Questions attached in the screenshot belowthanks for the helpgreatly appreciatedd13f11f1 Dec 2 Wortham Services received $70,000 cash and issued common stock to thestockholders.Purchased supplies, $700, and equipment, $11,400, on account.Performed services for a customer and received cash, $5,600.Paid cash to acquire land, $40,000.Dec 3Dec 4Dec 7Dec 11Dec 16Dec 17Performed services for a customer and billed the customer, $3,100. Worthamexpects to collect within one month.Paid for the equipment purchased December 3 on account.Paid for newspaper advertising. $570.Dec 18Dec 22Dec 29Dec 31Dec 31 Declared and paid dividends of $1,800.Received partial payment from customer on account, $1,000.Received and paid the water and electricity bills, $400.Received $2,900 cash for servicing the heating unit of a customer.Paid employee salaries, $2,600. During the first month of operations, Wortham Services, Inc., completed the following transactions:(Click the icon to view the transaction data.)Read the requirements.Requirement 2. Post the transactions to the T-accounts, using transaction dates as posting references. Determine the ending balance in each account.Review the journal entries prepared in previous steps.CashAccounts ReceivableSuppliesCommon StockDividendsService Revenue

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Description: Questions attached in the screenshot belowthanks for the helpgreatly appreciatedd13f11f1 Dec 2 Wortham Services received $70,000 cash and issued common stock to thestockholders.Purchased supplies, $700, and equipment, $11,400, on account.Performed se

Answered: Dec 2 Dec 3 Dec 4 Dec 7 Dec 11 Dec 16…

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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greatly appreciated

d13f1

1f1

Dec 2 Wortham Services received $70,000 cash and issued common stock to the
stockholders.
Purchased supplies, $700, and equipment, $11,400, on account.
Performed services for a customer and received cash, $5,600.
Paid cash to acquire land, $40,000.
Dec 3
Dec 4
Dec 7
Dec 11
Dec 16
Dec 17
Performed services for a customer and billed the customer, $3,100. Wortham
expects to collect within one month.
Paid for the equipment purchased December 3 on account.
Paid for newspaper advertising. $570.
Dec 18
Dec 22
Dec 29
Dec 31
Dec 31 Declared and paid dividends of $1,800.
Received partial payment from customer on account, $1,000.
Received and paid the water and electricity bills, $400.
Received $2,900 cash for servicing the heating unit of a customer.
Paid employee salaries, $2,600.

During the first month of operations, Wortham Services, Inc., completed the following transactions:
(Click the icon to view the transaction data.)
Read the requirements.
Requirement 2. Post the transactions to the T-accounts, using transaction dates as posting references. Determine the ending balance in each account.
Review the journal entries prepared in previous steps.
Cash
Accounts Receivable
Supplies
Common Stock
Dividends
Service Revenue

Expert Solution

Explanation -

Journal Entries -

Journal Entries are used to record transactions entered into by the company. It is recorded in the form of debit and credit. Once recorded, all the transactions it posted to Ledger.

Ledgers -

Ledgers are the columnar form of journals into individual accounts. Once posted all the ledgers, the balance will be posted to Trial Balance

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