Journal the following transactions related to the service business Tom’s Tailor Shop, owned by Tom Turnbull.   Start Microsoft Excel, and open the BUS113_04_06.xlsx file from C:\ACTT1\Data\Unit_4. Click the File tab, and then click Save As. Save the file to C:\ACTT1\Student\Unit_4. October 1. Received cash from owner, Tom Turnbull, as an investment, $5,000.00. Receipt No. 1. October 9. Paid cash for insurance, $1,200.00. Check No. 1. October 13. Bought supplies on account from Sewing Essentials, $150.00. Memorandum No. 1. October 21. Sold services on account to Main Street Theater, $600.00. Sales Invoice No. 1. October 24. Paid cash for electric bill, $300.00. Check No. 2. October 31. Paid cash to owner, Tom Turnbull, for personal use, $3,000.00. Check No. 3. October 31. Received cash from sales, $2,352.00. Register Tape No. 1. Total the columns and prove and rule page 1 of the journal. Prove cash. The beginning cash balance on October 1 is zero. The balance on the next unused check stub is $2,852.00. Save and close the spreadsheet. Submit your file to your instructor for grading.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
100%
  1. Journal the following transactions related to the service business Tom’s Tailor Shop, owned by Tom Turnbull.

 

  1. Start Microsoft Excel, and open the BUS113_04_06.xlsx file from C:\ACTT1\Data\Unit_4.
  2. Click the File tab, and then click Save As. Save the file to C:\ACTT1\Student\Unit_4.
  3. October 1. Received cash from owner, Tom Turnbull, as an investment, $5,000.00. Receipt No. 1.
  4. October 9. Paid cash for insurance, $1,200.00. Check No. 1.
  5. October 13. Bought supplies on account from Sewing Essentials, $150.00. Memorandum No. 1.
  6. October 21. Sold services on account to Main Street Theater, $600.00. Sales Invoice No. 1.
  7. October 24. Paid cash for electric bill, $300.00. Check No. 2.
  8. October 31. Paid cash to owner, Tom Turnbull, for personal use, $3,000.00. Check No. 3.
  9. October 31. Received cash from sales, $2,352.00. Register Tape No. 1.
  10. Total the columns and prove and rule page 1 of the journal.
  11. Prove cash. The beginning cash balance on October 1 is zero. The balance on the next unused check stub is $2,852.00.
  12. Save and close the spreadsheet.
  13. Submit your file to your instructor for grading.

 

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
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.
Similar questions
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