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Lesson 3 Assignment 2 Worksheet

This document lists a series of transactions and asks the reader to identify the affected balance sheet accounts, and whether each account is increased or decreased by the transaction. It provides an example transaction of purchasing equipment for $2,000 cash, which decreases cash by $2,000 and increases equipment by $2,000. The document then lists 10 additional transactions involving items like receiving customer payments, purchasing assets, paying expenses, and providing services.

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38 views3 pages

Lesson 3 Assignment 2 Worksheet

This document lists a series of transactions and asks the reader to identify the affected balance sheet accounts, and whether each account is increased or decreased by the transaction. It provides an example transaction of purchasing equipment for $2,000 cash, which decreases cash by $2,000 and increases equipment by $2,000. The document then lists 10 additional transactions involving items like receiving customer payments, purchasing assets, paying expenses, and providing services.

Uploaded by

yasinsucks2
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lesson 3 – Assignment 2

For each of the transactions listed below,


 determine the balance sheet accounts affected;
 indicate whether they are increased or decreased, and;
 state the value of the change.

Increase Decrease Amount

Equipment $2 000
Example: Purchased equipment for $2 000 cash.
Cash $2 000

Cash $1 800
a) Received $1 800 payment from customers for
previous purchases on credit. Credit $1 800

Bank $5 000
b) Owner invested $5 000 in the business.
Capital $5 000

c) Paid salaries totaling $2 000 to employees. Bank $2 000

Accounts
$2 000
payable

d) Purchased $15 000 automobile on credit. Automobile $15 000

Bank $15 000

e) Purchased new office building; paid $200 000 cash Office $200 000
and took out mortgage for $300 000. building

Cash $200 000

Mortgage $300 000

f) Received $850 for the sale of an old piece of Accounts $850


equipment. Receivable

Equipment $850

g) Paid $890 for repairs to building. Repairs $890

Hint: When repairs occur, this does not increase the


value of the building but rather reduces owner’s Accounts
$890
equity. payable

h) Paid $8 000 toward amount owing for automobile Loan $8 000


purchased previously.
Accounts
$8 000
payable
Lesson 3 – Assignment 2
Lesson 3 – Assignment 2
Increase Decrease Amount

i) Performed accounting services for $4 500 and was Cash $4 500


paid cash.
Accounts
$4 500
receivable

j) Sent a bill for $4 200 to a customer for accounting Accounts $4 200


services; to be paid later. receivable

Accounts $4 200
payable

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