Homework Help is Here – Start Your Trial Now!
Business
Accounting
Print Done Requirement 2. Post the transactions to the T-accounts. Insert in each account its balance as given (example: Cash $1,300) Begin by entering the appropriate beginning balances and posting transactions (a) through (c). Label each balance and transaction. (Leave any unused cells blank. Do not enter "0" beginning balances. Do not post transactions (d) and beyond until after you have checked your work and then, move to the next step.) Common Shares Cash Data Table During June 2020, the business completed these transactions. Received cash of $9,400 and issued common shares. a. Performed services for a client and received cash of $6,300. Paid $4,500 on accounts payable. Accounts Payable b. Service Revenue C. d. Purchased supplies on account, $600. e. Collected cash from a customer on account, $500. Consulted on the design of a business report, and billed the client for services rendered, $2,900. f. Recorded the following business expenses for the month: paid office rent, $1,4003; g. paid advertising, $500. Declared and paid a cash dividend of $2,100. Choose from any list or enter any number in the input fields and then click Check Answer, ver h. 3 parts remaining 12:43 PM

Print Done Requirement 2. Post the transactions to the T-accounts. Insert in each account its balance as given (example: Cash $1,300) Begin by entering the appropriate beginning balances and posting transactions (a) through (c). Label each balance and transaction. (Leave any unused cells blank. Do not enter "0" beginning balances. Do not post transactions (d) and beyond until after you have checked your work and then, move to the next step.) Common Shares Cash Data Table During June 2020, the business completed these transactions. Received cash of $9,400 and issued common shares. a. Performed services for a client and received cash of $6,300. Paid $4,500 on accounts payable. Accounts Payable b. Service Revenue C. d. Purchased supplies on account, $600. e. Collected cash from a customer on account, $500. Consulted on the design of a business report, and billed the client for services rendered, $2,900. f. Recorded the following business expenses for the month: paid office rent, $1,4003; g. paid advertising, $500. Declared and paid a cash dividend of $2,100. Choose from any list or enter any number in the input fields and then click Check Answer, ver h. 3 parts remaining 12:43 PM

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please complete requirement 2, using two data tables and the journal entries. 

P2-34A (alt 3) Data Table The following amounts summarize the financial position of Haas Consulting, Inc. on May 31, 2020. E (Click the icon to view the May 31, 2020, financial position.) E (Click the icon to view the tra Liabilities Shareholders' Equity + Assets Requirements Accounts Common Retained Accounts Accounts Debit Credit Cash Receivable + Supplies Land Payable Shares Earnings dan Bal. 1,300 1,450 11,800 7,500 3,500 3,550 II 2,100 I3D %3D Print Done %3D Requirement 2. Post the transactions to the T-accounts. Insert in each account its balance as given (example: Cash $1,300). Begin by entering the appropriate beginning balances and posting transactions (a) through (c). Label each balance and transaction. (Leave any unused cells blank. Do not enter "0" beginning balances. Do not post transactions (d) and beyond until after you have checked your work and then, move to the next step.) Common Shares Cash Data Table During June 2020, the business completed these transactions. Received cash of $9,400 and issued common shares. а. Accounts Payable b. Performed services for a client and received cash of $6,300. Service Revenue с. Paid $4,500 on accounts payable. d. Purchased supplies on account, $600. е. Collected cash from a customer on account, $500. Consulted on the design of a business report, and billed the client for services rendered, $2,900, f. Recorded the following business expenses for the month: paid office rent, $1,4003; g. paid advertising, $500. Declared and paid a cash dividend of $2,100. Choose from any list or enter any number in the input fields and then click Check Answer. ver h. 3 Parts remaining 12:43 PM
Transcribed Image Text:P2-34A (alt 3) Data Table The following amounts summarize the financial position of Haas Consulting, Inc. on May 31, 2020. E (Click the icon to view the May 31, 2020, financial position.) E (Click the icon to view the tra Liabilities Shareholders' Equity + Assets Requirements Accounts Common Retained Accounts Accounts Debit Credit Cash Receivable + Supplies Land Payable Shares Earnings dan Bal. 1,300 1,450 11,800 7,500 3,500 3,550 II 2,100 I3D %3D Print Done %3D Requirement 2. Post the transactions to the T-accounts. Insert in each account its balance as given (example: Cash $1,300). Begin by entering the appropriate beginning balances and posting transactions (a) through (c). Label each balance and transaction. (Leave any unused cells blank. Do not enter "0" beginning balances. Do not post transactions (d) and beyond until after you have checked your work and then, move to the next step.) Common Shares Cash Data Table During June 2020, the business completed these transactions. Received cash of $9,400 and issued common shares. а. Accounts Payable b. Performed services for a client and received cash of $6,300. Service Revenue с. Paid $4,500 on accounts payable. d. Purchased supplies on account, $600. е. Collected cash from a customer on account, $500. Consulted on the design of a business report, and billed the client for services rendered, $2,900, f. Recorded the following business expenses for the month: paid office rent, $1,4003; g. paid advertising, $500. Declared and paid a cash dividend of $2,100. Choose from any list or enter any number in the input fields and then click Check Answer. ver h. 3 Parts remaining 12:43 PM
Journal entries: Debit ( $) Credit( $ ) Date Accounts A) Cash A/c To Common shares A/c ( Being record of cash received on issue of shares) 9400 9400 B) Cash A/c 6300 To Service revenue A/c 6300 Being record of cash received) C) Accounts payable A/c To Cash A/c 4500 4500 ( Being record of cash paid) D) Supplies A/c To Accounts payable A/c 600 600 Being record of supplies purchased Cash A/c To Accounts receivable A/c E) 500 500 ( Being record of cash received ) F ) Accounts receivable A/c To Service revenue A/c 2900 2900 Being record of serice rendered) G) Rent expense A/c Advertising expense A/c To Cash A/c 1400 500 1900 |( Being record of expenses paid) H) Dividends A/c To Cash A/c ( Being record of dividends paid) 2100 2100
Transcribed Image Text:Journal entries: Debit ( $) Credit( $ ) Date Accounts A) Cash A/c To Common shares A/c ( Being record of cash received on issue of shares) 9400 9400 B) Cash A/c 6300 To Service revenue A/c 6300 Being record of cash received) C) Accounts payable A/c To Cash A/c 4500 4500 ( Being record of cash paid) D) Supplies A/c To Accounts payable A/c 600 600 Being record of supplies purchased Cash A/c To Accounts receivable A/c E) 500 500 ( Being record of cash received ) F ) Accounts receivable A/c To Service revenue A/c 2900 2900 Being record of serice rendered) G) Rent expense A/c Advertising expense A/c To Cash A/c 1400 500 1900 |( Being record of expenses paid) H) Dividends A/c To Cash A/c ( Being record of dividends paid) 2100 2100
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Information system controls
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
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
SEE MORE TEXTBOOKS