Assignment #1 – Chapter 1
Winter 2016
Sarah Loewen, MBA
Inspired by Accounting 110, Kianna Shelbourne decided to go on and obtain her professional accounting designation. She excitedly opened her own accounting practice called Kianna Shelbourne, CPA this past year.
The following transactions were completed during her first month:
a. Deposited $15,000 in a bank account in the name of Kianna Shelbourne, CPA.
b. Paid rent for the month, $1,500 (Rent Expense).
c. Bought office equipment, including a computer and a printer, for $9,500 from Computers r’ Us
Company. Paid $6,700 in cash, with the balance due in thirty days.
d. Purchased office supplies and announcements for $970 from Victoria Stationers. Payment is due
in thirty days.
e. Billed clients $5,500 for services rendered (Client Fees).
f. Paid $1,450 salary to secretary/assistant for the month.
g. Paid telephone bill of $250 (Telephone Expense).
h. Received cash from clients previously billed on account, $2,450.
i. Paid Computers r’ Us Company $750 to apply on account.
j. Paid $325 for continuing education course at Camosun College (Miscellaneous Expense).
k. Shelbourne withdrew $2,200 for personal use.
Instructions
1. Record the transactions and the balance after each transaction, using the following
headings:
Assets = Liabilities + Owner’s Equity
Cash + Accts. Rec. + Equip. Accounts K. Shelbourne, + Revenue – Expenses
Payable Capital
2. Demonstrate that the total of one side of the equation equals the total of the other side of
the equation.
** Use the problem on page 25 of your text as an example of how to set this up. **
Also note an Excel template is provided for you in D2L. You can print the template and submit a paper copy in class, or you can download the template, save and submit electronically into the dropbox in D2L. Please save your work as you go. This prevents heartache. 🙂 Also, ensure you include your name in the filename, so when you submit I will know who it belongs to – This is very important. This means when you click “Save As”, make your file name your name. You can use your first name and last initial.
If you opt to complete in the Excel template you will note that the template provides automatic calculations, so there is a real advantage.
To submit electronically, upload your file to the D2L dropbox provided for Assignment 1. Please do not submit via email.

Assignment #1 – Chapter 1
Winter 2016
Sarah Loewen, MBA
Inspired by Accounting 110, Kianna Shelbourne decided to go on and obtain her professional accounting designation. She excitedly opened her own accounting practice called Kianna Shelbourne, CPA this past year.
The following transactions were completed during her first month:
a. Deposited $15,000 in a bank account in the name of Kianna Shelbourne, CPA.
b. Paid rent for the month, $1,500 (Rent Expense).
c. Bought office equipment, including a computer and a printer, for $9,500 from Computers r’ Us
Company. Paid $6,700 in cash, with the balance due in thirty days.
d. Purchased office supplies and announcements for $970 from Victoria Stationers. Payment is due
in thirty days.
e. Billed clients $5,500 for services rendered (Client Fees).
f. Paid $1,450 salary to secretary/assistant for the month.
g. Paid telephone bill of $250 (Telephone Expense).
h. Received cash from clients previously billed on account, $2,450.
i. Paid Computers r’ Us Company $750 to apply on account.
j. Paid $325 for continuing education course at Camosun College (Miscellaneous Expense).
k. Shelbourne withdrew $2,200 for personal use.
Instructions
1. Record the transactions and the balance after each transaction, using the following
headings:
Assets = Liabilities + Owner’s Equity
Cash + Accts. Rec. + Equip. Accounts K. Shelbourne, + Revenue – Expenses
Payable Capital
2. Demonstrate that the total of one side of the equation equals the total of the other side of
the equation.
** Use the problem on page 25 of your text as an example of how to set this up. **
Also note an Excel template is provided for you in D2L. You can print the template and submit a paper copy in class, or you can download the template, save and submit electronically into the dropbox in D2L. Please save your work as you go. This prevents heartache. 🙂 Also, ensure you include your name in the filename, so when you submit I will know who it belongs to – This is very important. This means when you click “Save As”, make your file name your name. You can use your first name and last initial.
If you opt to complete in the Excel template you will note that the template provides automatic calculations, so there is a real advantage.
To submit electronically, upload your file to the D2L dropbox provided for Assignment 1. Please do not submit via email.