Accounting and Financial Control Financial Accounting I CTRL 101-

Department Winter 2024

Lecture “4”
Chapter “2”: Analyzing and Recording Transactions-Cont’d
Exercise “1”: Use these journal entries to:
1. Post to T-accounts and determine the ending balance of each T-account.
2. Use the T-accounts to prepare the trial balance for the company dated September
30th, 2018.
3. Based on the Trial Balance, prepare the financial statements of the company dated
September 30th , 2018.
Date Account Dr. Cr.
Cash $12,750
A Owner's, Capital
Investment made by the owner $12,750
Office Supplies $375
B Cash
Buying Supplies for Cash $375
Office Equipment $7,050
C Accounts Payable
Buying Equipment on credit $7,050
Cash $1,500
D Fees Earned
Receiving a fees for a service provided to one of the customers $1,500
Accounts Payable $7,050
E Cash
Receiving cash in return for a settling one of the company’s liabilities $7,050
Accounts Receivable $2,700
F Fees Earned
Providing a service to one of the customers on credit $2,700
Rent Expense $525
G Cash
Paying using cash the monthly rent $525
Cash $1,125
H Accounts Receivable
Receiving part of the accounts receivable $1,125
Owner's, Withdrawals $1,000
I Cash
Withdrawing cash by the owner $1,000
J Salary Expense $2,000
Cash
Paying the monthly salary expense $2,000
K Cash $400
Advertising Fees
Receiving fees for an advertising service provided to one of the customers $400

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 Accounting and Financial Control Financial Accounting I CTRL 101-
Department Winter 2024

Cash Dexter, Capital

Accounts Receivable Dexter, Withdrawal

Supplies Fees Earned (Revenues)

Office Equipment
Rent Expense

Salary Expense

Accounts Payable

Advertising Fees (revenue)

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 Accounting and Financial Control Financial Accounting I CTRL 101-
Department Winter 2024

Dexter Company
Trial Balance
September 30th , 2018
Account Title Debit Credit

Totals

Dexter Company
Income Statement
For the period ended September 30th , 2018

Net Income

Dexter Company
Statement of Owner’s Equity
For the period ended September 30th , 2018

End Balancing of Owner’s Equity

Dexter Company
Balance Sheet
On September 30th , 2018
Assets Liabilities

Owner’s Equity

Total Assets Total Liabilities & Owner’s Equity