Explore BrainMass

# Financial Journal Entries and T-Accounts.

Not what you're looking for? Search our solutions OR ask your own Custom question.

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

Below is the problem, I have also attached documents that shows what I have already done in trying to solve the problem. Any assistance in this would be greatly appreciated:

3-1. The Company borrowed \$125,000 in cash from Far West Bank.
a. List the accounts impacted by the transaction.
b. For each account, indicate whether the transaction increased or decreased the account.
c. For each account, indicate how much the transaction increased or decreased the account.
d. Compute the impact of the transaction on total assets, total liabilities, and total owners' equity.

3-2. The Company used \$45,000 in cash to purchase land on the west side of Hatu Lake.
a. List the accounts impacted by the transaction.
b. For each account, indicate whether the transaction increased or decreased the account.
c. For each account, indicate how much the transaction increased or decreased the account.
d. Compute the impact of the transaction on total assets, total liabilities, and total owners' equity.

3-11. Refer to Practice 3-1. Make the journal entry necessary to record the transaction.

3-12. Refer to Practice 3-2. Make the journal entry necessary to record the transaction.

3-16. Refer to the journal entries made in Practice 3-11 and 3-12. Construct a T-account representing each account impacted by those two transactions. Post all of the journal entries to these T-accounts. Compute the ending balance in each account. Assume that the beginning balance in each T-account is zero.

3-19. Refer to the T-account constructed in Practice 3-16. Using the ending balances in that T-account, construct a trial balance.

Â© BrainMass Inc. brainmass.com March 4, 2021, 8:10 pm ad1c9bdddf
https://brainmass.com/business/journal-entries/149380

#### Solution Preview

Hello

Please find the solution attached. I have combined all work into one excel sheet so that you can see all solutions and the ...

#### Solution Summary

Financial journal entries and T-accounts are provided.

\$2.49