PART B - Question 2 (18 marks) M. H. Acosta, CA, completed these transactions during November...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
PART B - Question 2 (18 marks) M. H. Acosta, CA, completed these transactions during November of the current year: Nov. 1 Began a public accounting practice by investing $4,000 in cash and office equipment having a $3,300 fair value. Purchased on credit office equipment, $900, and office supplies, $150. Completed accounting work for client and immediately received a payment of $400 cash. Completed accounting work on credit for Acme Loan Co., $600. Paid for the items purchased on credit on November 2. Paid the annual $800 premium on an insurance policy. Received payment in full from Acme Loan Co. for the work completed on November 8. M. H. Acosta withdrew $650 cash from the practice to pay personal expenses. Paid the November utility bills, $140. Nov. 2 Nov. 4 Nov. 8 Nov. 10 Nov. 14 Nov. 18 Nov. 27 Nov. 30 Prepare general journal entries to record the transactions. PART B - Question 2 (18 marks) M. H. Acosta, CA, completed these transactions during November of the current year: Nov. 1 Began a public accounting practice by investing $4,000 in cash and office equipment having a $3,300 fair value. Purchased on credit office equipment, $900, and office supplies, $150. Completed accounting work for client and immediately received a payment of $400 cash. Completed accounting work on credit for Acme Loan Co., $600. Paid for the items purchased on credit on November 2. Paid the annual $800 premium on an insurance policy. Received payment in full from Acme Loan Co. for the work completed on November 8. M. H. Acosta withdrew $650 cash from the practice to pay personal expenses. Paid the November utility bills, $140. Nov. 2 Nov. 4 Nov. 8 Nov. 10 Nov. 14 Nov. 18 Nov. 27 Nov. 30 Prepare general journal entries to record the transactions.
Expert Answer:
Answer rating: 100% (QA)
0111 Cash Ac Dr 4000 Office Equipment Ac Dr 3300 To Capital Ac 7300 Being cas... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Prepare general journal entries to record the transactions below for Dexter Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; M....
-
Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K....
-
Part 1 Prepare General Journal entries to record the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example,...
-
Determine each of the following as being either true or false. If an angle has a cosine of 0.2, then the secant of the angle is 5.
-
Calculate the conversion price formula (CPF) and market price formula (MPF) prices for an offering involving an existing conversion price of $1, a hypothesized market price of $2, and a new offering...
-
The Department of Defense is concerned about the number of Harrier crashes. The Air Force argues that the crashes result because many of these planes are piloted by marines. The data for this claim...
-
An investor is considering investing in the long-term bonds and common stock of Companies M and N. Both firms operate in the same industry. Both also pay a dividend per share of $8 and have a yield...
-
The following control procedures are used at Gonzales Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attach case in...
-
Determine whether the following statements are true or false. A. If f(c)=0, then f has a local maximum or local minimum at x = c. O True False B. A function that is continuous on a closed interval...
-
On a particular day, a random sample of 12 tins of peas was taken from the output of a canning factory, and their contents were weighed. The mean and standard deviation of weights (of the contents of...
-
The following information concerns production in the BakingDepartment for March. All direct materials are placed in process atthe beginning of production.ACCOUNT Work in Process??BakingDepartm 2...
-
How many times does the following loop execute? for(x = 1000; x <10; x--) { code here... }
-
Describe the payback period approach to capital budgeting. Explain 1 advantage and 1 disadvantage of the technique Explain why it would be wise for a financial manager to learn advanced budgeting...
-
The following data pertains to a defined benefit (DB) pension plan: defined benefit obligation, December 31, 2015 30,000 long-term interest rate on corporate bonds 8% past service cost, December 31,...
-
Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods...
-
By multiplication, show that (x + y) is not equal to x3 + y3. How should (x+y) be multiplied?
-
2. What is the relation between Availability Zones and Regions? List at least 2 differences
-
Solve each problem. Find the coordinates of the points of intersection of the line y = 2 and the circle with center at (4, 5) and radius 4.
-
Health Co- op is an outpatient surgical clinic that wants to better understand its costs. It decides to pre-pare an activity- based cost analysis, including an estimate of the average cost of both...
-
Yoshi Company completed the following transactions and events involving its delivery trucks. 2012 Jan. 1 Paid $ 20,515 cash plus $ 1,485 in sales tax for a new delivery truck estimated to have a...
-
A physical inventory of Office Necessities taken at December 31 reveals the following. Required 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the...
-
What are the key relationships for a CEO?
-
The Walt Disney Company is engaged in the financing, production, and distribution of motion pictures and television programming. In Disneys 2004 annual report, the balance sheet contains an asset...
-
Why is the Tylenol story so instructive?
Study smarter with the SolutionInn App