Name Date Class

MINI PRACTICE SET

Fast Track Tutoring Service
2
CHART OF ACCOUNTS

ASSETS
101 Cash in Bank
110 Accounts Receivable—Carla DiSario
120 Accounts Receivable—George McGarty
140 Office Supplies
150 Office Equipment
155 Instructional Equipment

LIABILITIES
210 Accounts Payable—Educational Software
215 Accounts Payable—T & N School Equip.

OWNER’S EQUITY
301 Jennifer Rachael, Capital
305 Jennifer Rachael, Withdrawals
310 Income Summary

REVENUE
401 Group Lessons Fees
405 Private Lessons Fees

EXPENSES
505 Maintenance Expense
510 Miscellaneous Expense
515 Rent Expense
525 Utilities Expense
Copyright © by The McGraw-Hill Companies. All rights reserved.

Mini Practice Set 2 ■ 241

Name Date Class

Mini Practice Set 2 (textbook p. 304)

Instructions: Use the following source documents to record the transactions for
this practice set.

Fast Track Tutoring Service MEMORANDUM 1 Fast Track Tutoring Service RECEIPT
75 Knoll Ridge Drive
75 Knoll Ridge Drive No. 1
Austin, TX 78708
Austin, TX 78708

TO: Accounting Clerk December 5 20 – –

FROM: Owner RECEIVED FROM Shirley Stevenson $ 950.00
DATE: December 1, 20 – –
SUBJECT: Investment Nine hundred fifty and 00/100 DOLLARS

Prepare entry to record $25,000 cash investment by Jennifer Rachael. FOR Private instruction

RECEIVED BY Jennifer Rachael

E DUCATIONAL S OFTWARE INVOICE NO. 395

913 Walnut St., #2 DATE: Dec. 6, 20 – –
Coxville, TX 78701
ORDER NO.:
Fast Track Tutoring Service SHIPPED BY:
TO 75 Knoll Ridge Drive TERMS:
Fast Track Tutoring Service 101 Austin, TX 78708
75 Knoll Ridge Drive 71-627
Austin, TX 78708 3222
QTY. ITEM UNIT PRICE TOTAL
DATE December 2 20 –– Software (Windows NT, MS Office, Goldmine) $8494.00
PAY TO THE
ORDER OF Office Max $ 525.00

Five hundred twenty-five and 00/100

DOLLARS $8494.00
 Citibank
MEMO cash register Jennifer Rachael
3222 71627 1123 4533 0101

Fast Track Tutoring Service 102 Fast Track Tutoring Service INVOICE NO. 101
75 Knoll Ridge Drive
75 Knoll Ridge Drive 71-627 Austin, TX 78708 DATE: Dec. 8, 20 – –
Austin, TX 78708 3222 ORDER NO.:
DATE December 2 20 –– Carla DiSario SHIPPED BY:
PAY TO THE TO 99 Louise St. TERMS:
ORDER OF Office Depot $ 73.00 Austin, TX 78708

Seventy-three and 00/100 DOLLARS QTY. ITEM UNIT PRICE TOTAL

 Citibank 2 Group Classes $18.00 $36.00

Copyright © by The McGraw-Hill Companies. All rights reserved.

MEMO office supplies Jennifer Rachael
3222 71627 1123 4533 0102

Fast Track Tutoring Service 103

75 Knoll Ridge Drive 71-627
Austin, TX 78708 3222
DATE December 5 20 ––
PAY TO THE
ORDER OF Best Buy $ 13,924.00 Fast Track Tutoring Service 104
75 Knoll Ridge Drive 71-627
Thirteen thousand nine hundred twenty-four and 00/100 DOLLARS Austin, TX 78708 3222

 Citibank DATE December 9 20 ––

PAY TO THE
MEMO computers Jennifer Rachael ORDER OF Carlo Property Realty $ 850.00
3222 71627 1123 4533 0103 Eight hundred fifty and 00/100 DOLLARS

 Citibank
MEMO rent Jennifer Rachael
3222 71627 1123 4533 0104

242 ■ Mini Practice Set 2

 Name Date Class

Mini Practice Set 2 (continued)

Fast Track Tutoring Service INVOICE NO. 102 Fast Track Tutoring Service 105
75 Knoll Ridge Drive
DATE: Dec. 10, 20 – – 75 Knoll Ridge Drive 71-627
Austin, TX 78708
Austin, TX 78708 3222
ORDER NO.:
George McGarty SHIPPED BY: DATE December 14 20 – –
TO 31 Vale Street TERMS: PAY TO THE
Austin, TX 78705 ORDER OF Educational Software $ 200.00

QTY. ITEM UNIT PRICE TOTAL Two hundred and 00/100 DOLLARS

5 Special Group Classes $55.00 $275.00  Citibank

MEMO software Jennifer Rachael
3222 71627 1123 4533 0105

Fast Track Tutoring Service 106

75 Knoll Ridge Drive 71-627
Austin, TX 78708 3222
DATE December 15 20 – –
PAY TO THE
T&N School Equipment INVOICE NO. 5495 ORDER OF Union Painting Service $ 750.00
111 Stratford Drive, #2A
DATE: Dec. 10, 20 – –
Rollingwood, TX 77081 Seven hundred fifty and 00/100 DOLLARS
ORDER NO.:
Fast Track Tutoring Service SHIPPED BY:  Citibank
TO 75 Knoll Ridge Drive TERMS:
Austin, TX 78708 MEMO painting Jennifer Rachael
3222 71627 1123 4533 0106
QTY. ITEM UNIT PRICE TOTAL
Microcomputer System $2,375.00

Fast Track Tutoring Service 107

75 Knoll Ridge Drive 71-627
Austin, TX 78708 3222
DATE December 18 20 – –
PAY TO THE
ORDER OF Jennifer Rachael $ 500.00

Five hundred and 00/100 DOLLARS

 Citibank
RECEIPT MEMO personal withdrawal Jennifer Rachael
Fast Track Tutoring Service
75 Knoll Ridge Drive 3222 71627 1123 4533 0107
No. 2
Austin, TX 78708

December 11 20 – –
RECEIVED FROM Cash customers $ 695.00 Fast Track Tutoring Service 108
75 Knoll Ridge Drive 71-627
Six hundred ninety-five and 00/100 DOLLARS Austin, TX 78708 3222
DATE December 20 20 – –
FOR 20 private lessons between 12/1 and 12/10
PAY TO THE
Copyright © by The McGraw-Hill Companies. All rights reserved.

ORDER OF Edison Electric $ 183.00

RECEIVED BY Jennifer Rachael
One hundred eighty-three and 00/100 DOLLARS

 Citibank
MEMO electricity bill Jennifer Rachael
Fast Track Tutoring Service RECEIPT 3222 71627 1123 4533 0108
75 Knoll Ridge Drive No. 3
Austin, TX 78708

December 13 20 – – Fast Track Tutoring Service 109

RECEIVED FROM Carla DiSario $ 36.00 75 Knoll Ridge Drive 71-627
Austin, TX 78708 3222
Thirty-six and 00/100 DOLLARS DATE December 24 20 – –
PAY TO THE
FOR Payment for lessons ORDER OF U.S. Postal Service $ 45.00

RECEIVED BY Jennifer Rachael Forty-five and 00/100 DOLLARS

 Citibank
MEMO stamps Jennifer Rachael
3222 71627 1123 4533 0109

Mini Practice Set 2 ■ 243

Name Date Class

Mini Practice Set 2 (continued)

GENERAL JOURNAL PAGE
.
DATE DESCRIPTION POST. DEBIT CREDIT
REF.

1 1

2 2

3 3

4 4

5 5

6 6

7 7

8 8

9 9

10 10

11 11

12 12

13 13

14 14

15 15

16 16

17 17

18 18

19 19

20 20

21 21

22 22

Copyright © by The McGraw-Hill Companies. All rights reserved.

23 23

24 24

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26 26

27 27

28 28

29 29

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34 34

35 35

36 36

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244 ■ Mini Practice Set 2

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Mini Practice Set 2 (continued)

GENERAL JOURNAL PAGE
.
DATE DESCRIPTION POST. DEBIT CREDIT
REF.

1 1

2 2

3 3

4 4

5 5

6 6

7 7

8 8

9 9

10 10

11 11

12 12

13 13

14 14

15 15

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Copyright © by The McGraw-Hill Companies. All rights reserved.

23 23

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28 28

29 29

30 30

31 31

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33 33

34 34

35 35

36 36

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Mini Practice Set 2 ■ 245

Name Date Class

Mini Practice Set 2 (continued)

GENERAL LEDGER
ACCOUNT ACCOUNT NO.
POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

Copyright © by The McGraw-Hill Companies. All rights reserved.

246 ■ Mini Practice Set 2

 Name Date Class

Mini Practice Set 2 (continued)

ACCOUNT ACCOUNT NO.
POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT
Copyright © by The McGraw-Hill Companies. All rights reserved.

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

Mini Practice Set 2 ■ 247

Name Date Class

Mini Practice Set 2 (continued)

ACCOUNT ACCOUNT NO.
POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE

Copyright © by The McGraw-Hill Companies. All rights reserved.

DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

248 ■ Mini Practice Set 2

 Name Date Class

Mini Practice Set 2 (continued)

ACCOUNT ACCOUNT NO.
POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
DATE DESCRIPTION REF. DEBIT CREDIT
DEBIT CREDIT

ACCOUNT ACCOUNT NO.

POST. BALANCE
Copyright © by The McGraw-Hill Companies. All rights reserved.

DATE DESCRIPTION REF. DEBIT CREDIT

DEBIT CREDIT

Mini Practice Set 2 ■ 249

Name Date Class

Mini Practice Set 2 (continued)

(5)

BANK RECONCILIATION FORM

PLEASE EXAMINE YOUR STATEMENT AT ONCE. ANY CHECKS OUTSTANDING

DISCREPANCY SHOULD BE REPORTED TO THE BANK
Number Amount
IMMEDIATELY.

1. Record any transactions appearing on this statement but not

listed in your checkbook.

2. List any checks still outstanding in the space provided to the right.

3. Enter the balance shown on this

statement here.
4. Enter deposits recorded in your
checkbook but not shown on this
statement.

5. Total Lines 3 and 4 and enter here.

6. Enter total checks outstanding here.

7. Subtract Line 6 from Line 5. This

adjusted bank balance should agree TOTAL
with your checkbook balance.

Copyright © by The McGraw-Hill Companies. All rights reserved.

(7)

$ No. 114 Fast Track Tutoring Service 114

Date 20
75 Knoll Ridge Drive 71-627
To
Austin, TX 78708 3222
For
DATE 20
Dollars Cents
PAY TO THE
Balance brought forward
ORDER OF $
Add deposits
DOLLARS

 Citibank
Total

Less this check MEMO

Balance carried forward 3222 71627 1123 4533 0114

250 ■ Mini Practice Set 2

 Copyright © by The McGraw-Hill Companies. All rights reserved.

(8)
Name

ACCT. TRIAL BALANCE INCOME STATEMENT BALANCE SHEET

ACCOUNT NAME
NO. DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

1 1

2 2

3 3

4 4

5 5

6 6

7 7

8 8
Mini Practice Set 2 (continued)

9 9

10 10

11 11

12 12
Date

13 13

14 14

15 15

16 16

17 17

18 18

19 19
Class

20 20

21 21

22 22

Mini Practice Set 2 ■ 251

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Mini Practice Set 2 (continued)

(9)

(9)

Copyright © by The McGraw-Hill Companies. All rights reserved.

252 ■ Mini Practice Set 2

 Name Date Class

Mini Practice Set 2 (concluded)

(9)

(11)
Copyright © by The McGraw-Hill Companies. All rights reserved.

Analyze:

Mini Practice Set 2 ■ 253