M. Brennand, an accountant with famous clients, is in business with the following assets and liabilities:...

 

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M. Brennand, an accountant with famous clients, is in business with the following assets and liabilities: ASSETS Bank A/R-T. Brady A/R-M. Stewart A/R-B. Knowles Supplies Equipment Automobile $1,500.00 300.00 250.00 78.00 200.00 3956.00 7000.00 LIABILITIES A/P-P. Manning & Bros. A/P-Yeezy Finance A/PT. Pain Tattoo 1. Set up the financial position of M. Brennand using the T-accounts provided. $ 100.00 1621.42 250.00 2. In the T-accounts, record the accounting entries for the transactions listed below: (18 marks) a. Received $78 cash from B. Knowles in payment of her debt to the business. b. Paid $100 cash to P. Manning & Bros. c. The owner withdrew $300 cash from the business for a single, upper-deck, Leafs ticket. d. An accounting service was performed for T. Brady at a price of $500. Mr. Brady agreed to pay for the service at a later date. e. The office air conditioner, included in the equipment figure, broke down and had to be repaired at a cost of $50. Cash was paid for the repair. f. An accounting service was performed for H. Hogan for $200 cash. g. Bought supplies valued at $45. Paid cash. h. An accounting service was performed for T. Woods for $1200 cash. T. Woods promised to pay within 30 days. i. M. Brennand bought a computer from Computerland for $2,450. She gave a $900 deposit in cash and is to pay the balance at the end of the month. 3. Calculate and record the balances in the accounts. (4 marks) 4. Take off (create) a trial balance on the page provided dated October 31, 2019 to see if the ledger is in balance. (5 marks) M. Brennand, an accountant with famous clients, is in business with the following assets and liabilities: ASSETS Bank A/R-T. Brady A/R-M. Stewart A/R-B. Knowles Supplies Equipment Automobile $1,500.00 300.00 250.00 78.00 200.00 3956.00 7000.00 LIABILITIES A/P-P. Manning & Bros. A/P-Yeezy Finance A/PT. Pain Tattoo 1. Set up the financial position of M. Brennand using the T-accounts provided. $ 100.00 1621.42 250.00 2. In the T-accounts, record the accounting entries for the transactions listed below: (18 marks) a. Received $78 cash from B. Knowles in payment of her debt to the business. b. Paid $100 cash to P. Manning & Bros. c. The owner withdrew $300 cash from the business for a single, upper-deck, Leafs ticket. d. An accounting service was performed for T. Brady at a price of $500. Mr. Brady agreed to pay for the service at a later date. e. The office air conditioner, included in the equipment figure, broke down and had to be repaired at a cost of $50. Cash was paid for the repair. f. An accounting service was performed for H. Hogan for $200 cash. g. Bought supplies valued at $45. Paid cash. h. An accounting service was performed for T. Woods for $1200 cash. T. Woods promised to pay within 30 days. i. M. Brennand bought a computer from Computerland for $2,450. She gave a $900 deposit in cash and is to pay the balance at the end of the month. 3. Calculate and record the balances in the accounts. (4 marks) 4. Take off (create) a trial balance on the page provided dated October 31, 2019 to see if the ledger is in balance. (5 marks)

Answer rating: 100% (QA)

To set up the financial position of M Brennand well create Taccounts for each of the accounts provided record the given transactions and calculate the ... View the full answer