Homework Help is Here – Start Your Trial Now!
Business
Accounting
ACCT20 - Assignment # 1 There were following activities occurred during the first month of Babara Schmidt's new hair cutting business called The Cutlery: a. On August1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned. b. On August1, Schmidt paid $600 cash for six months of insurance effective immediately. c. On August2, she paid $2,000 cash for furniture for the shop. d. On August3, she paid $3,200 cash to rent space in a strip mall for August. e. On August4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $21,000. This amount is to be repaid in three equal payments at the end of August, September, and October. f. On August15, Cash receipts from haircutting services provided in the first week and a half of business (ended August15) were $1,100. g. On August15, Schmidt provided haircutting services on account for $750. h. On August17, Schmidt received a $750 cheque in the mail for services previously rendered on account. i. On August17, Schmidt paid $250 to an assistant for working during the grand opening. J On August18, Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part- time work starting in September.

ACCT20 - Assignment # 1 There were following activities occurred during the first month of Babara Schmidt's new hair cutting business called The Cutlery: a. On August1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned. b. On August1, Schmidt paid $600 cash for six months of insurance effective immediately. c. On August2, she paid $2,000 cash for furniture for the shop. d. On August3, she paid $3,200 cash to rent space in a strip mall for August. e. On August4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $21,000. This amount is to be repaid in three equal payments at the end of August, September, and October. f. On August15, Cash receipts from haircutting services provided in the first week and a half of business (ended August15) were $1,100. g. On August15, Schmidt provided haircutting services on account for $750. h. On August17, Schmidt received a $750 cheque in the mail for services previously rendered on account. i. On August17, Schmidt paid $250 to an assistant for working during the grand opening. J On August18, Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part- time work starting in September.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Please help me 

ACCT20 - Assignment # 1 There were following activities occurred during the first month of Babara Schmidt's new hair cutting business called The Cutlery: a. On August1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned. b. On August1, Schmidt paid $600 cash for six months of insurance effective immediately. c. On August2, she paid $2,000 cash for furniture for the shop. d. On August3, she paid $3,200 cash to rent space in a strip mall for August. e. On August4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $21,000. This amount is to be repaid in three equal payments at the end of August, September, and October. f. On August15, Cash receipts from haircutting services provided in the first week and a half of business (ended August15) were $1,100. g. On August15, Schmidt provided haircutting services on account for $750. h. On August17, Schmidt received a $750 cheque in the mail for services previously rendered on account. i. On August17, Schmidt paid $250 to an assistant for working during the grand opening. J. On August18, Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part- time work starting in September.
Transcribed Image Text:ACCT20 - Assignment # 1 There were following activities occurred during the first month of Babara Schmidt's new hair cutting business called The Cutlery: a. On August1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned. b. On August1, Schmidt paid $600 cash for six months of insurance effective immediately. c. On August2, she paid $2,000 cash for furniture for the shop. d. On August3, she paid $3,200 cash to rent space in a strip mall for August. e. On August4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $21,000. This amount is to be repaid in three equal payments at the end of August, September, and October. f. On August15, Cash receipts from haircutting services provided in the first week and a half of business (ended August15) were $1,100. g. On August15, Schmidt provided haircutting services on account for $750. h. On August17, Schmidt received a $750 cheque in the mail for services previously rendered on account. i. On August17, Schmidt paid $250 to an assistant for working during the grand opening. J. On August18, Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part- time work starting in September.
J. On August18, Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part- time work starting in September. k. On August18, a regular customer paid $500 for services to be provided over the next three month. 1. Cash receipts from haircutting rendered during the 2nd half of August were $1,950. m. On August31, Schmidt paid an instalment on the accounts payable n. On August31, the August hydro bill for $450 was received. It will be paid on September14. o. On August31, she withdrew $500 cash for her personal use. Required: • Prepare necessary journal entries for above activities occurred during the August. Prepare T-Accounts for all the accounts.
Transcribed Image Text:J. On August18, Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part- time work starting in September. k. On August18, a regular customer paid $500 for services to be provided over the next three month. 1. Cash receipts from haircutting rendered during the 2nd half of August were $1,950. m. On August31, Schmidt paid an instalment on the accounts payable n. On August31, the August hydro bill for $450 was received. It will be paid on September14. o. On August31, she withdrew $500 cash for her personal use. Required: • Prepare necessary journal entries for above activities occurred during the August. Prepare T-Accounts for all the accounts.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS