John Doe founded Premier Construction. Operations started on October 1, 2021.John's son, a teenager, kept the books for the first two months. John decides that it is timeto hire a bookkeeper with formal training. He asks you to record the activity for Decemberand to complete the accounting cycle for the quarter ended December 31, 2021.The trial balance as of 11/30/2021 and the detail for the Accounts Receivable accountbalance is on page 2.The December 2021 events are on page 3.Additional Information:Ellie Smith is the only employee. She is paid on the 1st of month for the pay periodending on the last day of the prior month and on the 16th of the month for the payperiod covering the first fifteen days of the current month.Required1. Enter the balances as of 11/30/2021 in the general ledger.2. Prepare journal entries to record each of the December transactions for PremierConstruction.If an event is not a transaction, write the date and "no entry needed" on thejournal page.The explanation on the journal and in the general ledger must include at aminimum the available document reference and a name (for example Check 100;Ellie Smith).3. Post those entries to the accounts in the ledger.The explanation in the general ledger must include at a minimum the availabledocument reference and a name (for example Check 100; Ellie Smith). Premier Construction had the following transactions and events in December 2021.Dec.Issued check 100 to paid Ellie Smith's wages; $2,000.1Received Check 10239 for $1,700 from City of Modesto for the receivable fromNovember; Ref.: CR-1201Purchased $2,100 of supplies on account from Specialty Materials; Ref.: SM-12044City of Escalon accepted Premier's bid of $12,000 on a proposed project. City ofEscalon made a $4,000 down payment (Check 50293); Ref.: CR-1202Issued check 101 to the order of Stanislaus County Tax Collector to pay for the9property taxes on John Doe's personal residence; $2,500.15 Completed a project for Chang Inc. and received $3,800 at the time of service(Check 1001); Ref.: CR-1203.16 Received a bill from Ray Consulting for the work it performed on the Chang Inc.project; Ref.: RC-1216 for $1,900.16 Issued check 102 payable to Ellie Smith for $2,028. The check pays Ellie for tendays of work at the rate of $200 per day and business mileage (50 miles at $0.56per mile).19 Received a debit memo from the bank notifying Premier Construction that Chang'scheck 1001 bounced; Ref.:DM-NSF.20 Returned $600 of supplies purchased from Specialty Materials on 12/4. SpecialtyMaterials issued a credit memo; Ref.: VCM-SM120422 Received $1,600 from Clark Co. on its receivable (Check 200); Ref.: CR-120425 Issued check 103 for $1,500 to A Plus Architecture as a down payment for anupcoming project.28 Issued check 104 to Google Ads for next month's advertising costs; $600.31 Completed the work agreed to on the contract awarded on December 5. InvoicedCity of Escalon $8,000 which is the contract amount of $12,000 less the advancepayment of $4,000; Invoice 10031 Issued check 105 to pay Specialty Materials for the balance on account.3.

Journal Entry The purpose of preparing the Journal entry to enter the required information into…

Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to record each of the December transactions for Premier Construction. If an event is not a transaction, write the date and “no entry needed" on the journal page. The explanation on the journal and in the general ledger must include at a minimum the available document reference and a name (for example Check 100; Ellie Smith).

Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to record each of the December transactions for Premier Construction. If an event is not a transaction, write the date and “no entry needed" on the journal page. The explanation on the journal and in the general ledger must include at a minimum the available document reference and a name (for example Check 100; Ellie Smith).

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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1.Because of the loan, you have to provide the bank with your financial statements at the end of the month - Feb 28, 2021. (we have to make proper FS including adjustments) 2.You do a quick count of your inventory and find there are 19 pairs of shoes in inventory. 3.On March 2nd, you receive a report from Shopify that states your credit card processing fees for the last month totalled $250. Shopify will remove the amount due from your future sales transactions. 4.The March 2nd report also includes notice that your next $400 monthly fee will also simply reduce the amount received from future sales transactions. 5.You think that your office furniture etc. will last for about 3 years. 6.You do a quick check and find there's still about $370 worth of office and packing supplies left. 7.In your wallet you find receipts dating Feb 13 - Feb 28 from Canada Post. They are all for shipping the shoes to customers throughout the month. You must not have had business cheques because the total…
1.Because of the loan, you have to provide the bank with your financial statements at the end of the month - Feb 28, 2021. (we have to make proper FS including adjustments) 2.You do a quick count of your inventory and find there are 19 pairs of shoes in inventory. 3.On March 2nd, you receive a report from Shopify that states your credit card processing fees for the last month totalled $250. Shopify will remove the amount due from your future sales transactions. 4.The March 2nd report also includes notice that your next $400 monthly fee will also simply reduce the amount received from future sales transactions. 5.You think that your office furniture etc. will last for about 3 years. 6.You do a quick check and find there's still about $370 worth of office and packing supplies left. 7.In your wallet you find receipts dating Feb 13 - Feb 28 from Canada Post. They are all for shipping the shoes to customers throughout the month. You must not have had business cheques because the total…