Solution~double Ex 5

Double-entry exercise 5: SOLUTION Task 1 1/1/15. Banked cash fees revenue, $2000. Elements involved:  BANK (A),  FEES REVENUE (R) 2/1/15. Paid advertising $800. Elements involved:  BANK (A),  ADVERTISING (E) 3/1/15. Paid $500 to reduce ABC loan. Elements involved:  BANK (A),  ABC LOAN (L) 4/1/15. Banked cash fees revenue, $1500. Elements involved:  BANK (A),  FEES REVENUE (R) 5/1/15. Paid office expenses, $300. Elements involved:  BANK (A),  OFFICE EXPENSES (E) 6/1/15. Cash drawings, $900. Elements involved:  BANK (A),  DRAWINGS (-OE) 7/1/15. Owner, Don, contributed his personal mobile phone (office assets) to business, $600. Elements involved:  OFFICE ASSETS (A),  CAPITAL (OE) 8/1/15. Bought more dental equipment for cash, $4000. Elements involved:  DENTAL EQUIPMENT (A),  BANK (A), 9/1/15. Owner took a business computer (office assets) home for private use, $1200. Elements involved:  OFFICE ASSETS (A),  DRAWINGS (-OE), 10/1/15. Cash fees revenue, $2800. Elements involved:  BANK (A),  FEES REVENUE (R)

General Ledger Bank (A) Date 1/1 4/1 10/1

Reference Fees rev Fees rev Fees rev

Date 1/1 8/1

Reference Balance Bank

Date

Reference

Date 2/1

Reference Bank

Date

Reference

$ 2000 1500 2800

Date 1/1 2/1 3/1 5/1 6/1 8/1

Office Assets (A) Reference Balance Advertising ABC loan Office exps. Drawings Dental Equip.

$ 4000 800 500 300 900 4000

Date 1/1 7/1

Reference Balance Capital

Reference

$

Date 3/1

Reference Bank

Reference Bank Bank Bank

$ 2000 1500 2800

Date 5/1

Reference Bank

Reference

$

Date 6/1 9/1

Reference Bank Office assets

Dental Equipment (A) $ 30000 4000

Date

Date 1/1 4/1 10/1

Date

Date 1/1 7/1

$ Date 500 1/1

Reference Balance

$ 3000

$ 300

Date

Reference

$

Reference

$

Reference

$

Drawings (-OE)

Capital, Don (OE) $

$ 1200

Office Expenses (E)

Advertising (E) $ 800

Reference Drawings

Loan ABC Bank (L)

Fees Revenue (R) $

$ Date 10000 9/1 600

Reference Balance Office assets

$ 900 1200

Date

Name $ 33000 600

Date

Reference

$

Date