PROGRESS CONSULTING Balance Sheet December 31, 20X1 ccember: owing transactions during 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* 18th Paid $1,151 for supplies.* Billed clients for services performed on account, $1,100. 20th 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st IS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC e are three numbers in the project that you must fill in to complete the project. These num isplayed with underscore symbols (i.e. ) and have an asterisk symbol at the end of their r the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore- oli for anch of the numbers, For example, if your student id number is 123456, then you otudent's project will be
PROGRESS CONSULTING Balance Sheet December 31, 20X1 ccember: owing transactions during 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* 18th Paid $1,151 for supplies.* Billed clients for services performed on account, $1,100. 20th 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st IS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC e are three numbers in the project that you must fill in to complete the project. These num isplayed with underscore symbols (i.e. ) and have an asterisk symbol at the end of their r the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore- oli for anch of the numbers, For example, if your student id number is 123456, then you otudent's project will be
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How do I set up a

Transcribed Image Text:PROGRESS CONSULTING
Balance Sheet
December 31, 20X1

Transcribed Image Text:ccember:
owing transactions during
1st
Aaron Jones invested the following assets in the business: cash, $6,500; supplies,
$1,250; and office equipment, $27,900. Mr. Jones received common stock in an
amount equal to his investment.
2nd
Paid $4,500 for rent for December 20X1 through February 28, 20X2.
3rd
Paid $1,800 for a one year premium on property and casualty insurance. The
policy covers the period December 1, 20X1 to November 30, 20X2
4th
Received $3,500 cash from a client as an advance payment for services to be
performed in the future.
5th
Purchased additional office equipment on account from Payne Company for
$1,800.
10th
Paid $2,300 for a newspaper advertisement.
11th
Paid Payne Company for part of the debt incurred on December 5, $900.
12th
Billed clients for services performed on account, $1,200.
17th
Received cash payment from client for services performed on this date, $8,45).*
18th
Paid $1,151 for supplies.*
Billed clients for services performed on account, $1,100.
20th
24th
Received cash payment from client for services performed on this date, $1,850.
25th
Received cash from clients as payment on account, $1,300.
30th
Paid $330 for utilities for December.
Paid cash dividend of $2,45).*
31st
IS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC
e are three numbers in the project that you must fill in to complete the project. These num
isplayed with underscore symbols (i.e. ) and have an asterisk symbol at the end of their
r the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore-
oli for anch of the numbers, For example, if your student id number is 123456, then you
otudent's project will be
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 2 steps with 3 images

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