2nd class assignment by anbi assistants. 1. ex 2-1 the following accounts appeared in recent...

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2nd Class Assignment By ANBI assistants

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Page 1: 2nd Class Assignment By ANBI assistants. 1. EX 2-1 The following accounts appeared in recent financial statements of Garuda Indonesia Identify each account

2nd Class Assignment

By ANBI assistants

Page 2: 2nd Class Assignment By ANBI assistants. 1. EX 2-1 The following accounts appeared in recent financial statements of Garuda Indonesia Identify each account

1. EX 2-1The following accounts appeared in recent financial statements of Garuda Indonesia

Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or owner’s equity. For each income statement account, identify it as a revenue or an expense

Accounts Payable Flight Equipment

Aircraft Fuel Expense Landing Fees

Air Traffic Liability Passenger Revenue

Cargo and Mail Revenue Purchase Deposits for Flight Equipment

Commissions Spare Parts and Supplies

Page 3: 2nd Class Assignment By ANBI assistants. 1. EX 2-1 The following accounts appeared in recent financial statements of Garuda Indonesia Identify each account

2. EX 2-4Lemon Jaya is a travel agency. The nine transactions recorded by Lemon during March 2008, its first month of operations, are indicated in the following T accounts

Cash(1) 30,000,000 (2) 1,800,000

(7) 10,000,000 (3) 9,000,000

(4) 3,050,000

(6) 7,500,000

(8) 2,500,000

Equipment(3) 24,000,000

Lemon Jaya, Drawing

(8) 2,500,000

Page 4: 2nd Class Assignment By ANBI assistants. 1. EX 2-1 The following accounts appeared in recent financial statements of Garuda Indonesia Identify each account

Indicate for each debit and each credit : (a) whether an asset, liability, owner’s equity, drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answer in the following form, with transaction (1) given as an example:

Accounts Receivable(5) 15,000,000 (7) 10,000,000

Accounts Payable(6) 7,500,000 (3) 15,000,000

Service Revenue

(5) 15,000,000

Supplies(2) 1,800,000 (9) 1,050,000

Lemon Jaya, Capital(1) 30,000,000

Operating Expenses

(4) 3,050,000

(9) 1,050,000

Account Debited Account Credited

Transaction Type Effect Type Effect

(1) asset + Owner’s equity

+

Page 5: 2nd Class Assignment By ANBI assistants. 1. EX 2-1 The following accounts appeared in recent financial statements of Garuda Indonesia Identify each account

3. EX 2-5 EX 2-6

Based upon the T accounts in number 2 (Exercise 2-4)a. prepare the nine journal entries from which

the postings were made. Journal entry explanations may be omitted

b. prepare an unadjusted trial balance, listing the accounts in their proper order

Page 6: 2nd Class Assignment By ANBI assistants. 1. EX 2-1 The following accounts appeared in recent financial statements of Garuda Indonesia Identify each account

4. EX 2-15The following selected transactions were completed during May of the current year :1. Billed customers for fees earned, Rp 12,190,0002. Purchased supplies on account, Rp 1,250,0003. Received cash from customers on account, Rp 9,150,0004. Paid creditors on account, Rp 750,000

a. Journalize the above transactions in a two-column journal, using the appropriate number to identify the transactions. Journal explanations may be omitted

b. Post the entries prepared in (a) to the following T accounts : cash, supplies, account receivable, accounts payable, fees earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transactions.