Please full calculation and explanation. Exercise 2.5 Analyzing transactions Lo
ID: 2335261 • Letter: P
Question
Please full calculation and explanation.
Exercise 2.5 Analyzing transactions Lo William Curtis is a personal tinancex Much Money Consulting This is his first operations andd Witliam has hired of October on to do his accounting. The following transactions are for dr rtoher a. On October 2, William invest sed $025 of office supplies for cash Tober 6, purchased $13,.600 of office equipment on e Curtis invested $32,600 cash into his business. r 4, purcha the TV show Cityak e. On d. On Octol e. On Oct f. On October 16, bille On October tO, received $3,000 cash as revenue for being a guest on rkshop on smart tober 12, paid for the offic 12, paid for the office eqnuipment purchased in transaction (c) r delivering a corporate workshop on slar lled a customer $5,400 for ober 18, paid October's rent for the downtown office with $3,500 eash n October 26, collected cash for all of the account receivable created in transaction (t) n October 31, withdrew $5,000 cash from the business for a trip to Hawaii. each transaction, (I) complete the analysis, (2) determine the journal investing Required F analysis and (3) pleted for you. or ch record the journal entry. Use the template below. Transaction a. has been t . Analysis Assets increase. Equity increases. Debit the Cash Credit the William Curtis, Capital Journal entry D analysis account for $32,600 account for $32.600. Journal Entry Date Account Titles and Explanation Debit Credit Oct. 2 32,600 William Curtis, Capitai 32,600 investment by owner b. ContinuéeExplanation / Answer
As per policy, only one question is allowed to answer at a time, so answering Q2.5 here :
Ex 2.5) Analysis Journal Entry analysis Journal Entry Date Acc Titles and explanation Debit $ Credit$ b. Assets increases and decreases Debit the Office Supplies account for $925 and credit Cash account by $925 4-Oct Off supplies 925 Cash 925 (purchase of office supplies) c. Fixed assets increases and Liability accounts payable increases Debit Equipment account for $13600 and credit accounts payable by $13600 6-Oct Off Equipment 13600 Accounts Payable 13600 (off equipment purchased on credit) d Revenues increases and assets cash increases Debit Cash account for $3000 and credit revenues by $3000 10-Oct Cash 3000 Revenues 3000 (cash revenues booked) e. Liabilities Account Payable decreases and Assets cash account decreases Debit Accounts Payable by $13600 and credit Cash account by $13600 12-Oct Accounts Payable 13600 Cash 13600 (accounts payable paid ) f. Assets Accounts Receivables increases and Revenues increases Debit Accounts Receivable by 5400 and credit Revenues by $5400. 16-Oct Accounts Receivables 5400 Revenues 5400 (credit revenues booked) g Assets cash account decreases and Expenses rent account increases Debit Rent expenses by $3500 and credit cash account by $ 3500. 18-Oct Rent expense 3500 Cash 3500 (rent paid) h Assets accounts receivable decreases and Cash increases Debit Cash account by $5400 and credit Accounts Receivable by $5400 26-Oct Cash 5400 Accounts Receivables 5400 (cash received from AR) i Assets cash account decreases and Liability capital account decreases Debit Capital account by $5000 and credit cash by $5000 31-Oct Capital / Withdrawal 5000 Cash 5000 (withdrawal made)