Preparing and posting journal entries; preparing a trial balance Kaseb Nawar opens a web consulting business...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Preparing and posting journal entries; preparing a trial balance Kaseb Nawar opens a web consulting business called Meshreki Consultants and completes the following transactions in March. March Nawar invested S150,000 cash along with $22,000 in office equipment in the company. 2 The company prepaid S6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for S1,200. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $7,500 project for a client, who must pay within 30 days. 12 The company paid $4,200 cash to settle the account payable created on March 3. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid lInsurance for $5.000.) 22 The company received $3,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another elient for $3,820 on credit. 29 Nawar withdrew $5,100 cash from the company for personal use. 30 The company purchased S600 of additional office supplies on credit. 31 The company paid S500 cash for this month's utility bill. Required Prepare general journal entries to record these transactions (use the following account titles). Their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128): Prepaid Rent (131), Office Equipment (163); Accounts Payable (201): K. Nawar, Capital (301): K. Nawar, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). Preparing and posting journal entries; preparing a trial balance Kaseb Nawar opens a web consulting business called Meshreki Consultants and completes the following transactions in March. March Nawar invested S150,000 cash along with $22,000 in office equipment in the company. 2 The company prepaid S6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for S1,200. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $7,500 project for a client, who must pay within 30 days. 12 The company paid $4,200 cash to settle the account payable created on March 3. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid lInsurance for $5.000.) 22 The company received $3,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another elient for $3,820 on credit. 29 Nawar withdrew $5,100 cash from the company for personal use. 30 The company purchased S600 of additional office supplies on credit. 31 The company paid S500 cash for this month's utility bill. Required Prepare general journal entries to record these transactions (use the following account titles). Their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128): Prepaid Rent (131), Office Equipment (163); Accounts Payable (201): K. Nawar, Capital (301): K. Nawar, Withdrawals (302); Services Revenue (403); and Utilities Expense (690).
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Journal entries and a trial balance for Fred Phaler Consulting follow. As you will note, the trial balance does not balance, suggesting that there are errors. Recall that the chapter offers tips on...
-
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $180,000 cash along with $30,000 of office...
-
Santo Birch opens a Web consulting business called Show-Me-the-Money and completes the following transactions in its first month of operations. March 1 Birch invests $150,000 cash along with office...
-
Each of the following passages may be plausibly criticized by some who conclude that it contains a fallacy, but each may be defended by some who deny that the argument is fallacious. Discuss the...
-
Thirty companies comprise the DJIA. Just how big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the...
-
Sketch the graphs of the following functions. f(x) = -3x 3 - 6x 2 - 9x - 6
-
A stream of atmospheric air is used to keep a ping-pong ball aloft by blowing the air upward over the ball. The ping-pong ball has a mass of \(2.5 \mathrm{~g}\) and a diameter \(D_{1}=3.8...
-
Speedy Delivery Company purchases a delivery van for $ 36,000. Speedy estimates that at the end of its four-year service life, the van will be worth $ 6,400. During the four-year period, the company...
-
A spherical snowball is melting in such a way that its radius is decreasing at a rate of 0.1 cm/min. At what rate is the volume of the snowball decreasing when the radius is 8 cm. (Note the answer is...
-
WRITE IN PYTHON AND IN THE GIVEN CODE coderbyte medium Back-end Challenge In the Python file, write a program to perform a GET request on the route Time left: Unlimited time...
-
2. Define a surface S = {x+y+z 49, -7sz <7//2 }. This is a spherical surface with some of the top sliced off. (A sketch will really help.) Let the unit surface normal vector n that we use in our...
-
A beam of white light has the same intensity at all visible-light wavelengths. Does the beam contain more red-light photons or more blue-light photons?
-
A diatomic molecule in thermal cquilibrium at \(120 \mathrm{~K}\) is constrained to move freely only on a two-dimensional surface. (a) What is the molecule's thermal energy? (b) The molecule is...
-
A steady device operates on the 600 -W output of a motor. The device runs at \(20 \mathrm{~Hz}\) and can convert \(68 \%\) of its input to usable power to pump water. (a) How much thermal energy does...
-
Liquid nitrogen at atmospheric pressure boils at \(-196^{\circ} \mathrm{C}\). What is this temperature on the Kelvin scale?
-
Did you face any obstacles when trying to develop creative solutions? If so, were you able to overcome these obstacles
-
1. Janice felt like she had to vomit when her time to present was moments away, and Frank felt like he was going to pass out when the professor gave him his speech assignment; Explain what in...
-
What is the purpose of the journal wizard?
-
Identify 11 essential provisions of a partnership agreement.
-
Explain the function of each of the four closing entries made by Northern Micro.
-
Jason Tierro, an inventory clerk at Lexmar Company, is responsible for taking a physical count of the goods on hand at the end of the year. He has been performing this duty for several years. This...
-
A crystal sample of bacteriorhodpsin, a light-sensitive protein found in halobacteria that responds to light energy, has crystal planes separated by 0.20 nm. If a beam of 11 keV x rays illuminates a...
-
A nickel crystals work function is measured to be 5.22 eV at 25C. As the temperature increases by 300C, the work function drops by 50 meV. By how much does this shift the threshold wavelength for...
-
Investigators have created structures consisting of linear chains of ionized atoms on a smooth surface. Electrons are restricted to travel along the chain. The energy levels of the electrons match...
Study smarter with the SolutionInn App