会计英语会计分录作业

【please make accounting entry in English for the transaction below,

and you have to write down the transaction given before your answer.

And please hand in at the date 4.26 , any delay will be not allowed.

Remember to use your exercise book , I will refuse any print versions. 】

2.20Transaction No.1: Starting the Operations

Hike’s Consultants started its operations on January 31 when the owner made $20 000 cash contribution. This accounting event acts to increase both as assets(Cash) and equity(Contributed Capital).

Dr: Cash

Cr: Contributed Capital

2.21 Transaction No.2: Purchasing Office Supplies

On May 15, Hike’s Consultants purchased $800 of office suppliers from a local supply company on account(i.e., agreed to pay for them on l later date).

Dr: Supplies

Cr: Accounts Payable

2.22 Transaction No.3: Providing Service on Account

On May 20, 20X5, the company provided services on account(i.e., it will collect cash later, even though it had already provided services) to Mercy Food Store. Mr. Mercy’s business was $3 200.

Dr: Accounts Receivable

Cr:Consulting Revenue

2.23 Transaction No.4: Paying Cash for Operating Expenses

On April, 5 the company paid $1 200 cash for operating expenses.

Dr: Cash

Cr:Operating Expenses

2.24 Transaction No.5: Borrowing Money from Bank

On May 31, 20X5, due to cash limits Hike’s Consultants decided to borrow $8 000 from the Local Business Bank. The company issued a note that had a one-year term and carried 7% annual interest rate.

Dr: Cash

Cr: Notes Payable

2.25 Transaction No.6: Paying Rent

On June 1, 20X5, Mr. Hike’s saw that business was growing and in this connection made a decision to rent a large office. $4 800 cash was paid in advance for a one-year rent of a new office.

Dr: Prepaid Rent

Cr: Cash

2.26 Transaction No.7: Receiving Cash for the Provided Service

On June 15, 20X5, Hike’s Consultants received $3 000 cash from Mercy Food Store for the provided services ( see Transaction No.3).

Dr: Cash

Cr: Accounts Receivable

2.27 Transaction No.8: Receiving an Advanced Cash Payment

On June 31, 20X5, Mr. Hike signed up a contract with Mike Company to perform consulting services. Hike’s Consultants received an advanced cash payment in the amount of $7 200 and the term of the contract was one year.

Dr: Cash

Cr: Unearned Revenue

2.28 Transaction No.9: Receiving Cash for Operating Activity

On June 31, 20X5, Hike’s Consultants represented Mr. Ebert( a client) in the court, for what the company received $1 400 cash.

Dr: Cash

Cr: Consulting Revenue

2.29 Transaction No.10: Loaning to other Company

On June 31, 20X5, Hike’s Consultants loaned Jam Building Company( Investment Activity) $6 0000. Jam Building Company issued a one-year, 8% note.

Dr: Notes Receivable

Cr: Cash

2.30 Transaction No.11: Paying Cash to Purchase Office Equipment

After a new office was rented(Transaction No.6) it needed some office equipment. On June 31, 20X5, Mr. Hike paid $4 000 cash to purchase a new table and several chairs. The office equipment is expected to have a useful life of 2 years and a salvage value of $800.

Dr: Office Equipment

Cr: Cash