Practice help, please. The following accounting events apply to Mary's Designs for Year 1:Asset Source Transactions1. Began operations by acquiring $16,000 of cash from the issue of common stock.2. Performed services and collected cash of $900.3. Collected $4,900 of cash in advance for services to be provided over the next 12 months.4. Provided $12,200 of services on account.5. Purchased supplies of $470 on account.Asset Exchange Transactions6. Purchased $4,200 of land for cash.7. Collected $7,100 of cash from accounts receivable.8. Purchased $420 of supplies with cash.9. Paid $3,700 for one year's rent in advance.Asset Use Transactions10. Paid $2,800 cash for salaries of employees.11. Paid a cash dividend of $1,900 to the stockholders.12. Paid off $470 of the accounts payable with cash.Claims Exchange Transactions13. Placed an advertisement in the local newspaper for $150 on account.14. Incurred utility expense of $115 on account.Adjusting Entries15. Recognized $3,675 of revenue for performing services. The collection of cash for these services occurred in a prior transaction.(See Event 3.)16. Recorded $1,480 of accrued salary expense at the end of Year 1. a. Record each of the preceding events in T-accounts.CashAccounts ReceivableBeg. BalBeg. BalEnd.BalEnd. BalSuppliesPrepaid RentBeg. BalBeg. BalEnd. BalEnd. Bal

T accounts are prepared by posting the amounts from the journal entries of the company.

1. Began operations by acquiring $16,000 of cash from the issue of common stock. 2. Performed services and collected cash of $900. 3. Collected $4,900 of cash in advance for services to be provided over the next 12 months. 4. Provided $12,200 of services on account. 5. Purchased supplies of $470 on account.

1. Began operations by acquiring $16,000 of cash from the issue of common stock. 2. Performed services and collected cash of $900. 3. Collected $4,900 of cash in advance for services to be provided over the next 12 months. 4. Provided $12,200 of services on account. 5. Purchased supplies of $470 on account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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