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Problem Dr. Dr. Cash Accounts Receivable Dr. Cr. Dr. Supplies Inventory Cr. Cr. Cr. General Journal 0 ASSETS Prepaid Insurance Dr. Cr. 0 Prepaid Rent Dr. 0 Cr. Office Equipment Dr. Cr. 0 Accum. Depreciation Dr. Cr. T Accounts 0 LIABILITIES Accounts Payable Dr. Cr. Wages Payable Dr. Cr. Unearned Revenue Dr. Cr. 0 0 0

Problem Dr. Dr. Cash Accounts Receivable Dr. Cr. Dr. Supplies Inventory Cr. Cr. Cr. General Journal 0 ASSETS Prepaid Insurance Dr. Cr. 0 Prepaid Rent Dr. 0 Cr. Office Equipment Dr. Cr. 0 Accum. Depreciation Dr. Cr. T Accounts 0 LIABILITIES Accounts Payable Dr. Cr. Wages Payable Dr. Cr. Unearned Revenue Dr. Cr. 0 0 0

FINANCIAL ACCOUNTING
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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Cash Accounts 1 Supplies Inventory Prepaid In: Prepaid Re Office Equ Accumulat Accounts I Notes Pay Unearned] Chart of Accounts Common Stock Retained Earnings Dividends Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on 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 begin on April 1.
Transcribed Image Text:Cash Accounts 1 Supplies Inventory Prepaid In: Prepaid Re Office Equ Accumulat Accounts I Notes Pay Unearned] Chart of Accounts Common Stock Retained Earnings Dividends Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on 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 begin on April 1.
Problem Dr. Dr. Cash Accounts Receivable Dr. Cr. Dr. Supplies Inventory Cr. Cr. Cr. General Journal 0 ASSETS Prepaid Insurance Dr. Cr. Prepaid Rent Dr Cr. Office Equipment Dr. Cr. Accum. Depreciation Dr. Cr. 0 T Accounts 0 LIABILITIES Accounts Payable Dr. Cr. Wages Payable Dr. Cr. Unearned Revenue Dr. Cr. 0 0 TB AJES Common Stock Dr. Cr. Dividends Dr. Cr. AdjTB 0 Fees Earned Dr. Dr. IS Sales Cr. Cr. Cost of Goods Sold Dr. Cr. Stmt of SE EQUITY Depreciation Exp. Dr. Cr. 0 Insurance Expense Dr. Cr 01 Rent Expense Dr. Cr. BS Supplies Expens Dr. Cr. Utility Expense Dr. Cr Wages Expense Cr. Dr.
Transcribed Image Text:Problem Dr. Dr. Cash Accounts Receivable Dr. Cr. Dr. Supplies Inventory Cr. Cr. Cr. General Journal 0 ASSETS Prepaid Insurance Dr. Cr. Prepaid Rent Dr Cr. Office Equipment Dr. Cr. Accum. Depreciation Dr. Cr. 0 T Accounts 0 LIABILITIES Accounts Payable Dr. Cr. Wages Payable Dr. Cr. Unearned Revenue Dr. Cr. 0 0 TB AJES Common Stock Dr. Cr. Dividends Dr. Cr. AdjTB 0 Fees Earned Dr. Dr. IS Sales Cr. Cr. Cost of Goods Sold Dr. Cr. Stmt of SE EQUITY Depreciation Exp. Dr. Cr. 0 Insurance Expense Dr. Cr 01 Rent Expense Dr. Cr. BS Supplies Expens Dr. Cr. Utility Expense Dr. Cr Wages Expense Cr. Dr.
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