Part 1: Daily Activities Accounts that you can use: Common Stock, Cash, Furniture, Computer, Service Revenue,...

 

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Part 1: Daily Activities Accounts that you can use: Common Stock, Cash, Furniture, Computer, Service Revenue, Accounts Receivable, Salaries Expense, Rent Expense, Accounts Payable, Utility Expense, ABM Company completed the following transactions during March, 2017: March 2 Received $11,000 cash from Ruiz, and issued common stock to him. (4 points) March 3 Paid cash to purchase a computer, $4,200. (4 points) March 9 Performed services for a client and received cash for the full amount of $1,000. (4 points) March 12 Paid utility expenses, $200. (4 points) March 16 Purchased office furniture for $1,800. Paid $800 cash. Rest will be paid in two weeks. (4 points) March 18 Performed services for a client on account, $1,500. (4 points) March 28 Collected $1,500 from the client on March 18. (4 points) March 29 Paid $1000 for the payment of furniture purchased on March 16. (4 points) March 30 Performed services for a client and received cash for the full amount of $2,500. (4 points) March 31 Paid monthly office rent, $700. (4 points) March 31 Paid salaries of $ 2,500 for March. (4 points) Instructions 1- Journalize the transactions for the month of March 2- Prepare T accounts and trial balance for the month of March 3- Prepare Income Statement and Balance Sheet at the end of the month. Part 1: Daily Activities Accounts that you can use: Common Stock, Cash, Furniture, Computer, Service Revenue, Accounts Receivable, Salaries Expense, Rent Expense, Accounts Payable, Utility Expense, ABM Company completed the following transactions during March, 2017: March 2 Received $11,000 cash from Ruiz, and issued common stock to him. (4 points) March 3 Paid cash to purchase a computer, $4,200. (4 points) March 9 Performed services for a client and received cash for the full amount of $1,000. (4 points) March 12 Paid utility expenses, $200. (4 points) March 16 Purchased office furniture for $1,800. Paid $800 cash. Rest will be paid in two weeks. (4 points) March 18 Performed services for a client on account, $1,500. (4 points) March 28 Collected $1,500 from the client on March 18. (4 points) March 29 Paid $1000 for the payment of furniture purchased on March 16. (4 points) March 30 Performed services for a client and received cash for the full amount of $2,500. (4 points) March 31 Paid monthly office rent, $700. (4 points) March 31 Paid salaries of $ 2,500 for March. (4 points) Instructions 1- Journalize the transactions for the month of March 2- Prepare T accounts and trial balance for the month of March 3- Prepare Income Statement and Balance Sheet at the end of the month.

Answer rating: 100% (QA)

Part 1 Daily Activities Journal Entries March 2 Dr Common Stock 11000 Cr Cash 11000 Received 11000 cash from Ruiz and issued common stock March 3 Dr C... View the full answer