Please use the following accounting paper to complete the P3-9 and P3-10: (1) formal general journal

Please use the following accounting paper to complete the P3-9 and P3-10: (1) formal general journal entries – two column paper; (2) informal general ledger (T-accounts) – eight-column paper; (3) worksheet including trial balance, income statement, and balance sheet (12-13-column worksheet paper; and (4) formal income statement, statement of retained earnings, and balance sheet (four-column paper). You may use both sides of the paper. Accounting paper can be purchased at most office supply stores. The accounting paper also may be obtained on-line for free. Simply google “free accounting paper.” LO5 Exercise 3-9 Debits and Credits (Appendix) EXAMPLE 3-4, 3-5 The new bookkeeper for Darby Corporation is getting ready to mail the daily cash receipts to the The new bank for deposit. Because his previous job was at a bank, he is aware that the bank “credits” an Show account for all deposits and “debits” an account for all checks written. Therefore, he makes the me following entry before sending the daily receipts to the bank: how June 5 Accounts Receivable 10,000 Sales Revenue 2,450 Cash 12,450 To record cash received on June 5: $10,000 collections on account and $2,450 in cash sales, Required Explain why that entry is wrong and prepare the correct journal entry, Why does the bank refer to cash received from a customer as a credit to that customer's account? LO7 Exercise 3-10 Trial Balance (Appendix) EXAMPLE 3-7 The following list of accounts was taken from the general ledger of Spencer Corporation on December 31. The bookkeeper thought it would be helpful if the accounts were arranged in al- Show phabetical order. Each account contains the balance that is normal for that type of account; for me example, Cash normally has a debit balance. Prepare a trial balance as of this date with the how Multi-Concept Exercises accounts arranged in the following order: (1) assets, (2) liabilities, (3) stockholders' equity, (4) revenues, (5) expenses, and (6) dividends. Account Balance Account Balance Accounts Payable $ 7,650 Heat, Light, and Water Expense $ 1,400 Accounts Receivable 5,325 Income Tax Expense 1,700 Automobiles 9,200 Income Taxes Payable 2,500 Buildings 150,000 Interest Revenue 1,300 Capital Stock 100,000 Land 50,000 Cash 10,500 Notes Payable 90,000 Commissions Expense 2,600 Office Salaries Expense 6,000 Commissions Revenue 12.750 Office Supplies 500 Dividends 2,000 Retained Earnings 110,025 Equipment 85,000


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