KONIGIN
Nov 15, 2008, 03:14 PM
I need help with this please!
I am supposed to Identify each event affecting the 2008 and 2009 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE).
Events Affecting the 2008 Accounting Period
1. Acquired cash of $50,000 from the issue of common stock.
2. Purchased $800 of supplies on account.
3. Purchased land that cost $12,000 cash
4. Paid $800 cash for other operating expenses.
5. recognized revenue on account of $38,000
6. Paid $15,000 cash for other operating expenses
7. Collected $22,000 cash from accounts receivable.
Information for 2008 Adjusting Entries
8. Recognized accrued salaries of $1,200 on December 31, 2008
9. Had $200 of supplies on hand at the end of the accounting period.
Events Affecting the 2009 Accounting Period
1. Acquired additional $10,000 cash from the issue of common stock.
2. Paid $1,200 cash to settle the salaries payable obligation.
3. Paid $3,600 cash in advance for a lease on office facilities.
4. Sold land that had cost $12,000 for $12,000 cash
5. Received $5,400 cash advance for services to be performed in the future.
6. Purchased $1,000 of supplies on account during the year.
7. Provided services on account of $26,000.
8. Collected $28,000 cash from accounts receivable.
9. Paid a cash dividend of $5,000 to the stockholders.
Information for 2009 Adjusting Entries
10. The cash advance payment for rental of the office facilities in event 3 was made on March 1 for one year lease term.
11. The cash advance for services to be provided in the future was collected on Oct 1 in event 5. The one year contract began on October 1.
12. Had $150 of supplies on hand at the end of the period.
13. Recognized accrued salaries of $1,800 at the end of the accounting period.
I am supposed to Identify each event affecting the 2008 and 2009 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE).
Events Affecting the 2008 Accounting Period
1. Acquired cash of $50,000 from the issue of common stock.
2. Purchased $800 of supplies on account.
3. Purchased land that cost $12,000 cash
4. Paid $800 cash for other operating expenses.
5. recognized revenue on account of $38,000
6. Paid $15,000 cash for other operating expenses
7. Collected $22,000 cash from accounts receivable.
Information for 2008 Adjusting Entries
8. Recognized accrued salaries of $1,200 on December 31, 2008
9. Had $200 of supplies on hand at the end of the accounting period.
Events Affecting the 2009 Accounting Period
1. Acquired additional $10,000 cash from the issue of common stock.
2. Paid $1,200 cash to settle the salaries payable obligation.
3. Paid $3,600 cash in advance for a lease on office facilities.
4. Sold land that had cost $12,000 for $12,000 cash
5. Received $5,400 cash advance for services to be performed in the future.
6. Purchased $1,000 of supplies on account during the year.
7. Provided services on account of $26,000.
8. Collected $28,000 cash from accounts receivable.
9. Paid a cash dividend of $5,000 to the stockholders.
Information for 2009 Adjusting Entries
10. The cash advance payment for rental of the office facilities in event 3 was made on March 1 for one year lease term.
11. The cash advance for services to be provided in the future was collected on Oct 1 in event 5. The one year contract began on October 1.
12. Had $150 of supplies on hand at the end of the period.
13. Recognized accrued salaries of $1,800 at the end of the accounting period.