Francis Dhami, Public Accountant, completed these activities during September 2020, the first month of operations: Required Prepare
Question:
Francis Dhami, Public Accountant, completed these activities during September 2020, the first month of operations:
Required
Prepare journal entries to record the transactions.
Transcribed Image Text:
Began a public accounting practice by investing $48,000 in cash and office equipment having a $11,800 fair value. Prepaid cash for three months' rent in advance on suitable office space, $8,700. Sept. Purchased on credit used office equipment, $5,800, and office supplies, $1,180. Completed accounting work for a client and immediately received payment of $6,000 cash. 8 Completed accounting work on credit for Frontier Bank, $3,800. Paid for the items purchased on credit on September 2. 10 Paid the annual $2,800 premium on an insurance policy. 14 15 Registered to attend an all-day seminar, costing $800 on October 20 regarding ethical accounting practices and will pay when attending. Received $1,400 from Frontier Bank for the work completed on September 8. 18 24 Completed accounting work on credit for Travis Realty, $2,750. Withdrew $3,400 cash from the practice to pay personal expenses. 28 Purchased additional office supplies on credit, $630. 29 Paid the September utility bills, $840. 30
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
General Journal Page 1 Date Account Titles and Explanation PR Debit Credit 2020 Sept 1 Cash 101 4800...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Using the general journal entries prepared in Problem 2-4B, complete the following: 1. Set up the following accounts (use the balance column format or T-accounts): Cash (101); Accounts Receivable...
-
Using the trial balance prepared in Part 3 of Problem 2-4B, prepare an income statement and statement of changes in equity for the month ended September 30, 2014, and a balance sheet at September 30,...
-
Susan Hurley, Public Accountant, completed these activities during September 2014, the first month of operations: Sept. 1 Began a public accounting practice by investing $20,000 in cash and office...
-
Did Hopkins materially misrepresent his health when applying for insurance? Does Golden Rule have the right to rescind his insurance policies?
-
Show that B is a convex set with a nonempty interior.
-
Explain why you would choose to use a mail survey, personal interviews, telephone interviews, or an Internet survey for your survey-research project.
-
In 2013, Thomas DePrince, a passenger aboard a cruise ship, visited the ships jewelry boutique, operated by Starboard Cruise Services, Inc. DePrince told the employees of the boutique that he was...
-
Below is the net income of Anita Ferreri Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. (a) Assume that in 2015 Ferreri decided to change...
-
How to create new user ASSIGN-1 in Oracle database and get login with it. User must not be given DBA rights. give permission to ASSIGN-1 to create and view tables.
-
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from...
-
A mail-order firm processes 5,850 checks per month. Of these, 70 percent are for $50 and 30 percent are for $75. The $50 checks are delayed two days on average; the $75 checks are delayed three days...
-
Blackfeather Tours sells scuba diving and kayaking excursions, along with a number of unique sightseeing packages. The company requires a 50% payment from the customer at the time of booking. The...
-
Distinguish clearly between span of control and chain of command. Discuss the practical implications for the structure and effective operation of a large organisation.
-
In a team of 2 students, you are appointed as management accountant for an Australian business and you are required to prepare a report on to evaluate the performance of the company so that you can...
-
Which is the 5th riskiest asset based on the information below? Average return S&P 500 Standard deviation: 2.55% Small Stocks 15.65% Variance: 0.10179 0.50460 31.90% 71.03% Corp World Bonds Portfolio...
-
Suppose that you own 100 shares of XYZ Corp. The firm pays a quarterly dividend of $1.65 per share. If you are in a 31% income tax bracket, how much tax will you owe on your annual dividend income?...
-
Consider the following two assets and their potential returns: State Of Economy Probability Asset A Asset B 0.1 2% -4% 0.3 11% 15% 0.4 17% 0.2 25% Depression Recession Normal Boom The variance of...
-
Discuss 3 effect that cause based in the article. 2. Provide 3 or more recommendation for solving the issues based on the article TEXT 3: The compilation of SUA encompasses the selected agricultural...
-
Samsung (Samsung.com) is a leading manufacturer of consumer electronic products. The following selected information is available from Samsung's financial statements. Millions of Korean won...
-
Calculate the Lagrange polynomial P 2 (x) for the values (1.00) = 1.0000, (1.02) = 0.9888, (1.04) = 0.9784 of the gamma function [(24) in App. A3.1] and from it approximations of (1.01) and (1.03).
-
What merchandising account(s) will appear in the post closing trial balance?
-
What is the difference between an account receivable and a note receivable?
-
What is the difference between an account receivable and a note receivable?
-
Apply the Test for Divergence to each series. (Remember that the only conclusions from the Test for Divergence are that the series diverges or the test is inconclusive.) (a) 6 cos (n + 4) 2 6 cos 3n...
-
Suppose that a firm manufactures espresso machines. The firm's fixed cost is $1650587, and the variable cost is $89 per machine. If each machine sells for $438, how many espresso machines need to be...
-
What are the advantages of cultural diversity within an organization and how can it gain a competitive advantage from the cultural differences?
Study smarter with the SolutionInn App