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Now that you are taking an accounting course, your brother decided to ask you to...

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Question

Accounting

Now that you are taking an accounting course, your brother decided to ask you to help him with his own finances. He has kept his receipts, automated teller machine (ATM) slips, and other information for the last week and is ready for you to record the information.

1. Pay stub from his part time job showing net pay of $249.98 and ATM slip showing deposit of $249.98.

2. Receipts from grocery store for $45.89 and $15.32.

3. Receipt from video store for $3.44.

4. Notice from the bank that the $5,500 loan he applied for has been deposited to his account.

5. Receipt for the purchase of his car for $6,000.

6. Receipt from the garage for maintenance for $450.00.

7. Receipt from JapanTown Restaurant for $12.45.

8. Notice of overdue books from the librarythe fine is $5.00.

9. Receipt from the coffee shop for $4.55.

10. Notice that there is a package for him at the post office.

Instructions

(a) Prepare a list of accounts that you will require and indicate whether each account is a(n) Asset (A), Liability (L), Revenue (R) or Expense (E).

(b) Prepare journal entries to record the above transactions, identifying them by number. Use cents in your answer. You may omit explanations and correct journal entry format is required.

Answer & Explanation Solved by verified expert
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