June 1 – Hazel prepaid for insurance for the remaining 7 months of the year. The total premium paid was $1,680. ☐ June 1 - Hazel purchased a computer server for the office on account for $2,880. ☐ June 3 – Hazel paid $400 for an internet advertisement. ☐ June 4 – Hazel paid the assistant for the amount due for May wages. ☐ June 8 – Hazel received $7,500 in advance for services to be provided to clients. ☐ June 15 – Hazel paid for the supplies purchased on May 20. ☐ June 15 – Hazel decided to create a petty cash fund for the office. The amount deposited into the petty cash account was $500. ☐ June 16 – Hazel paid her assistant $775 for wages for the first two weeks of June. ☐ June 16 – Hazel billed clients a total of $3,683 for services provided during the first half of the month. ☐ June 17 – Hazel received $500 in partial payment of the amount billed to a client on May 31. The remaining $3,680 was determined to be uncollectible. Hazel uses the direct write method for uncollectible accounts. ☐ June 18 – Hazel pays herself a dividend of $7,500. ☐ June 23 – Hazel created a step-by-step manual to sell to her clients. She produced the manual in the office to save on costs. She sells the manuals for $60 each. She sold a total of 5 manuals to date, and the state sales tax is 8%. Sales tax is to be remitted to the proper agencies next month. (Manuals are produced as requested, so there is no inventory to keep track of. Also, as the materials used are minimal and come out of existing office supplies, there is no need to record cost of goods sold.) ☐ June 27 - Hazel received and paid the utility bill for June in the amount of $312. ☐ June 28 – Hazel received and paid the internet and phone bill for June in the amount of $187. ☐ June 29 – Hazel received $1,950 for services provided to clients. ☐ June 29 – Hazel paid half of the open accounts payable balance. ☐ June 30– Accruals that need entries for the month of June: The assistant is owed $945 for hours worked during the second half of June. Depreciation of $100 needs to be recorded for the month of June for the computer purchased in May. The computer server is determined to have a useful life of 4 years, and a residual value of $200. Hazel decided to use the double-declining balance method for this equipment. Depreciation needs to be recorded for the one month that it was in service. (Hint: calculate the double-declining balance depreciation for the first year, then determine how much should be recorded for one month.) Unbilled services for the month of June total $1,585. One month of prepaid rent expired. One month of prepaid insurance expired. Supplies on hand at the end of the month total $265. Hazel had completed one half of the services she received prepayment for on June 8. The petty cash balance on June 30th is $327. Expenses include postage & shipping, $56; snacks and drinks for office (use supplies expense account), $82; miscellaneous expenses, $35.

June 1 – Hazel prepaid for insurance for the remaining 7 months of the year. The total premium paid was $1,680. ☐ June 1 - Hazel purchased a computer server for the office on account for $2,880. ☐ June 3 – Hazel paid $400 for an internet advertisement. ☐ June 4 – Hazel paid the assistant for the amount due for May wages. ☐ June 8 – Hazel received $7,500 in advance for services to be provided to clients. ☐ June 15 – Hazel paid for the supplies purchased on May 20. ☐ June 15 – Hazel decided to create a petty cash fund for the office. The amount deposited into the petty cash account was $500. ☐ June 16 – Hazel paid her assistant $775 for wages for the first two weeks of June. ☐ June 16 – Hazel billed clients a total of $3,683 for services provided during the first half of the month. ☐ June 17 – Hazel received $500 in partial payment of the amount billed to a client on May 31. The remaining $3,680 was determined to be uncollectible. Hazel uses the direct write method for uncollectible accounts. ☐ June 18 – Hazel pays herself a dividend of $7,500. ☐ June 23 – Hazel created a step-by-step manual to sell to her clients. She produced the manual in the office to save on costs. She sells the manuals for $60 each. She sold a total of 5 manuals to date, and the state sales tax is 8%. Sales tax is to be remitted to the proper agencies next month. (Manuals are produced as requested, so there is no inventory to keep track of. Also, as the materials used are minimal and come out of existing office supplies, there is no need to record cost of goods sold.) ☐ June 27 - Hazel received and paid the utility bill for June in the amount of $312. ☐ June 28 – Hazel received and paid the internet and phone bill for June in the amount of $187. ☐ June 29 – Hazel received $1,950 for services provided to clients. ☐ June 29 – Hazel paid half of the open accounts payable balance. ☐ June 30– Accruals that need entries for the month of June: The assistant is owed $945 for hours worked during the second half of June. Depreciation of $100 needs to be recorded for the month of June for the computer purchased in May. The computer server is determined to have a useful life of 4 years, and a residual value of $200. Hazel decided to use the double-declining balance method for this equipment. Depreciation needs to be recorded for the one month that it was in service. (Hint: calculate the double-declining balance depreciation for the first year, then determine how much should be recorded for one month.) Unbilled services for the month of June total $1,585. One month of prepaid rent expired. One month of prepaid insurance expired. Supplies on hand at the end of the month total $265. Hazel had completed one half of the services she received prepayment for on June 8. The petty cash balance on June 30th is $327. Expenses include postage & shipping, $56; snacks and drinks for office (use supplies expense account), $82; miscellaneous expenses, $35.

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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June 1 – Hazel prepaid for insurance for the remaining 7 months of the year. The total premium paid was $1,680.

☐ June 1 - Hazel purchased a computer server for the office on account for $2,880.

☐ June 3 – Hazel paid $400 for an internet advertisement.

☐ June 4 – Hazel paid the assistant for the amount due for May wages.

☐ June 8 – Hazel received $7,500 in advance for services to be provided to clients.

☐ June 15 – Hazel paid for the supplies purchased on May 20.

☐ June 15 – Hazel decided to create a petty cash fund for the office. The amount deposited into the petty cash account was $500.

☐ June 16 – Hazel paid her assistant $775 for wages for the first two weeks of June.

☐ June 16 – Hazel billed clients a total of $3,683 for services provided during the first half of the month.

☐ June 17 – Hazel received $500 in partial payment of the amount billed to a client on May 31. The remaining $3,680 was determined to be uncollectible. Hazel uses the direct write method for uncollectible accounts.

☐ June 18 – Hazel pays herself a dividend of $7,500.

☐ June 23 – Hazel created a step-by-step manual to sell to her clients. She produced the manual in the office to save on costs. She sells the manuals for $60 each. She sold a total of 5 manuals to date, and the state sales tax is 8%. Sales tax is to be remitted to the proper agencies next month. (Manuals are produced as requested, so there is no inventory to keep track of. Also, as the materials used are minimal and come out of existing office supplies, there is no need to record cost of goods sold.)

☐ June 27 - Hazel received and paid the utility bill for June in the amount of $312.

☐ June 28 – Hazel received and paid the internet and phone bill for June in the amount of $187.

☐ June 29 – Hazel received $1,950 for services provided to clients.

☐ June 29 – Hazel paid half of the open accounts payable balance.

☐ June 30– Accruals that need entries for the month of June:

The assistant is owed $945 for hours worked during the second half of June.
Depreciation of $100 needs to be recorded for the month of June for the computer purchased in May.
The computer server is determined to have a useful life of 4 years, and a residual value of $200. Hazel decided to use the double-declining balance method for this equipment. Depreciation needs to be recorded for the one month that it was in service. (Hint: calculate the double-declining balance depreciation for the first year, then determine how much should be recorded for one month.)
Unbilled services for the month of June total $1,585.
One month of prepaid rent expired.
One month of prepaid insurance expired.
Supplies on hand at the end of the month total $265.
Hazel had completed one half of the services she received prepayment for on June 8.
The petty cash balance on June 30^th is $327. Expenses include postage & shipping, $56; snacks and drinks for office (use supplies expense account), $82; miscellaneous expenses, $35.

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