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.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...
Related questions
Question
A-5
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e56eb1b-4766-48d2-8d55-443493dd23dc%2F6bd67f4d-23a5-45a8-8c71-66aa49cf5de2%2Fh1fir7_processed.png&w=3840&q=75)
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning