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Name: Salma Ali Hassanen Section: ACCT 201 - 3 ID: 19105714: Assignment 2

1. Edward formed a business and invested $40,000 cash as owner's capital. 2. The business purchased $3000 in supplies and $6000 in equipment, paying cash for both. 3. The business purchased $4500 in supplies on credit and owes the amount to Suzan's company. 4. The business earned $5000 in revenue from providing consulting services.

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78 views4 pages

Name: Salma Ali Hassanen Section: ACCT 201 - 3 ID: 19105714: Assignment 2

1. Edward formed a business and invested $40,000 cash as owner's capital. 2. The business purchased $3000 in supplies and $6000 in equipment, paying cash for both. 3. The business purchased $4500 in supplies on credit and owes the amount to Suzan's company. 4. The business earned $5000 in revenue from providing consulting services.

Uploaded by

Anonymous Jf9PYY2E8
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Name: Salma ali hassanen

Section: ACCT 201 – 3


ID: 19105714
Assignment 2
Date Account title Debit Credit

1 cash 40,000

Owner’s capital 40,000

1) Edward formed a business, Ed. Invested $40,000 cash

2) The company purchased suppliers for $3000

Date Account title Debit Credit

2 Supplies 3000

Cash 3000
3) The business purchased equipment for $6000

Date Account title Debit Credit

3 Equipment 6000

Cash 6000

4) The business purchased supplies for $4500 on credit from


Suzan’s company
Date Account title Debit Credit

4 Supplies 4500

Account payable 4500

Date Account title Debit Credit

5 Cash 5000

Revenue 5000
5) The business earned $5000 revenue for providing consulting services
6) The company paid $2000 rent, and $4000 for wages
Date Account title Debit Credit

6 Expenses 6000

Cash 6000

7) The company provided services for $3000 for sally’s company on credit

Date Account title Debit Credit

7 Account receivable 3000

Revenue 3000

8) Sally’s company paid $2000 from the amount that was due.

Date Account title Debit Credit

8 Cash 2000

Account receivable 2000


9) The company paid $2500 to Suzan’s company

Date Account title Debit Credit

9 Account payable 2500

Cash 2500

10) The owner of the company made withdrawals of $500 for


personal use
Date Account title Debit Credit

10 With draws 5000

Cash 5000

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