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Operations Management
Analyzing transactions into debit and credit parts Joan Weber owns a business called Lawns Plus. Lawns Plus uses the following accounts: Cash Joan Weber, Drawing Sales Accounts Receivable-Central Properties Accounts Receivable-Clifton Care Center Advertising Expense Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Joan Weber, Capital Miscellaneous Expense Rent Expense Repair Expense Utilities Expense

Analyzing transactions into debit and credit parts Joan Weber owns a business called Lawns Plus. Lawns Plus uses the following accounts: Cash Joan Weber, Drawing Sales Accounts Receivable-Central Properties Accounts Receivable-Clifton Care Center Advertising Expense Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Joan Weber, Capital Miscellaneous Expense Rent Expense Repair Expense Utilities Expense

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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PROBLEM 3-1 Analyzing transactions into debit and credit parts Joan Weber owns a business called Lawns Plus. Lawns Plus uses the following accounts: Joan Weber, Drawing Sales Advertising Expense Miscellaneous Expense Rent Expense Repair Expense Utilities Expense Cash Accounts Receivable-Central Properties Accounts Receivable-Clifton Care Center Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Joan Weber, Capital Instructions: Use the forms given in the Extra Problems Working Papers. 1. Prepare a T account for each account. 2. Analyze each transaction into its debit and credit parts. Write the debit and credit amounts in the proper T accounts to show how each transaction changes account balances. Write the date of the transaction in parentheses before each amount. Transactions: June 1. Joan Weber invested $8,000.00 cash in the business. 2. Bought supplies and paid $ 120.00 cash. 3. Paid cash for rent, $ 400.00. Sold services for cash, $ 800.00. 5. 4. Had mower repaired for $50.00 cash. Performed $500.00 of services for Central Properties on account. Bought supplies from Huff Supplies for $1,000.00 on account. Paid insurance bill, $200.00 cash. 8. 9. 10. 11. Joan Weber invested an additional $1,000.00 in the business. Received $600.00 cash from sales. 12. Bought supplies on account from Davis Office Supplies, $ 100.00. Central Properties paid $ 250.00 on account. Paid $10.00 for a miscellaneous expense. 13. 14. 15. 16. Paid Huff Supplies $ 100.00 on account. Paid the electric bilI, 870.00. 22. 23. Ran an ad in the paper for $ 60.00. Sold services on account to Clifton Care Center, $400.00. 25. 26. Joan Weber withdrew $1,200.00 for her personal use. Received cash on account from Clifton Care Center, $ 200.00. 30. Extra Problems 3
Transcribed Image Text:PROBLEM 3-1 Analyzing transactions into debit and credit parts Joan Weber owns a business called Lawns Plus. Lawns Plus uses the following accounts: Joan Weber, Drawing Sales Advertising Expense Miscellaneous Expense Rent Expense Repair Expense Utilities Expense Cash Accounts Receivable-Central Properties Accounts Receivable-Clifton Care Center Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Joan Weber, Capital Instructions: Use the forms given in the Extra Problems Working Papers. 1. Prepare a T account for each account. 2. Analyze each transaction into its debit and credit parts. Write the debit and credit amounts in the proper T accounts to show how each transaction changes account balances. Write the date of the transaction in parentheses before each amount. Transactions: June 1. Joan Weber invested $8,000.00 cash in the business. 2. Bought supplies and paid $ 120.00 cash. 3. Paid cash for rent, $ 400.00. Sold services for cash, $ 800.00. 5. 4. Had mower repaired for $50.00 cash. Performed $500.00 of services for Central Properties on account. Bought supplies from Huff Supplies for $1,000.00 on account. Paid insurance bill, $200.00 cash. 8. 9. 10. 11. Joan Weber invested an additional $1,000.00 in the business. Received $600.00 cash from sales. 12. Bought supplies on account from Davis Office Supplies, $ 100.00. Central Properties paid $ 250.00 on account. Paid $10.00 for a miscellaneous expense. 13. 14. 15. 16. Paid Huff Supplies $ 100.00 on account. Paid the electric bilI, 870.00. 22. 23. Ran an ad in the paper for $ 60.00. Sold services on account to Clifton Care Center, $400.00. 25. 26. Joan Weber withdrew $1,200.00 for her personal use. Received cash on account from Clifton Care Center, $ 200.00. 30. Extra Problems 3
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