Beverly Crusher is a Fcensed CPA. During the first month of operations of her business la...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Beverly Crusher is a Fcensed CPA. During the first month of operations of her business la sole proprietorship), the following events and transaction: occurred. April Invested $32,000 cash and equipment valued at $14,000 in the business. 3 Hired an administrative assistant at a salary of $290 per week payable monthly. Purchased supplies on account $700 (Debit an asset account. Paid office rent of $600 for the month. 11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement. Received cash of $2.000 for services completed for Ferengi Co. 21 Paid insurance expense $110. 30 Paid administrative assistant $1.160 for the month. 20 A count of supplies indicated that $120 of supplies had been used. 30 Purchased a new computer for $6,100 with personal funds. The computer will be used exclusively for business purposes. Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually if no entry is required, select "No entry" for the account Ulles and enter for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Date > Account Titles and Explanation Equipment Owner's Chpital Salaries and Wages Expense Salaries and Wages Payable Supplies Accounts Payable Rent ExpensE Cash Debit 290 200 400 11 Accounts Receivable 1,100 Service Revenue 12 Accounts Receivable T.17 V Unearned Service Revenue Service Revenue Insurance Expense $200 110 Credit 44000 062 1100 2.300 110 Beverly Crusher is a Fcensed CPA. During the first month of operations of her business la sole proprietorship), the following events and transaction: occurred. April Invested $32,000 cash and equipment valued at $14,000 in the business. 3 Hired an administrative assistant at a salary of $290 per week payable monthly. Purchased supplies on account $700 (Debit an asset account. Paid office rent of $600 for the month. 11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement. Received cash of $2.000 for services completed for Ferengi Co. 21 Paid insurance expense $110. 30 Paid administrative assistant $1.160 for the month. 20 A count of supplies indicated that $120 of supplies had been used. 30 Purchased a new computer for $6,100 with personal funds. The computer will be used exclusively for business purposes. Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually if no entry is required, select "No entry" for the account Ulles and enter for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Date > Account Titles and Explanation Equipment Owner's Chpital Salaries and Wages Expense Salaries and Wages Payable Supplies Accounts Payable Rent ExpensE Cash Debit 290 200 400 11 Accounts Receivable 1,100 Service Revenue 12 Accounts Receivable T.17 V Unearned Service Revenue Service Revenue Insurance Expense $200 110 Credit 44000 062 1100 2.300 110
Expert Answer:
Answer rating: 100% (QA)
The journal entries for Beverly Crushers business transactions are correct as you have them Heres a ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
(Transaction AnalysisService Company) Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred....
-
Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $30,000 cash and...
-
1. Find the probability of obtaining between 40 and 60 heads when tossing a coin 100 times. 2. Find the probability of obtaining 6s between 20 and 40 times when rolling a die 200 times.
-
The following data were randomly drawn from two independent populations. a. Specify the competing hypotheses to determine whether the median of Population 1 is greater than the median of Population...
-
A steel wire is used to stretch the spring of FIGURE P17.42. An oscillating magnetic field drives the steel wire back and forth. A standing wave with three antinodes is created when the spring is...
-
How do you prevent name clashes when using header files?
-
For the following independent situations, assume that you are the audit partner on the engagement: 1. During your audit of Raceway.com, Inc., you conclude that there is a possibility that inventory...
-
rephrase. PT IS WIDOWED AND ORIGINALLY FROM GERMANY. PT SPOUSE DIED 4 YEARS AGO AND PCG REPORTED SHE HAS STUGGLED WITH ANXIETY AND DEPRESSION EVER SINCE. PT HAS 2 ADULT CHILDRE THAT ARE VERY INVOLVED...
-
Bryn Tagovailoa is 29 years old and was born in Cork (Republic of Ireland). Bryn's permanent home is in Dublin (Republic of Ireland). Bryn worked as a pensions analyst at HMRC, London (UK) from 1...
-
Operating income for Division A is $520,000, total service department charges are $480,000, and operating expenses are $3,200,000. What are the revenues for Division A?
-
Villanueva Corp. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,000,000 of 5% convertible bonds outstanding during 2020. The preferred stock is convertible...
-
How do advanced cost-benefit analysis frameworks and probabilistic decision-making models guide strategic resource allocation decisions, balancing short-term efficiency gains with long-term...
-
On June 1, 20Y2, Herbal Co. received $47,150 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y2. Round your answers to the nearest...
-
NEGOTIATION 1.There is a client complaining about the product they have received. Your customer told you "The item that you send to me has a lot of damages and it is not what I ordered!"Now, the...
-
A company with a large fleet of cars hopes to keep gasoline costs down and sets a goal of attaining a fleet average of at least 24 miles per gallon. To see if the goal is being met, they check the...
-
A superior criticized a sales manager for selling high-revenue, low-profit items instead of lower-revenue but higher-profit items. The sales manager responded, My income is based on commissions that...
-
Inventoriable Costs George Solti, the controller for Garrison Lumber Company, has recently hired you as assistant controller. He wishes to determine your expertise in the area of inventory accounting...
-
(Pension Worksheet) Webb Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2010, the following balances relate to this plan. Plan assets $480,000 Projected benefit...
-
Retail Inventory Method Presented below is information related to McKenna Company. (a) Compute the ending inventory at retail. (b) Compute a cost-to-retail percentage (round to two decimals) under...
-
Go to the PMI Web site and examine the link Membership. What do you discover when you begin navigating among the various chapters and cooperative organizations associated with the PMI? How does this...
-
Go to http://www.pmi.org/business-solutions/casestudies and examine some of the cases included on the Web page. What do they suggest about the challenges of managing projects successfully? The...
-
Using your favorite search engine (Google, Yahoo!, etc.), type in the keywords project and project management. Randomly select three of the links that come up on the screen. Summarize what you find.
Study smarter with the SolutionInn App