A01 Introduction to Accounting
Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) double-spaced pages; refer to the “Assignment Format” page located on the Course Home page for specific format requirements.
Part A (30 points)
Record the following transactions in the basic accounting equation:
Brian’s Accounting Service
ASSETS = LIABILITIES + OWNER’S EQUITY
Cash + Office Furniture = Accounts Payable + Brian’s Capital
a.
b.
c.
d.
Part B (40 points)
The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form.
Cash $1,370 Benson, Withdrawals $ 500
Accounts Payable 770 Accounts Receivable 1,600
Office Equipment 900 Service Fees 2,730
Benson, Capital 1,500 Salaries Expense 630
Part C (30 points)
The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.