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The transactions of Thomson Company for the month of December, 2023 are given below: Thomson, owner, invested $ 100,000 cash in the company. The company purchased supplies for $1,700 cash. The company purchased $20,000 of equipment on credit. The company received $14,000 cash for services provided to a customer. The company paid $ 20,000 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $9, 300 for services provided. The company paid $2, 100 cash for the monthly rent. The company collected $5,300 cash as partial payment for the account receivable created in transaction f. Thomson withdrew $3,000 cash from the company for personal use. 1. Prepare general journal entries to record the transactions of Thomson Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Thomson Capital; Thomson Withdrawals; Services Revenue; and Rent Expense. Post entries to T-accounts Prepare the Trial Balance. Use December 31 as its report date.

The transactions of Thomson Company for the month of December, 2023 are given below: Thomson, owner, invested $ 100,000 cash in the company. The company purchased supplies for $1,700 cash. The company purchased $20,000 of equipment on credit. The company received $14,000 cash for services provided to a customer. The company paid $ 20,000 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $9, 300 for services provided. The company paid $2, 100 cash for the monthly rent. The company collected $5,300 cash as partial payment for the account receivable created in transaction f. Thomson withdrew $3,000 cash from the company for personal use. 1. Prepare general journal entries to record the transactions of Thomson Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Thomson Capital; Thomson Withdrawals; Services Revenue; and Rent Expense. Post entries to T-accounts Prepare the Trial Balance. Use December 31 as its report date.

FINANCIAL ACCOUNTING
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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The transactions of Thomson Company for the month of December, 2023 are given below: Thomson, owner, invested $ 100,000 cash in the company. The company purchased supplies for $1,700 cash. The company purchased $20,000 of equipment on credit. The company received $14,000 cash for services provided to a customer. The company paid $ 20,000 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $9, 300 for services provided. The company paid $2, 100 cash for the monthly rent. The company collected $5,300 cash as partial payment for the account receivable created in transaction f. Thomson withdrew $3,000 cash from the company for personal use. 1. Prepare general journal entries to record the transactions of Thomson Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Thomson Capital; Thomson Withdrawals; Services Revenue; and Rent Expense. Post entries to T-accounts Prepare the Trial Balance. Use December 31 as its report date.
Transcribed Image Text:The transactions of Thomson Company for the month of December, 2023 are given below: Thomson, owner, invested $ 100,000 cash in the company. The company purchased supplies for $1,700 cash. The company purchased $20,000 of equipment on credit. The company received $14,000 cash for services provided to a customer. The company paid $ 20,000 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $9, 300 for services provided. The company paid $2, 100 cash for the monthly rent. The company collected $5,300 cash as partial payment for the account receivable created in transaction f. Thomson withdrew $3,000 cash from the company for personal use. 1. Prepare general journal entries to record the transactions of Thomson Company by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Thomson Capital; Thomson Withdrawals; Services Revenue; and Rent Expense. Post entries to T-accounts Prepare the Trial Balance. Use December 31 as its report date.
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