Lena Fohn is a licensed accountant. During the fi rst month of operations of her business, Lena Fohn, AG, the following events and transactions occurred. May 1 Shareholders invested €20,000 cash in exchange for ordinary shares. 2 Hired a secretary-receptionist at a salary of €2,000 per month. 3 Purchased €1,500 of supplies on account from Hartig Supply Company. 7 Paid offi ce rent of €900 cash for the month. 11 Completed a tax assignment and billed client €2,800 for services performed. 12 Received €3,500 advance on a management consulting engagement. 17 Received cash of €1,200 for services performed for Lucille Co. 31 Paid secretary-receptionist €2,000 salary for the month. 31 Paid 40% of balance due Hartig Supply Company. Lena uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Share Capital—Ordinary, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on May 31, 2017. Please dont provide solution image based thanku
Lena Fohn is a licensed accountant. During the fi rst month of operations of her business, Lena Fohn, AG, the following events and transactions occurred. May 1 Shareholders invested €20,000 cash in exchange for ordinary shares. 2 Hired a secretary-receptionist at a salary of €2,000 per month. 3 Purchased €1,500 of supplies on account from Hartig Supply Company. 7 Paid offi ce rent of €900 cash for the month. 11 Completed a tax assignment and billed client €2,800 for services performed. 12 Received €3,500 advance on a management consulting engagement. 17 Received cash of €1,200 for services performed for Lucille Co. 31 Paid secretary-receptionist €2,000 salary for the month. 31 Paid 40% of balance due Hartig Supply Company. Lena uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Share Capital—Ordinary, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on May 31, 2017. Please dont provide solution image based thanku
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Lena Fohn is a licensed accountant. During the fi rst month of operations of her
business, Lena Fohn, AG, the following events and transactions occurred.
May 1 Shareholders invested €20,000 cash in exchange for ordinary shares.
2 Hired a secretary-receptionist at a salary of €2,000 per month.
3 Purchased €1,500 of supplies on account from Hartig Supply Company.
7 Paid offi ce rent of €900 cash for the month.
11 Completed a tax assignment and billed client €2,800 for services performed.
12 Received €3,500 advance on a management consulting engagement.
17 Received cash of €1,200 for services performed for Lucille Co.
31 Paid secretary-receptionist €2,000 salary for the month.
31 Paid 40% of balance due Hartig Supply Company.
Lena uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable , No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Share Capital—Ordinary, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
Instructions
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on May 31, 2017.
Please dont provide solution image based thanku
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education