Sep. 1 Humble Management Services opened for business and completed these transactions in September. Henry Humble, the owner, invested $38,000 cash along with office equipment valued at $15,000 in the company. 2 The company prepaid $9,000 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. 4 The company made credit purchases for $8,000 in office equipment and $2,400 in office sup- plies. Payment is due within 10 days. 8 The company completed work for a client and immediately received $3,280 cash. 12 The company completed a $15,400 project for a client, who must pay within 30 days. The company paid $10,400 cash to settle the payable created on September 4. 13 19 The company paid $1,900 cash for the premium on an 18-month insurance policy. Hint: Debit Prepaid Insurance for $1,900. 22 The company received $7,700 cash as partial payment for the work completed on September 12. 24 The company completed work for another client for $2,100 on credit. 28 Henry Humble withdrew $5,300 cash from the company for personal use. 29 The company purchased $550 of additional office supplies on credit. 30 Tha PROBL Problem Preparing. a trial balam journal ent C3 C4

Sep. 1 Humble Management Services opened for business and completed these transactions in September. Henry Humble, the owner, invested $38,000 cash along with office equipment valued at $15,000 in the company. 2 The company prepaid $9,000 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. 4 The company made credit purchases for $8,000 in office equipment and $2,400 in office sup- plies. Payment is due within 10 days. 8 The company completed work for a client and immediately received $3,280 cash. 12 The company completed a $15,400 project for a client, who must pay within 30 days. The company paid $10,400 cash to settle the payable created on September 4. 13 19 The company paid $1,900 cash for the premium on an 18-month insurance policy. Hint: Debit Prepaid Insurance for $1,900. 22 The company received $7,700 cash as partial payment for the work completed on September 12. 24 The company completed work for another client for $2,100 on credit. 28 Henry Humble withdrew $5,300 cash from the company for personal use. 29 The company purchased $550 of additional office supplies on credit. 30 Tha PROBL Problem Preparing. a trial balam journal ent C3 C4

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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