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					  College Accounting—Chapter 2--QUIZ                                                     Name _____________________
A new business has been started by Laura Newton-Endicott. Her business is called Choo-Choo Cookies & Desserts, where she sells a
variety of homemade cookies and pastries. She also does some catering of desserts to local business meetings, weddings, etc. Please
complete the following transactions using the partial Chart of Accounts at the bottom of the page. Do not fill in the shaded columns.

                                              GENERAL JOURNAL                                             Page_______
                                                                                    DOC.     POST.
     TRANSACTION                   DATE            ACCOUNT TITLE                     NO.      REF.
                                                                                                         DEBIT          CREDIT
  1. Laura withdraws $20,000
  from her personal account
  and deposits the money into
  Choo-Choo


  2. Laura rents store space
  with oven and other baking
  equipment for $4,000 month.
  She pays cash for the first
  month’s rent


  3. Laura purchases cookie
  ingredients on account,
  $1000


  4. Laura billed a customer
  $450 for wedding cake

  5. Laura collected $300
  cash from customers who
  came into the store

  6. Laura paid the telephone
  bill for the month, $50


  7. Laura collected the $450
  from wedding cake order (#4)


  8. Laura paid on account
  $500 for ingredients (#3)


  9. Laura withdraws $250 for
  personal use from Choo-
  Choo


  10. Laura receives a water
  bill for $75 that she will pay
  for next month (Utilities)


  (Partial) CHART OF ACCOUNTS FOR CHOO-CHOO COOKIES & DESSERTS (excluding account #s):

  Cash                             Supplies             Laura Newton-Endicott, Capital           Rent Expense
  Accounts Receivable              Ingredients          Laura Newton-Endicott, Drawing           Telephone Expense
  Equipment                        Accounts Payable     Sales                                    Utilities Expense

				
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posted:11/15/2011
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