Be_3-8_Assignment

Week 2 – Learning Team A Assignment DUE DATE: FRIDAY, MARCH 19, 2010 Please leave a blank line between each transaction. (Ex: start transaction two on line 4). Press the Tab key on your keyboard to move to the next line and press the spacebar key 4 times to move over under the first line transaction. Once you have completed your transaction, highlight the line and open your font dialog box and select strikethrough and OK to let us know that this transaction have been completed. Please save and print this attachment, and then attach it back into the Learning Team A Forum for other team members to complete. Do not forget to complete the summary sheet. BE3-8 Norris Corporation has the following transactions during August of the current year. Indicate (a) the basic analysis and (b) the debit–credit analysis illustrated on pages 119–124. Aug. 1 Issues shares of common stock to investors in exchange for $5,000. 4 Pays insurance in advance for 3 months, $1,500. 16 Receives $900 from clients for services rendered. 27 Pays the secretary $500 salary. BE3-9 Use the data in BE3-8 and journalize the transactions. (You may omit explanations.) |General Journal |Page |1 | | | | | | | | | | |Date |Description |Post Ref |Debit |Credit | | |1 |Aug | | |Aug 4 Transaction: The insurance was paid three months in advance. This resulted in a Debit to Prepaid Insurance to| | |allocate in the future when used. Cash was credited to show a decrease in the account. | | |Aug 6 Transaction: When $900 is received from clients for services rendered: $900 debit to indicate money | | |received for services. Credit to Services rendered. | | |Aug 27 Transaction: To record salary expense, the expense is debited which increases the expense and cash is | | |credited which decreases cash. |