Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September: Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000. There were no liabilities received. Paid three (3) months rent on a lease rental contract, $6,000. 2. Paid the premiums on the property and peril insurance policies, $3,000. Received cash from clients as an advance payment for services to be provided in the coming months, $5,900. 5.Purchased additional office equipment on account from Payne Company, $5,000. 6. Received cash from clients on account, $800. 3. 4. 10. Paid cash for newspaper advertisement, $1,720. 12.Paid Payne Company a portion of the debt incurred on September 5, $2,000. 12. Recorded services provided on account for the period September 1-12, $1,200. 13. Paid part-time receptionist for two weeks' salary, at $500 per week. 17. Recorded cash from cash clients for fees earned during the first half of September, $3,000. 18. Paid cash for supplies, $750. 20. Recorded services provided on account for the period September 13-20, $2,100. 24. Recorded cash from cash clients for fees earned for the period September 17-24, $4,850. 25. Received cash from clients on account, $1,300. 27.Paid part-time receptionist for two weeks salary, at $500 per week. 29. Paid telephone bill for September, $2,000. 30. Paid electricity bill for September, $2,800. 30. Recorded cash from cash clients for fees earned for the period September 25-30, $2,000. 30. Recorded services provided on account for the remainder of September, $1,500.

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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Hi can anyone assist with the below attachment.... i just need to understand questions 1-3. Please 

Requirement:
1. Journalize each transaction in the general journal
referring to the following chart of accounts in selecting the
accounts to be debited and credited and include a
narration for each transaction:
Account #
11
12
14
15
16
18
21
22
23
a a aa a aĄ w
31
41
51
52
53
54
55
56
Account Name
Cash
Accounts Receivables
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accounts Payable
Salaries Payable
Unearned Fees
Capital-Ralph Collins
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Insurance Expense
Utilities Expense
Advertising Expense
Income Summary
2. Post the journal entries to their respective ledger
accounts.
3. Prepare a trial balance based on the balances derived
after completing requirement #2.
4. The company presented the following adjustments, and
you are to prepare the adjusting entries in the general
journal (Narration required for each journal entry):
i. Insurance expired during September, $500.
ii. Supplies on hand on September 30, $1,250.
Transcribed Image Text:Requirement: 1. Journalize each transaction in the general journal referring to the following chart of accounts in selecting the accounts to be debited and credited and include a narration for each transaction: Account # 11 12 14 15 16 18 21 22 23 a a aa a aĄ w 31 41 51 52 53 54 55 56 Account Name Cash Accounts Receivables Supplies Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Salaries Payable Unearned Fees Capital-Ralph Collins Fees Earned Salary Expense Rent Expense Supplies Expense Insurance Expense Utilities Expense Advertising Expense Income Summary 2. Post the journal entries to their respective ledger accounts. 3. Prepare a trial balance based on the balances derived after completing requirement #2. 4. The company presented the following adjustments, and you are to prepare the adjusting entries in the general journal (Narration required for each journal entry): i. Insurance expired during September, $500. ii. Supplies on hand on September 30, $1,250.
Scenario:
Ralph Collins founded Collins Consignment Sales Company
and the company was operated from his home. As of
September 1, 2021, Collins decided to move to rented
quarters and to operate the business on a full-time basis. He
wishes to know how much net income the business has
earned but has no prior knowledge of accounting and has
approached your group for advice. The company entered the
following transactions during September:
Sept 1. The following assets were received from Ralph in
exchange for capital of Collins Consignment Sales
Company: cash - $19,000, accounts receivable -
$2,800, supplies - $2,050, and office equipment -
$15,000. There were no liabilities received.
Paid three (3) months rent on a lease rental
contract, $6,000.
2.
3. Paid the premiums on the property and peril
insurance policies, $3,000.
Received cash from clients as an advance
4.
payment for services to be provided in the coming
months, $5,900.
5.Purchased additional office equipment on account
from Payne Company, $5,000.
Received cash from clients on account, $800.
Paid cash for newspaper advertisement, $1,720.
12.Paid Payne Company a portion of the debt incurred on
September 5, $2,000.
6.
10.
12. Recorded services provided on account for the period
September 1-12, $1,200.
13. Paid part-time receptionist for two weeks' salary, at
$500 per week.
17. Recorded cash from cash clients for fees earned
during the first half of September, $3,000.
18. Paid cash for supplies, $750.
20. Recorded services provided on account for the period
September 13-20, $2,100.
24. Recorded cash from cash clients for fees earned for
the period September 17-24, $4,850.
25.
Received cash from clients on account, $1,300.
27.Paid part-time receptionist for two weeks salary, at
$500 per week.
29. Paid telephone bill for September, $2,000.
30. Paid electricity bill for September, $2,800.
30. Recorded cash from cash clients for fees earned for
the period September 25-30, $2,000.
30.
Recorded services provided on account for the
remainder of September, $1,500.
Transcribed Image Text:Scenario: Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September: Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000. There were no liabilities received. Paid three (3) months rent on a lease rental contract, $6,000. 2. 3. Paid the premiums on the property and peril insurance policies, $3,000. Received cash from clients as an advance 4. payment for services to be provided in the coming months, $5,900. 5.Purchased additional office equipment on account from Payne Company, $5,000. Received cash from clients on account, $800. Paid cash for newspaper advertisement, $1,720. 12.Paid Payne Company a portion of the debt incurred on September 5, $2,000. 6. 10. 12. Recorded services provided on account for the period September 1-12, $1,200. 13. Paid part-time receptionist for two weeks' salary, at $500 per week. 17. Recorded cash from cash clients for fees earned during the first half of September, $3,000. 18. Paid cash for supplies, $750. 20. Recorded services provided on account for the period September 13-20, $2,100. 24. Recorded cash from cash clients for fees earned for the period September 17-24, $4,850. 25. Received cash from clients on account, $1,300. 27.Paid part-time receptionist for two weeks salary, at $500 per week. 29. Paid telephone bill for September, $2,000. 30. Paid electricity bill for September, $2,800. 30. Recorded cash from cash clients for fees earned for the period September 25-30, $2,000. 30. Recorded services provided on account for the remainder of September, $1,500.
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Hi can some assist with the answers for questions 4-6 please

Scenario:
Ralph Collins founded Collins Consignment Sales Company
and the company was operated from his home. As of
September 1, 2021, Collins decided to move to rented
quarters and to operate the business on a full-time basis. He
wishes to know how much net income the business has
earned but has no prior knowledge of accounting and has
approached your group for advice. The company entered the
following transactions during September:
Sept 1. The following assets were received from Ralph in
exchange for capital of Collins Consignment Sales
Company: cash - $19,000, accounts receivable -
$2,800, supplies - $2,050, and office equipment -
$15,000. There were no liabilities received.
Paid three (3) months rent on a lease rental
contract, $6,000.
Paid the premiums on the property and peril
insurance policies, $3,000.
2.
3.
4.
Received cash from clients as an advance
payment for services to be provided in the coming
months, $5,900.
5. Purchased additional office equipment on account
from Payne Company, $5,000.
6. Received cash from clients on account, $800.
10. Paid cash for newspaper advertisement, $1,720.
12. Paid Payne Company a portion of the debt incurred on
September 5, $2,000.
12. Recorded services provided on account for the period
September 1-12, $1,200.
13. Paid part-time receptionist for two weeks' salary, at
$500 per week.
17. Recorded cash from cash clients for fees earned
during the first half of September, $3,000.
18. Paid cash for supplies, $750.
20. Recorded services provided on account for the period
September 13-20, $2,100.
24. Recorded cash from cash clients for fees earned for
the period September 17-24, $4,850.
25.
Received cash from clients on account, $1,300.
27.Paid part-time receptionist for two weeks salary, at
$500 per week.
29. Paid telephone bill for September, $2,000.
30. Paid electricity bill for September, $2,800.
30. Recorded cash from cash clients for fees earned for
the period September 25-30, $2,000.
30.
Recorded services provided on account for the
remainder of September, $1,500.
Transcribed Image Text:Scenario: Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September: Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000. There were no liabilities received. Paid three (3) months rent on a lease rental contract, $6,000. Paid the premiums on the property and peril insurance policies, $3,000. 2. 3. 4. Received cash from clients as an advance payment for services to be provided in the coming months, $5,900. 5. Purchased additional office equipment on account from Payne Company, $5,000. 6. Received cash from clients on account, $800. 10. Paid cash for newspaper advertisement, $1,720. 12. Paid Payne Company a portion of the debt incurred on September 5, $2,000. 12. Recorded services provided on account for the period September 1-12, $1,200. 13. Paid part-time receptionist for two weeks' salary, at $500 per week. 17. Recorded cash from cash clients for fees earned during the first half of September, $3,000. 18. Paid cash for supplies, $750. 20. Recorded services provided on account for the period September 13-20, $2,100. 24. Recorded cash from cash clients for fees earned for the period September 17-24, $4,850. 25. Received cash from clients on account, $1,300. 27.Paid part-time receptionist for two weeks salary, at $500 per week. 29. Paid telephone bill for September, $2,000. 30. Paid electricity bill for September, $2,800. 30. Recorded cash from cash clients for fees earned for the period September 25-30, $2,000. 30. Recorded services provided on account for the remainder of September, $1,500.
Account #
7:41 M
Requirement:
1. Journalize each transaction in the general journal referring to the
following chart of accounts in selecting the accounts to be debited and
credited and include a narration for each transaction:
Account Name
m 2 4 5 6 16 22 23 3
11
12
14
15
16
18
21
31
41
51
52
53
54
55
56
Cash
Accounts Receivables
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accounts Payable
Salaries Payable
Fees
Unearned
Capital-Ralph Collins
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Insurance Expense
Utilities Expense
Advertising Expense
Income Summary
5 {
2. Post the journal entries to their respective ledger accounts.
...| 61%
3. Prepare a trial balance based on the balances derived after completing
requirement #2.
6. Prepare the adjusted trial balance.
4. The company presented the following adjustments, and you are to
prepare the adjusting entries in the general journal (Narration required
for each journal entry):
i. Insurance expired during September, $500.
ii. Supplies on hand on September 30, $1,250.
iii. Accrued receptionist salary on September 30, $500
iv. Rent expired during September, $2,000.
v. Unearned fees on September 30 are $2,900.
5. Post the adjusting entries to their respective ledger accounts already
started in requirement # 2.
7. Prepare the financial statements for the month of September for
presentation to Ralph Collins.
Transcribed Image Text:Account # 7:41 M Requirement: 1. Journalize each transaction in the general journal referring to the following chart of accounts in selecting the accounts to be debited and credited and include a narration for each transaction: Account Name m 2 4 5 6 16 22 23 3 11 12 14 15 16 18 21 31 41 51 52 53 54 55 56 Cash Accounts Receivables Supplies Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Salaries Payable Fees Unearned Capital-Ralph Collins Fees Earned Salary Expense Rent Expense Supplies Expense Insurance Expense Utilities Expense Advertising Expense Income Summary 5 { 2. Post the journal entries to their respective ledger accounts. ...| 61% 3. Prepare a trial balance based on the balances derived after completing requirement #2. 6. Prepare the adjusted trial balance. 4. The company presented the following adjustments, and you are to prepare the adjusting entries in the general journal (Narration required for each journal entry): i. Insurance expired during September, $500. ii. Supplies on hand on September 30, $1,250. iii. Accrued receptionist salary on September 30, $500 iv. Rent expired during September, $2,000. v. Unearned fees on September 30 are $2,900. 5. Post the adjusting entries to their respective ledger accounts already started in requirement # 2. 7. Prepare the financial statements for the month of September for presentation to Ralph Collins.
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