Larry Matt completed these transactions during December of the current year: Prepare general journal entries to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Larry Matt completed these transactions during December of the current year: Prepare general journal entries to record these transactions. (No descriptions necessary). When the journal is done, complete a trial balance. Dec. 1 Began a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. 2 3 4 8 10 14 18 27 30 30 Purchased $1,200 of office equipment on credit. Purchased $300 of office supplies on credit. Completed work for a client and immediately received a payment of $900 cash. Completed work for Precept Paper Co. on credit, $1,700. Paid for the supplies purchased on credit on December 3. Paid for the annual $960 premium on an insurance policy. Received payment in full from Precept Paper Co. for the work completed on December 8. Larry withdrew $650 cash from the practice to pay personal expenses. Paid $175 cash for the December utility bills. Received $2,000 from a client for financial services to be rendered next year. Larry Matt completed these transactions during December of the current year: Prepare general journal entries to record these transactions. (No descriptions necessary). When the journal is done, complete a trial balance. Dec. 1 Began a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. 2 3 4 8 10 14 18 27 30 30 Purchased $1,200 of office equipment on credit. Purchased $300 of office supplies on credit. Completed work for a client and immediately received a payment of $900 cash. Completed work for Precept Paper Co. on credit, $1,700. Paid for the supplies purchased on credit on December 3. Paid for the annual $960 premium on an insurance policy. Received payment in full from Precept Paper Co. for the work completed on December 8. Larry withdrew $650 cash from the practice to pay personal expenses. Paid $175 cash for the December utility bills. Received $2,000 from a client for financial services to be rendered next year.
Expert Answer:
Answer rating: 100% (QA)
1 December 1 Cash Asset 15000 Office Equipment Asset 5000 Owners Equity Capital 20000 2 December 1 O... View the full answer
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Posted Date:
Students also viewed these accounting questions
-
Assignment Question 2 In most countries in the world, the companies account for less than 20% of the total tax-payers. However, records show that the companies contribute more than 80% of the taxes...
-
6. (10 pts) Bromothymol blue is a common acid base indicator which you may be familiar with. It is often used in situations where a pH change near neutral needs to be determined since its pkais 7.1....
-
The following transactions for Nielsen Architects occurred during December of the current year. Follow the step-by-step instructions to record the transactions, process the adjusting entries, and...
-
Provide the appropriate statute for your answer (format style - IRAC - Issue, Rule, Application and Conclusion.) what are your thought? Problem Scenario- Earnest is married to Janice. Earnest and...
-
Omar Morena, a fellow student, contends that the double entry system means that each transaction must be recorded twice. Is Omar correct? Explain.
-
Out of 800 large purchases made at a computer retailer, 336 were personal computers, 398 were laptop computers, and 66 were printers. As part of an audit, one purchase record is sampled at random. a....
-
The 2008 comparative balance sheet and income statement of Digital Subscriptions, Inc.. follow. Digital Subscriptions had no noncash investing and financing trans- actions during 2008. During the...
-
How might XYZ Software Company arrive at the values in the above table? For each entry, describe the process of determining the cost per incident and frequency of occurrence.
-
During the COVID-19 pandemic in 2020, the government shut down our businesses and churches to practice social distancing in an effort to address the pandemic. That kind of authority and decision...
-
The effects of a tariff on imported kumquats can be divided into the following categories: tariff revenues received by the treasury ($8 million); increased use of resources to produce more kumquats...
-
Evaluate the intergals r4 1 0 8-2x .2 dx -3 dx So 27-x f/ tan(x) dx 0
-
Plot, as a function of time, the rotational velocity of your car's wheels as you (a) back out of your driveway, (b) drive down a residential street, (c) turn onto a highway, (d) drive on the highway...
-
A pith ball is suspended from a string, and when a rubber rod is brought close to the ball at \(t=0\), the ball is not noticeably affected by the rod. At \(t=5.00 \mathrm{~s}\) the rod is turned...
-
A balloon launched from sea level has a volume of approximately \(4 \mathrm{~m}^{3}\). What is the approximate buoyant force on the balloon? A. \(50 \mathrm{~N}\) B. \(40 \mathrm{~N}\) C. \(20...
-
For one week, keep a daily journal in which you identify all the positive emotions you experience in your relationships. In particular, watch for these 10 emotions: joy, gratitude, serenity,...
-
Solve the systems in Problems 13-16 by graphing, adding, substitution, Gauss-Jordan, or inverse matrix methods. \(\left\{\begin{array}{l}x=5-3 y \\ 5 x+7 y=25\end{array} ight.\)
-
With a generalist background that encompasses lots of different skills, how can flirting with many possible selves make a person more interesting in the job market? and what are the current trends...
-
Suppose the government bond described in problem 1 above is held for five years and then the savings institution acquiring the bond decides to sell it at a price of $940. Can you figure out the...
-
Multiple Choice Questions Identify the best answer for each of the following. Questions 1 through 3 are based on the following scenario: The city of Lora issued $5,000,000 of general government,...
-
In what funds and nonfund accounts are (a) Capital assets (b) Long-term liabilities accounted for?
-
In what situations could several capital projects properly be financed and accounted for through a single Capital Projects Fund?
-
What is the IQR? What does the IQR represent? The population parameters below describe the full-time equivalent number of students (FTES) each year at Lake Tahoe Community College from 19761977...
-
How many standard deviations away from the mean is the median? The population FTES for 20052006 through 20102011 was given in an updated report. The data are reported here. The population parameters...
-
A class of 20 students has a mean grade of 80 on a test. Nineteen of the students has a mean grade between 79 and 82, inclusive. a. What is the lowest possible grade of the other student? b. What is...
Study smarter with the SolutionInn App