ACCT 216 ACCT216 Week 2 Homework Solution (Devry)

ACCT 216 ACCT216 Week 2 Homework Solution (Devry)

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ACCT 216  Week 2 Homework

1. Please write a four-to-six sentence paragraph on the following question. Describe each of the four basic financial statements. What is the relationship between them?

2. During the first month of operations (March 2011), Jerry Enterprises completed the following selected transactions:

a. The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these.

b. Borrowed $15,800 from the bank and signed a note payable to them

c. Paid $12,000 for equipment

d. Purchased supplies on account for $200

e. Paid employees’ salaries of $2,100

f. Performed services for customer on account, $2,800

g. Paid $100 of the accounts payable in transaction d above

h. Received a $800 bill for advertising expense that will be paid in the near future

i. Received cash on account, $1,600

j. Paid rent of $1,200

Required:

1. Prepare the journal entries for the above transactions.  

2. Prepare the trial balance sheet of Jerry Enterprises as of March 31, 2011.


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