ACCT 2101 Lecture 1: Chapter 1 - Introduction to accounting and financial statements

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17 May 2018

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Acct 2102 ch 1

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2.	Open T-accounts using thefollowing account numbers: Cash, 110; Accounts
	receivable, 120; Supplies, 130; Building,140; Accounts payable, 210; Ward,
	capital, 310; Service revenue, 410; Rentexpense, 510; Salary expense, 520.

The journal of Ward TechnologySolutions,includes the following entries for
May, 2012:

May 1	The business received cash of $75,000 andand gave capital to the owner.
2	Purchased supplies of $500 onaccount.
4	Paid $53,000 cash for a building.
6	Performed service for customers andreceived cash, $2,600.
9	Paid $400 on accounts payable.
17	Performed service for customers onaccount, $2,500.
23	Received $1,900 cash on account from acustomer.
31	Paid the following expenses: salary,$1,100; rent, $900.