Create a chart of accounts, journal entries, and t accounts for these transactions! PART 1: Review all

Create a chart of accounts, journal entries, and t accounts for these transactions!

  

Transcribed Image Text:

PART 1: Review all the transactions in the next section (Part 1 Transactions). Create a chart of accounts for this business. Prepare the journal entries for all the part 1 transactions (including accruals). Create T accounts for all accounts and add the part 1 transactions (including accruals). Turn in the chart of accounts, journal entries, and Taccounts by the due date, either submitted in the Dropbox in D2L or turned into the instructor during class. Part 1 Transactions: □ May 1- Hazel invested $50,000 of her own money in the business in exchange for common stock. May 1- Hazel rented an office space for her business and paid $6,000 in advance for 6 months of rent. May 3-Hazel purchased office supplies to use in the new office space. The supplies cost $975 and were paid for in cash. May 4-Hazel purchased an advertisement in the local newspaper which also ran online. The ad cost $350 and was purchased on account. May 5-Hazel purchased a new computer for the office. The computer cost $2,400 and was purchased on account. May 7 - Hazel received $1,000 in advance for services to be completed by the end of the month. Page 2 May 12-Hazel received $500 from a client for services provided. May 15-Hazel hired an assistant to help her part time in the office. Hazel paid the assistant $850 for 2 weeks of wages. May 16- Hazel received $2,600 for services provided to clients. May 17 - Hazel paid all the open accounts payable balances (for advertisement and computer). PART 1: Review all the transactions in the next section (Part 1 Transactions). Create a chart of accounts for this business. Prepare the journal entries for all the part 1 transactions (including accruals). Create T accounts for all accounts and add the part 1 transactions (including accruals). Turn in the chart of accounts, journal entries, and Taccounts by the due date, either submitted in the Dropbox in D2L or turned into the instructor during class. Part 1 Transactions: □ May 1- Hazel invested $50,000 of her own money in the business in exchange for common stock. May 1- Hazel rented an office space for her business and paid $6,000 in advance for 6 months of rent. May 3-Hazel purchased office supplies to use in the new office space. The supplies cost $975 and were paid for in cash. May 4-Hazel purchased an advertisement in the local newspaper which also ran online. The ad cost $350 and was purchased on account. May 5-Hazel purchased a new computer for the office. The computer cost $2,400 and was purchased on account. May 7 - Hazel received $1,000 in advance for services to be completed by the end of the month. Page 2 May 12-Hazel received $500 from a client for services provided. May 15-Hazel hired an assistant to help her part time in the office. Hazel paid the assistant $850 for 2 weeks of wages. May 16- Hazel received $2,600 for services provided to clients. May 17 - Hazel paid all the open accounts payable balances (for advertisement and computer).

Answer rating: 100% (QA)

1 Transaction Chart of Accounts 1000 Cash 1100 Accounts Receivable 1200 Supplies 1300 Prepaid Rent 1400 Office Equipment 1500 Accumulated Depreciation ... View the full answer