Ouellette & Associates began operations on January 1, 2021. Its fiscal year end is December 31...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ouellette & Associates began operations on January 1, 2021. Its fiscal year end is December 31 and it prepares financial statements and adjusts its accounts annually. Selected transactions for 2021 follow: On January 10, bought office supplies for $ 3,600 cash. A physical count at December 31, 2021, revealed $ 840 of supplies still on hand. 1. 2. Paid cash for a $ 8,340, one-year insurance policy on February 1. The policy came into effect on this date. 3. On March 31, purchased equipment for $ 21,120 cash. The equipment has an estimated eight-year useful life. 4. Rented office space on September 1 for a one-year period for $ 540 per month. Paid annual rent of $ 6.480 in cash. 5. On October 15, received a $ 1,755 advance cash payment from a client for accounting services expected to be provided in the future. As at December 31, one third of these services had not been performed. 6. On November 1, rented out unneeded office space for a six-month period starting on this date, and received a $ 1,755 chegue for the first three months' rent. (a) Prepare journal entries to record transactions 1 to 6. All prepaid costs should be recorded in asset accounts. All revenue collected in advance of providing services should be recorded as liabilities. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. 2. Ouellette & Associates began operations on January 1, 2021. Its fiscal year end is December 31 and it prepares financial statements and adjusts its accounts annually. Selected transactions for 2021 follow: On January 10, bought office supplies for $ 3,600 cash. A physical count at December 31, 2021, revealed $ 840 of supplies still on hand. 1. 2. Paid cash for a $ 8,340, one-year insurance policy on February 1. The policy came into effect on this date. 3. On March 31, purchased equipment for $ 21,120 cash. The equipment has an estimated eight-year useful life. 4. Rented office space on September 1 for a one-year period for $ 540 per month. Paid annual rent of $ 6.480 in cash. 5. On October 15, received a $ 1,755 advance cash payment from a client for accounting services expected to be provided in the future. As at December 31, one third of these services had not been performed. 6. On November 1, rented out unneeded office space for a six-month period starting on this date, and received a $ 1,755 chegue for the first three months' rent. (a) Prepare journal entries to record transactions 1 to 6. All prepaid costs should be recorded in asset accounts. All revenue collected in advance of providing services should be recorded as liabilities. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. 2.
Expert Answer:
Answer rating: 100% (QA)
Ques 1 Accounts No Date Titles and Debit Credit Explanation ... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
Accounting Instructions Genuine Spice Inc. began operations on January 1 of the current year. The company produces Bounce bottles at han Instructions DINCELADUR Department Cost Behavior Time per Case...
-
XYZ Inc.s fiscal year end is December 31 and the company uses the periodic inventory method. 2019 Transactions 1. On October 28, 2019, XYZ Inc. was incorporated to begin operating a new retail...
-
Ouellette & Associates began operations on January 1, 2017. Its fiscal year end is December 31 and it prepares financial statements and adjusts its accounts annually. Selected transactions for 2017...
-
In Problem 10.16, we projected financial statements for Walmart Stores for Years +1 through +5. The data in Chapter 12s Exhibits 12.1612.18 include the actual amounts for 2008 and the projected...
-
Explain why the potential liability of auditors for professional malpractice exceeds that of physicians or other professionals.
-
Consider the following two mutually exclusive projects: Sketch the NPV profiles for X and Y over a range of discount rates from zero to 25 percent. What is the crossover rate for these twoprojects?...
-
Kitch Corporation has 50,000 shares of \(\$ 5\) par value common stock outstanding and retained earnings of \(\$ 820,000\). The company declares a 100 percent stock dividend. The market price at the...
-
1. What reason to market globally does the Luggage Concierge and UPS alliance serve? Explain. 2. Luggage Concierge has created a number of strategic alliances with domestic and global partners. a....
-
Draw a waveform for the A/D successive approximation method as shown in Fig. 5, if the input voltage of the comparator is considered to be 5.5 V. +16 V ko 2R WK5 V 5.5 V OFF 1k0 2R 1ka 21 DoD 2R w 1...
-
Each morning, Ruma randomly selects and buys one of the four newspapers available at her local shop. Find the probability that she buys: a. The same newspaper on two consecutive mornings b. Three...
-
Crystal Aquarium Supplies had the following beginning inventory, net purchases, net sales, and gross profit percentage for the first quarter of 2016: By the gross profit method, the ending inventory...
-
Concord Corporation is analyzing its account balances for 2022. As of the end of 2022, a debit balance of $4500 remains in the Manufacturing Overhead account. What impact will this have on the...
-
Maple Woods Inc. manufactures lounge chairs available in both a luxury and a standard model. The company has made the standard model for years; the luxury model was introduced several years ago to...
-
1- (25 pts) The nodal coordinates and the nodal displacements for some plane stress elastic element is listed in the following problem. The element is 0.1 m thick. The coordinates and displacements...
-
Identify at least two academic and at least two professional individuals or teams to collaborate with to be successful in your MSN program. Explain why you selected these individuals and/or teams and...
-
15. Sort the following integer array into descending order using selection sort. Number the passes, and show the state of the array after each pass. Pass (8, 2, 5, 6, 7) State of the array 16. Sort...
-
HR Planning plays a significant role in the management of an organization's workforce and can allow the organization to gain and maintain a competitive advantage. question in detail, Describe tw
-
The liquidliquid extractor in Figure 8.1 operates at 100F and a nominal pressure of 15 psia. For the feed and solvent flows shown, determine the number of equilibrium stages to extract 99.5% of the...
-
Why do some accountants prepare an end-of-period spreadsheet (work sheet)?
-
Satin Skin Lotion Company consists of two departments, Blending and Filling. The Filling Department received 480,000 ounces from the Blending Department. During the period, the Filling Department...
-
On January 2, Trey Company acquired 40% of the outstanding stock of Manning Company for $205,000. For the year ending December 31, Manning Company earned income of $48,000 and paid dividends of...
-
To what extent do the problems of moral hazard and adverse selection affect the market for health care?
-
In what ways does technological progress in health care lower and raise costs?
-
Investing in health care can a. improve worker productivity. b. reduce the number of missed workdays. c. extend peoples working lives. d. shift a societys production possibilities curve outward over...
Study smarter with the SolutionInn App