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HW

The document outlines practice problems related to accounting transactions for Hammond Real Estate Agency and Bob Sample's business. It includes instructions for analyzing transactions, journalizing them, posting to T-accounts, and preparing trial balances. The focus is on understanding the effects of various financial activities on the expanded accounting equation.

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1 views2 pages

HW

The document outlines practice problems related to accounting transactions for Hammond Real Estate Agency and Bob Sample's business. It includes instructions for analyzing transactions, journalizing them, posting to T-accounts, and preparing trial balances. The focus is on understanding the effects of various financial activities on the expanded accounting equation.

Uploaded by

ehsanullahnoori112
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PRACTICE PROBLEMS

1. Presented below is information related to Hammond Real Estate Agency.

Date Transactions
1 Lisa Berge begins business as a real estate agent with a cash investment of $30,000.
2 Paid rent, $700, on office space.
3 Purchases office equipment for $2,800, on account.
6 Sells a house and lot for Hal Smith; bills Hal Smith $4,400 for realty services
performed.
27 Pays $1,100 on the balance related to the transaction of October 3.
30 Receives bill for October utilities, $130 (not paid at this time).

Instructions:

1. Prepare a tabular analysis which shows the effects of these transactions on the expanded
accounting equation.
2. Analyze the transactions.
3. Journalize the transactions. (You may omit explanations).
4. Post the transactions to T-accounts.
5. Prepare a trial balance at the end of the month.

2. Bob Sample opened a business on September 1, 2022. During the first month of operations,
the following transactions occurred.

Date Transactions
1 Bob invested $20,000 cash in the business.
The company paid $1,000 cash for store rent for September.
2

Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a
3 $15,000, 6-month, 12% note payable.

4 Paid $1,200 cash for insurance expense for September.


Received a bill from the Daily News for online advertising of the opening of the
10
business $200.
20 Bob withdrew $700 cash for personal use.

1
The company determined that cash receipts for services for the month were $6,200.
30

Instructions:
a) Prepare a tabular analysis which shows the effects of these transactions on the expanded
accounting equation,
b) Analyze the transactions.
c) Journalize the September transactions.
d) Open ledger accounts and post the September transactions.
e) Prepare a trial balance at September 30, 2022.

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