Brenda Jo Smith is an architect who operates her own business. The accounts and transactions for...

 

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Brenda Jo Smith is an architect who operates her own business. The accounts and transactions for the business follow. Transactions o. Brenda Jo Smith invested $20,000 in cash to start the business. b. Paid $2,000 for advertisements in a design magazine. c. Purchased office furniture for $4.400 in cash. d. Performed services for $6,300 in cash. e. Paid $245 for the monthly telephone bil. f. Performed services for $1,700 on credit g. Purchased a fax machine for $500; paid $75 in cash, with the balance due in 30 days h. Paid a bill for $620 from the office cleaning service. i. Received $1,680 from clients on account j. Purchased additional office chairs for $615; received credit terms of 30 days. k. Paid $4,700 for salaries. 1. Issued a check for $260 in partial payment of the amount owed for office chairs. m. Received $2.440 in cash for services performed. n. Issued a check for $530 for utilities expense. o. Performed services for $2,220 on credit. p. Collected $970 from clients on account. q. Brenda Jo Smith withdrew $2,570 in cash for personal expenses r. Paid $670 to Copy Quick for photocopy work performed during the month. (Hint: Include office cleaning services and photocopy expenses under "Miscellaneous Expense") Required: (1) Post the above transactions into the appropriate T accounts. (2) Determine the account balances. Prepare a trial balance, an income statement, a statement of owner's equity, and a balance sheet for Brenda Jo Smith, Architect Anolyze: Using the basic accounting equation, what is the financial condition of Brenda Jo Smith's business at month-end? Brenda Jo Smith is an architect who operates her own business. The accounts and transactions for the business follow. Transactions o. Brenda Jo Smith invested $20,000 in cash to start the business. b. Paid $2,000 for advertisements in a design magazine. c. Purchased office furniture for $4.400 in cash. d. Performed services for $6,300 in cash. e. Paid $245 for the monthly telephone bil. f. Performed services for $1,700 on credit g. Purchased a fax machine for $500; paid $75 in cash, with the balance due in 30 days h. Paid a bill for $620 from the office cleaning service. i. Received $1,680 from clients on account j. Purchased additional office chairs for $615; received credit terms of 30 days. k. Paid $4,700 for salaries. 1. Issued a check for $260 in partial payment of the amount owed for office chairs. m. Received $2.440 in cash for services performed. n. Issued a check for $530 for utilities expense. o. Performed services for $2,220 on credit. p. Collected $970 from clients on account. q. Brenda Jo Smith withdrew $2,570 in cash for personal expenses r. Paid $670 to Copy Quick for photocopy work performed during the month. (Hint: Include office cleaning services and photocopy expenses under "Miscellaneous Expense") Required: (1) Post the above transactions into the appropriate T accounts. (2) Determine the account balances. Prepare a trial balance, an income statement, a statement of owner's equity, and a balance sheet for Brenda Jo Smith, Architect Anolyze: Using the basic accounting equation, what is the financial condition of Brenda Jo Smith's business at month-end?

Answer rating: 100% (QA)

Brenda Jo Smith Capital a 2000 20000 Cash 20000 b 4550C 1560 e 2300lf 900 h Ik End Bal 20000 2101 7... View the full answer