Exercise 2-11 (Part Level Submission)

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Exercise 2-11 (Part Level Submission) Presented below is the ledger for Sparks Co. Cash No. 101 10/1 10/10 10/10 10/20 10/25 5,000 10/4 650 10/12 3,000 10/15 500 10/30 2,000 10/31 Accounts Receivable No. 112 10/6 10/20 800 10/20 940 Supplies No. 126 10/4 400 Equipment No. 157 10/3 2,000 Balance Notes Payable No. 200 10/10 Accounts Payable No. 201 10/12 1,500 10/3 Common Stock No. 311 10/1 10/25 Dividends No. 332 10/30 300 Service Revenue No. 400 10/6 10/10 10/20 Salaries and Wages Expense No. 726 10/31 500 Rent Expense 800 650 940 5,000 2,000 2,000 3,000 500 400 1,500 280 300 500

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Exercise 2-11 (Part Level Submission)

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No. 729 10/15 280

(a) Your answer is partially correct. Try again. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20 and provide explanations for each. (Record entries in the order displayed in the T-Accounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Oct. 1 Account Titles and Explanation Cash Common Stock (Issued shares of stock for cash) Oct. 10 Cash Service Revenue (Received cash for services provided) Oct. 10 Cash Notes Payable (Obtained loan from bank) Oct. 20 cash Accounts Receivable (Received cash in payment of account) Oct. 20 Service Revenue Accounts Receivable (Billed clients for services provided) Click if you would like to Show Work for this question: Open Show Work 940 940 500 500 3000 3000 650 650 Debit 5000 5000 Credit

SHOW LIST OF ACCOUNTS

SHOW ANSWER

LINK TO TEXT

LINK TO TEXT

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Exercise 2-11 (Part Level Submission)

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Attempts: 3 of 3 used

(b) Your answer is correct. Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2014. SPARKS CO. Trial Balance October 31, 2014 Debit Cash Accounts Receivable Supplies Equipment Notes Payable Accounts Payable Common Stock Dividends Service Revenue Salaries and Wages Expense Rent Expense 500 280 12890 12890 Open Show Work 300 2390 $ 8170 1240 400 2000 3000 500 7000 $ Credit

Click if you would like to Show Work for this question:

SHOW LIST OF ACCOUNTS

SHOW ANSWER

LINK TO TEXT

LINK TO TEXT

Attempts: 1 of 3 used

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Exercise 2-11 (Part Level Submission)

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