Completion of accounting cycle is about 60% of your course grade. This assignment is for you...

  

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Completion of accounting cycle is about 60% of your course grade. This assignment is for you to demonstrate your ablity to prepare journal entries, which is the foundation for the rest of the path leading you to preparing the financlal statements and completing the accounting cycle. You may read the information on using the accounting equation for transaction analysis and the application of the accounting equation for determining whether to debit or credit an account. The Information is in the Week One Content on the Blackboard. Perform your assignment on a word document and submit your prepared assignment by attachment. You are allowed two attempts to complete the assignment and your score will be your higher score of the two. It is due on August 31. Use the following format to prepare your joumal entries. Date Account Titles Dr Cr Assignment 1: Journalizing Transactions Emmanuel Onifade recently opened his own accounting firm on April 1, which he operates as a corporation, The name of the new entity is Emmanuel Onifade, CPA. Onifade experienced the following events during the organizing phase of the new business and its first month of operations in 2020. Date Transaction April 5 Onifade deposited $75,000 in a new business bank account titled Emmanuel Onifade, CPA. The business issued common stock to Onifade. Paid $300 cash for letterhead stationery for new office. 7 Purchased office furmiture for the office on account, 59,500. 10 Consulted with tax client and received $4,000 for services rendered. 11 Paid utilities, $190. Finished Tax hearings on behalf of a client and submitted a bill for accounting services, 520,000. 12 18 Paid Office rent, $750. 25 Received amount due from client that was billed on April 12. 27 Paid full amount of amounts payable created on April 7. 30 Cash dividends of $3,500 were paid to stockholders, Completion of accounting cycle is about 60% of your course grade. This assignment is for you to demonstrate your ablity to prepare journal entries, which is the foundation for the rest of the path leading you to preparing the financlal statements and completing the accounting cycle. You may read the information on using the accounting equation for transaction analysis and the application of the accounting equation for determining whether to debit or credit an account. The Information is in the Week One Content on the Blackboard. Perform your assignment on a word document and submit your prepared assignment by attachment. You are allowed two attempts to complete the assignment and your score will be your higher score of the two. It is due on August 31. Use the following format to prepare your joumal entries. Date Account Titles Dr Cr Assignment 1: Journalizing Transactions Emmanuel Onifade recently opened his own accounting firm on April 1, which he operates as a corporation, The name of the new entity is Emmanuel Onifade, CPA. Onifade experienced the following events during the organizing phase of the new business and its first month of operations in 2020. Date Transaction April 5 Onifade deposited $75,000 in a new business bank account titled Emmanuel Onifade, CPA. The business issued common stock to Onifade. Paid $300 cash for letterhead stationery for new office. 7 Purchased office furmiture for the office on account, 59,500. 10 Consulted with tax client and received $4,000 for services rendered. 11 Paid utilities, $190. Finished Tax hearings on behalf of a client and submitted a bill for accounting services, 520,000. 12 18 Paid Office rent, $750. 25 Received amount due from client that was billed on April 12. 27 Paid full amount of amounts payable created on April 7. 30 Cash dividends of $3,500 were paid to stockholders,

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Emmanuel Onifade Journal Entries Date Accounts Title Debit Credit Apr 5 Cash 7... View the full answer