rsday, 18 March, 6:30 PM Course event 1. May1, Business owner Bill Doors invested $200,000 in cash and office equipment worth $48,000 in the business bank account 2. May1st, prepaid $14,400 cash for three month office rent. 3. May2nd, made credit purchase of office equipment for $24,000 and office supplies for $4800 4. May6, completed services for a client and received $4000 cash. 5. May9, completed a $16,000 project service for a patient, who will pay within 30 days. 6. May10, paid balance owing on May2nd. 7. May19, paid $12,000 cash for the annual liability insurance premium 8. May22, received $12,800 as partial payment for the services done on May9. 9. May25, completed consulting services for another client for $5280 on account. 10. May31, Bill Doors withdrew $12,400 cash for personal use. 11. May31, purchased $1600 additional office supplies on account 12. May31, paid $1400 for the monthly utility bill. Required: Step1-making entries Step2 T-Account to add the balance for each account Step3 Trial Balance

rsday, 18 March, 6:30 PM Course event 1. May1, Business owner Bill Doors invested $200,000 in cash and office equipment worth $48,000 in the business bank account 2. May1st, prepaid $14,400 cash for three month office rent. 3. May2nd, made credit purchase of office equipment for $24,000 and office supplies for $4800 4. May6, completed services for a client and received $4000 cash. 5. May9, completed a $16,000 project service for a patient, who will pay within 30 days. 6. May10, paid balance owing on May2nd. 7. May19, paid $12,000 cash for the annual liability insurance premium 8. May22, received $12,800 as partial payment for the services done on May9. 9. May25, completed consulting services for another client for $5280 on account. 10. May31, Bill Doors withdrew $12,400 cash for personal use. 11. May31, purchased $1600 additional office supplies on account 12. May31, paid $1400 for the monthly utility bill. Required: Step1-making entries Step2 T-Account to add the balance for each account Step3 Trial Balance

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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DATE TRANSACTION June 1 Jenna Davis invested $40 900 cash to start the business. 2 Issued Check 201 for $1,940 to pay the June rent for the office. 3 Purchased desk and other office furniture for $11,160 from Lowe's Office Supply, Invoice 5103; issued Check 202 for a $1,900 down payment with the balance due in 30 days. 4 Issued Check 203 for $1,460 for supplies. 6 Performed services for $7,210 in cash. 7 Issued Check 204 for $6,090 to pay for advertising expense. 8 Purchased recording equipment for $12,450 from Special Moves, Inc., Invoice 2122; issued Check 285 for a down payment of $4,000 with the balance due in 30 days. 10 Performed services for $6,160 on account. 11 Issued Check 206 for $3,300 to Lowe's Office Supply as payment on account. 12 Performed services for $10,500 in cash. 15 Issued Check 207 for $5,210 to pay an employee's salary. 18 Received payments of $3,640 from credit clients on account. 20 Issued Check 288 for $5,580 to Special Moves, Inc., as payment on account. 25…
DATE TRANSACTIONS October 1 Shonna Pumphrey invested $90,000 cash in the business October 2 Paid October office rent of $6,000; issued Check 1001. October 5 Purchased desks and other office furniture for $22,800 from Hudson's Furniture; received Invoice 4067 payable in 60 days. October 6 Issued Check 1002 for $8,200 to purchase art equipment. October 7 Purchased supplies for $3,340; paid with Check 1003. October 10 Issued Check 1004 for $1,250 for office cleaning service. October 12 Performed services for $8,400 in cash and $2,200 on credit. (Use a compound entry.) October 15 Returned damaged supplies for a cash refund of $750. October 18 Purchased a computer for $4,490 from Tolliver's Office Supply, Invoice 8017; issued Check 1005 for a $1,490 down payment, with the balance payable in 30 days. (Use one compound entry.) October 20 Issued Check 1006 for $12,800 to Hudson's Furniture as payment on account for Invoice 4067. October 26 Performed services for $9,600 on credit. October 27…
Subject: acounting
Identify the 3 issues with this General Journal
Mar. 1 Fisher invested $237,000 cash along with $24,900 in office equipment in the company. Mar. 2 The company prepaid $8,000 cash for six months’ rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 3 The company made credit purchases of office equipment for $5,900 and office supplies for $4,100. Payment is due within 10 days. Mar. 6 The company completed services for a client and immediately received $6,900 cash. Mar. 9 The company completed a $10,400 project for a client, who must pay within 30 days. Mar. 12 The company paid $10,000 cash to settle the account payable created on March 3. Mar. 19 The company paid $9,700 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $6,200 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for…