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Homework (1) At June 1, 2014, Wee Fixin Industries had an accounts receivable balance of $12,000. During the month, the company performed credit services of $30,000 and collected accounts receivable of $22,000. What is the balance in accounts receivable at June 30, 2014? (2) For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+), Decrease (-). Debit Credit Normal Balance 1. Salaries expense. 2. Accounts receivable. 3. Service revenue. 4. Owner's Capital. 5. Owner's Drawings. (3) Journalize the following business transactions in general journal form. Identify each transaction by reference number. Omit explanations of the transaction. 1. John B. Good invested $35,000 cash to start an appliance repair business. 2. Hired an employee (Wilson Smith) to be paid $400 per week, starting tomorrow. 3. Paid two years' rent in advance, $7,440. 4. Paid the Wilson's weekly wage. 5. Recorded revenue earned and received for the week, $1,900. Identifier Account Debit Credit (4) The transactions of the Ringing Bells' Store are recorded in the general journal below. You are to post the journal entries to T-accounts and calculate the balance. General Journal Date Account Titles Debit Credit 2014 Aug. 5 Accounts Receivable 4,400 Service Revenue 4,400 10 Cash 3,000 Service Revenue 3,000 19 Rent Expense 1,100 Cash 1,100 25 Cash 1,400 Accounts Receivable 1,400 General Ledger Cash Accounts Receivable Dr. Cr. Dr. Cr. Service Revenue Rent Expense Dr. Cr. Dr. Cr.

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Wee Fixin Industries
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