       On August 1, Madison Harris, the owner invested $6,500 cash into the company.

Name of Accounts Affected:

Type of Account:

Cash

asset

Owner capital

equity

2.       On August 5, the company purchased Office Supplies for $800 on credit.

Name of Accounts Affected:

Type of Account:

equipment

asset

cash

Liability

3.       On August 7, the company received $2,500 cash for services rendered.

Name of Accounts Affected:

Type of Account:

Fee earned

4.       On August 10, the company paid $800 on account for the supplies purchased on Aug 5.

Name of Accounts Affected:

Type of Account:

5.       On August 15, the company billed Lee Services $1,500 for services provided on that date.

Name of Accounts Affected:

Type of Account:

6.       On August 21, the owner withdrew $250 cash.

Name of Accounts Affected:

Type of Account:

7.       On August 25, the company purchased equipment for $1,000 cash.

Name of Accounts Affected:

Type of Account:

8.       On August 31, the company paid $375 cash for utilities.

Name of Accounts Affected:

Type of Account:

9.       On August 31, the company paid $1,500 in advance for 3 months rent.

Name of Accounts Affected:

Type of Account:

Homework Answers

Answer #1

1-

cash

Asset

owners capital

equity

2-

office supplies

Asset

accounts payable

Liability

3-

cash

Asset

revenue from fees

equity

4-

accounts payable

Liability

cash

Asset

5-

Accounts receivables

Asset

revenue from fees

equity

6-

drawing

equity

cash

Asset

7-

equipment

Asset

cash

Asset

8-

utilities expense

equity

cash

Asset

9-

prepaid rent

Asset

cash

Asset

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