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1. On November 1, Chris Clark opens a new business and deposits $25,000 in a bank account in the name of NetSolutions. 2. On November 5, NetSolutions paid $20,000 for the purchase of land as a future building site. 3. On November 10, NetSolutions purchased supplies on

1. On November 1, Chris Clark opens a new business and deposits $25,000 in a bank account in the name of NetSolutions. 2. On November 5, NetSolutions paid $20,000 for the purchase of land as a future building site. 3. On November 10, NetSolutions purchased supplies on

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Example Transaction Record transaction and prepare T account for cash 1. On November 1, Chris Clark opens a new business and deposits $25,000 in a bank account in the name of PM NetSolutions. 2. On November 5, NetSolutions paid $20,000 for the purchase of land as a future building site. 3. On November 10, NetSolutions purchased supplies on account for $1,350. 4. On November 18, NetSolutions received cash of $7,500 from customers for services provided. 5. On November 30, NetSolutions incurred the following expenses: wages, $2,125; rent, $800; utilities, $450; and miscellaneous, $275. 6. On November 30, NetSolutions paid creditors on account, $950. 7. NetSolutions purchased $1,350 of supplies on November 10. Chris Clark determined that the cost of supplies on hand on November 30 was $550. 8. On November 30, Chris Clark withdrew $2,000 from NetSolutions for personal use. 9. On December 1, NetSolutions paid a premium of $2,400 for an insurance policy for liability, theft, and fire. The policy covers a one-year period. 10. On December 4, NetSolutions purchased office equipment on account from Executive Supply Co. for $1,800. 11. On December 6, NetSolutions paid $180 for a newspaper advertisement. 12. On December 11, NetSolutions paid creditors $400. 13. On December 13, NetSolutions paid a receptionist and a part-time assistant $950 for two weeks' wages. 14. On December 16, NetSolutions received $3,100 from fees earned for the first half of December. 15. Fees earned on account totaled $1,750 for the first half of December. 16. On December 20, NetSolutions paid $900 to Executive Supply Co. on the $1,800 debt owed from the December 4 transaction. 17. On December 21, NetSolutions received $650 from customers in payment of their accounts. 18. On December 23, NetSolutions paid $1,450 for supplies. 19. On December 27, NetSolutions paid the receptionist and the part-time assistant $1,200 for two weeks' wages. 20. On December 31, NetSolutions paid its $310 telephone bill for the month. 21. On December 31, NetSolutions paid its $225 electric bill for the month. 22. On December 31, NetSolutions received $2,870 from fees earned for the second half of December. 23. On December 31, fees earned on account totaled $1,120 for the second half of December. 24. On December 31, Chris Clark withdrew $2,000 for personal use.
Transcribed Image Text:Example Transaction Record transaction and prepare T account for cash 1. On November 1, Chris Clark opens a new business and deposits $25,000 in a bank account in the name of PM NetSolutions. 2. On November 5, NetSolutions paid $20,000 for the purchase of land as a future building site. 3. On November 10, NetSolutions purchased supplies on account for $1,350. 4. On November 18, NetSolutions received cash of $7,500 from customers for services provided. 5. On November 30, NetSolutions incurred the following expenses: wages, $2,125; rent, $800; utilities, $450; and miscellaneous, $275. 6. On November 30, NetSolutions paid creditors on account, $950. 7. NetSolutions purchased $1,350 of supplies on November 10. Chris Clark determined that the cost of supplies on hand on November 30 was $550. 8. On November 30, Chris Clark withdrew $2,000 from NetSolutions for personal use. 9. On December 1, NetSolutions paid a premium of $2,400 for an insurance policy for liability, theft, and fire. The policy covers a one-year period. 10. On December 4, NetSolutions purchased office equipment on account from Executive Supply Co. for $1,800. 11. On December 6, NetSolutions paid $180 for a newspaper advertisement. 12. On December 11, NetSolutions paid creditors $400. 13. On December 13, NetSolutions paid a receptionist and a part-time assistant $950 for two weeks' wages. 14. On December 16, NetSolutions received $3,100 from fees earned for the first half of December. 15. Fees earned on account totaled $1,750 for the first half of December. 16. On December 20, NetSolutions paid $900 to Executive Supply Co. on the $1,800 debt owed from the December 4 transaction. 17. On December 21, NetSolutions received $650 from customers in payment of their accounts. 18. On December 23, NetSolutions paid $1,450 for supplies. 19. On December 27, NetSolutions paid the receptionist and the part-time assistant $1,200 for two weeks' wages. 20. On December 31, NetSolutions paid its $310 telephone bill for the month. 21. On December 31, NetSolutions paid its $225 electric bill for the month. 22. On December 31, NetSolutions received $2,870 from fees earned for the second half of December. 23. On December 31, fees earned on account totaled $1,120 for the second half of December. 24. On December 31, Chris Clark withdrew $2,000 for personal use.
Chapter 5: Analyzing Transactions Exercises Chapter 5: Analyzing Transactions Exercises Instructions 1. Journalize 2. Prepare T account 3. Prepare an unadjusted trail balance JOURNALIZE Date Description Post. Ref. Deblt Credit Cash 25,000 Nov.1 Chris Clark, Capital 25,000 Print Layout iew Sec 1 Pages: 3 of 6 Words: 383 of 669
Transcribed Image Text:Chapter 5: Analyzing Transactions Exercises Chapter 5: Analyzing Transactions Exercises Instructions 1. Journalize 2. Prepare T account 3. Prepare an unadjusted trail balance JOURNALIZE Date Description Post. Ref. Deblt Credit Cash 25,000 Nov.1 Chris Clark, Capital 25,000 Print Layout iew Sec 1 Pages: 3 of 6 Words: 383 of 669
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