AHH4880ΠΕΤΡ Ch. 3 ClassworkChart of AccountsCashAccounts ReceivableSuppliesInventoryPrepaid InsurancePrepaid RentOffice EquipmentAccumulated DepreciationAccounts PayableNotes PayableUnearned RevenueCommon StockRetained EarningsDividendsFees EarnedSalesCost of Goods SoldDepreciation ExpenseInsurance ExpenseRent ExpenseSupplies ExpenseUtility ExpenseWages ExpenseM4 Engineering began operations in January of 2020. M4 Engineering providesstructural engineering services to local these parks.Listed below are some transaction from the first quarter 2020.a) On January 1, the owners deposited $200,000 into the business bank account in exchange forCommon Stock.b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. Theowner required the rent for the year be paid in advance. M4 Engineering gave the landlord a checkfor $30,000.c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginningon April 1.d) On January 31, M4 Engineering bought $7,500 of office supplies on account.e) On February 10, M4 Engineering paid the utility bills of $300.f) On February 15, M4 Engineering bought computers and other Office Equipment on account for$20,000.g) On February 28, M4 Engineering received $50,000 advance payment for work that will beginon April 1.

Dr Dr 9 Supples o ASSETS O Prop O Office Exppmant O LABAITS Accounts Payable O or Account Name Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accum. Depreciation Accounts Payable Wages Payable Unearned Revenue Common Stock Dividends Please type in the amounts. Don't link these to the T-accounts. M4 Engineering, Inc. Unadjusted Trail Balance For the Quarter Ended March 31, 2020 Debit Fees Earned Sales Cost of Good Sold Depreciation Expense Insurance Expense Dr. Rent Expense Supplies Expense Utility Expense Wages Expense Totals O 9 O Credit O

Dr Dr 9 Supples o ASSETS O Prop O Office Exppmant O LABAITS Accounts Payable O or Account Name Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accum. Depreciation Accounts Payable Wages Payable Unearned Revenue Common Stock Dividends Please type in the amounts. Don't link these to the T-accounts. M4 Engineering, Inc. Unadjusted Trail Balance For the Quarter Ended March 31, 2020 Debit Fees Earned Sales Cost of Good Sold Depreciation Expense Insurance Expense Dr. Rent Expense Supplies Expense Utility Expense Wages Expense Totals O 9 O Credit O

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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Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
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28 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts - Receivable BD2000 Equipment BD6000 Accounts Prepaid Rent BD4000 - Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000. Required: compute the amount and show solution steps of: 1- Total current assets. 2- Total fixed assets. *
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