Challenge Exercise 2-2 Solution – (a) General Journal J1 Date Account Titles Ref. Debit Credit Sept. 1 Cash…. 101 20,000 Capital 301 20,000 5 Equipment 157 17,000 Cash 101 6,000 Accounts Payable 201 11,000 11 Cash…. 101 1,000 Accounts Receivable 112 2,900 Service Revenue 400 3,900 25 Accounts Payable 201 7,000 Cash 101 7,000 29 Owner’s Drawings 306 600 Cash 101 600 30 Cash…. 101 1,500 Accounts Receivable 112 1,500 (b) Cash No. 101 Date Explanation Ref. Credit Balance Sept. 1 J1 20,000 20,000 5 J1 6,000 14,000 11 J1 1,000 15,000 25 J1 7,000 8,000 29 J1 600 7,400 30 J1 1,500 8,900 Accounts Receivable No. 112
Challenge Exercise 2-2 – Solution (a) General Journal J1 Date Account Titles Ref. Debit Credit Sept. 1 Cash…. Capital 101 301 20,000 20,000 5 Equipment Cash Accounts Payable 157 101 201 17,000 6,000 11,000 11 Cash…. Accounts Receivable Service Revenue 101 112 400 1,000 2,900 3,900 25 Accounts Payable Cash 201 101 7,000 7,000 29 Owner’s Drawings Cash 306 101 600 600 30 Cash…. Accounts Receivable 101 112 1,500 1,500 (b) Cash No. 101 Date Explanation Ref. Credit Balance Sept. 1 J1 20,000 20,000 5 11 J1 J1 1,000 6,000 14,000 15,000 25 J1 7,000 8,000 29 30 J1 J1 1,500 600 7,400 8,900 Accounts Receivable No. 112
Solution-Manual-for-Accounting-Principles-12th-Edition-by-Weygandt.docx