Question: Hello, can you help me solve this accounting problem? ACC1 Midterm 2018 Name: ID.: Accounting 1 Name: Student No Year Month Day 2018 Feb You

Hello, can you help me solve this accounting problem?

Hello, can you help me solve this accounting
ACC1 Midterm 2018 Name: ID.: Accounting 1 Name: Student No Year Month Day 2018 Feb You invest to open a business called, >, consultant. $35,000.00 2 2018 Feb You pay the rent $1,500.00 2018 Feb You buy cash Computer Equipment for Note 1 $5,000.00 2018 Feb 3 You receive Professional Fees cash $6,250.00 2018 Feb 3 you paid the electricity bill $530.00 6 2018 Feb You buy cash Office Equipment for Note 2 $4,530.00 2018 Feb You have provided Professional Fees on account $5,280.00 8 2018 Feb 6 You buy cash Office supplies for Note 5 $452.00 2018 Feb You pay salaries expenses (secretary) $1, 120.00 10 2018 Feb You pay salaries expenses (Owner) $1,750.00 11 2018 Feb 10 You sign a 5 month contract Note 3 $3,600.00 12 2018 Feb 1 You receive paiement on account receivable $2,180.00 13 2018 Feb 12 You buy on account: Computer equipment $2,845.00 14 2018 Feb 13 You withdraw for personal use $1,015.00 15 2018 Feb 14 You paid the insurance for 2 years Note 4 $4,200.00 16 2018 Feb 19 You make partial payment on account payable $925.00 17 2018 Feb 23 You pay salaries expenses (secretary) $ 1,600.00 18 2018 Feb 3 You pay salaries expenses (Owner $2,500.00 19 2018 Feb 24 You buy cash Office Equipment for $3,500.00 20 2018 Feb 24 You withdraw for personal use $2,000.00 21 2018 Feb 25 You receive Professional Fees cash $7,887.00 Prepare the following documents 1 General Journal 2 T accounts 3 Trial Balance 4 Income statement 5 Owner Equity 6 Balance Sheet Note 1 Computer Equipment linear depreciation on 36 months, residual of $825.00 2 Office Equipment linear depreciation on 24 months, residual of $470.00 3 The contract start on the 15 4 The insurance is a 2 years contract. 5 The Office Supplies used for the month is $317.00

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!