Britney is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the follwing transactions occurred: Jan 1. Invested $35,000 cash in the business and equipment valued at $15,000 in the business 2. Purchased supplies on account for $2,400 3. Paid office rent of $1,800 for a year 5. Completed audit of financial statements and invoiced a client $4.200 10. Received $2,500 advance payment froma cient for a tax consulting assignment 11. Donated $700 of business cash towards a community project as a part of business social responsibility. 15. Paid utlities $300 16. Purchased supplies $800 cash 20. Paid insurance for the month $600 22. Received $2,500 from clients who were served but had not paid 24. Paid creditors who had supplied on account $1.600 25. Performed services to clients who immediately paid cash of $6,000 26. Paid administrative assistant $3.200 wage for the month 28. Bought a computer for the business for $2,700 using personal funds 29. Purchased a vehicle $26,000 for the business. Did not pay cash but issued a note 30. A count of supplies indicated that $800 of supplies had been used 31. Withdrew $5,000 cash from the business for personal use (Do not use a drawings account) 31. Paid office expenses s900 Choose appropriate accounts that you believe Britney has in her business chart of accounts and do the following a. Enter the transactions into a general journal b. Make postings into the general ledger (Use excel spreadsheet) C. Prepare a trial balance at the end of the month on Jan 31
Britney is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the follwing transactions occurred: Jan 1. Invested $35,000 cash in the business and equipment valued at $15,000 in the business 2. Purchased supplies on account for $2,400 3. Paid office rent of $1,800 for a year 5. Completed audit of financial statements and invoiced a client $4.200 10. Received $2,500 advance payment froma cient for a tax consulting assignment 11. Donated $700 of business cash towards a community project as a part of business social responsibility. 15. Paid utlities $300 16. Purchased supplies $800 cash 20. Paid insurance for the month $600 22. Received $2,500 from clients who were served but had not paid 24. Paid creditors who had supplied on account $1.600 25. Performed services to clients who immediately paid cash of $6,000 26. Paid administrative assistant $3.200 wage for the month 28. Bought a computer for the business for $2,700 using personal funds 29. Purchased a vehicle $26,000 for the business. Did not pay cash but issued a note 30. A count of supplies indicated that $800 of supplies had been used 31. Withdrew $5,000 cash from the business for personal use (Do not use a drawings account) 31. Paid office expenses s900 Choose appropriate accounts that you believe Britney has in her business chart of accounts and do the following a. Enter the transactions into a general journal b. Make postings into the general ledger (Use excel spreadsheet) C. Prepare a trial balance at the end of the month on Jan 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ACCT 300B-01 Intermediate Accounting 1 homework 1
Britney is a licensed CPA. During the first month of operations of her business (a sole
proprietorship), the following transactions occurred:
Jan 1. Invested $35.000 cash in the business and equipment valued at
$15,000 in the business
2. Purchased supplies on account for $2,400
3. Paid office rent of $1,800 for a year
5. Completed audit of financial statements and invoiced a client $4,200
10. Received $2,500 advance payment from a cient for a tax consulting
assignment
11. Donated $700 of business cash towards a community project as a
part of business social responsibility.
15. Paid utilities $300
16. Purchased supplies $800 cash
20. Paid insurance for the month $600
22. Received $2,500 from clients who were served but had not paid
24. Paid creditors who had supplied on account $1,600
25. Performed services to clients who immediately paid cash of $6,000
26. Paid administrative assistant $3,200 wage for the month
28. Bought a computer for the business for $2.700 using personal funds
29. Purchased a vehicle $26,000 for the business. Did not pay cash but
issued a note
30. A count of supplies indicated that $800 of supplies had been used
31. Withdrew $5,000 cash from the business for personal use (Do not use
a drawings account)
31. Paid office expenses $900
Choose appropriate accounts that you believe Brittney has in her business chart of
accounts and do the following
a. Enter the transactions into a general journal
b. Make postings into the general ledger (Use excel spreadsheet)
c. Prepare a trial balance at the end of the month on Jan 31
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