What are the steps to complete the T-account for each transaction while making use of the each account balance provided in the first table? Problem#9. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the past. Received $9,590 cash for consulting services rendered. Issued 28 additional shares of common stock at a market price of $165 per share. Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note. Received $980 from clients for consulting services to be performed in the next year. Bought $560 of supplies on account. Incurred and paid $1,890 in utilities for the current year. Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year. Received $3,070 from clients paying on their accounts. Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year). Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year. Received $55 in interest revenue earned in the current year on short-term investments. Required: Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference. (Enter your answer in thousands, not in dollars. Round your final answer to nearest whole dollar) Cash Short-term Investments Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accounts Receivable Supplies Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Prepaid Expenses Office Equipment Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accumulated Depreciation Accounts Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Unearned Revenue Salaries Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Short-term Note Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Additional Paid-in Capital Retained Earnings Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Consulting Fees Revenue Interest Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Salaries Expense Utilites Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0

What are the steps to complete the T-account for each transaction while making use of the each account balance provided in the first table? Problem#9. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the past. Received $9,590 cash for consulting services rendered. Issued 28 additional shares of common stock at a market price of $165 per share. Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note. Received $980 from clients for consulting services to be performed in the next year. Bought $560 of supplies on account. Incurred and paid $1,890 in utilities for the current year. Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year. Received $3,070 from clients paying on their accounts. Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year). Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year. Received $55 in interest revenue earned in the current year on short-term investments. Required: Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference. (Enter your answer in thousands, not in dollars. Round your final answer to nearest whole dollar) Cash Short-term Investments Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accounts Receivable Supplies Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Prepaid Expenses Office Equipment Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accumulated Depreciation Accounts Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Unearned Revenue Salaries Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Short-term Note Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Additional Paid-in Capital Retained Earnings Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Consulting Fees Revenue Interest Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Salaries Expense Utilites Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

What are the steps to complete the T-account for each transaction while making use of the each account balance provided in the first table?

Problem#9. Required information

[The following information applies to the questions displayed below.]

At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share):


Cash	$	1,990	Accounts payable	$	300
Short-term investments		500	Unearned revenue		1,410
Accounts receivable		3,660	Salaries Payable		960
Supplies		240	Short-term note payable		870
Prepaid expenses		4,810	Common stock ($1 par value)		140
Office equipment		1,620	Additional paid-in capital		6,650
Accumulated depreciation-office equipment*		(390)	Retained earnings		2,100

*This account has a credit balance representing the portion of the cost of the equipment used in the past.

Received $9,590 cash for consulting services rendered.
Issued 28 additional shares of common stock at a market price of $165 per share.
Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note.
Received $980 from clients for consulting services to be performed in the next year.
Bought $560 of supplies on account.
Incurred and paid $1,890 in utilities for the current year.
Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year.
Received $3,070 from clients paying on their accounts.
Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year).
Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year.
Received $55 in interest revenue earned in the current year on short-term investments.

Required:

Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference. (Enter your answer in thousands, not in dollars. Round your final answer to nearest whole dollar)

Cash		Short-term Investments
Beg. Bal.			Beg. Bal.


			End. Bal.	0



End. Bal.	0

Accounts Receivable		Supplies
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Prepaid Expenses		Office Equipment
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Accumulated Depreciation		Accounts Payable
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Unearned Revenue		Salaries Payable
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Short-term Note Payable		Common Stock
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Additional Paid-in Capital		Retained Earnings
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Consulting Fees Revenue		Interest Revenue
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Salaries Expense		Utilites Expense
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.