Massa Company provides marketing consulting services worldwide for dot-com companies. At the start of 2022, Massa's...

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Massa Company provides marketing consulting services worldwide for dot-com companies. At the start of 2022, Massa's T-account balances were as follows: Cash 12,800 Accounts Receivable 32,000 LT Investments 25,600 Accounts Payable 9,600 Unearned Revenue 22,400 LT Notes Payable 6,400 Common Stock ($0.20 par) 3,200 Additional Paid-in-Capital 16,000 Retained Earnings 12,800 Consulting Fee Revenue Investment Income Wages Expense Rent Expense Questions: Q1 (20 Points): Make journal entries the following 2022 transactions (10 Points, 2 Points each) and enter the journal entries in the T-accounts (10 Points, 2 Points each): a. b. C. d. e. Provided $232,000 in services to clients who paid $192,000 in cash and owed the rest on account. Received $1,600 in cash as income on investment. Paid $144,000 in wages, $30,400 in rent, and $6,400 on accounts payable. Received $3,000 in cash from clients in advance of services Massa will provide next year. Paid $1,920 in dividends to stockholders. Transaction a. General Journal Cash Account Receivable Consulting Fee Revenue b. Cash Account Receivable Debit Credit 192,000 40,000 232,000 1,600 1,600 Massa Company provides marketing consulting services worldwide for dot-com companies. At the start of 2022, Massa's T-account balances were as follows: Cash 12,800 Accounts Receivable 32,000 LT Investments 25,600 Accounts Payable 9,600 Unearned Revenue 22,400 LT Notes Payable 6,400 Common Stock ($0.20 par) 3,200 Additional Paid-in-Capital 16,000 Retained Earnings 12,800 Consulting Fee Revenue Investment Income Wages Expense Rent Expense Questions: Q1 (20 Points): Make journal entries the following 2022 transactions (10 Points, 2 Points each) and enter the journal entries in the T-accounts (10 Points, 2 Points each): a. b. C. d. e. Provided $232,000 in services to clients who paid $192,000 in cash and owed the rest on account. Received $1,600 in cash as income on investment. Paid $144,000 in wages, $30,400 in rent, and $6,400 on accounts payable. Received $3,000 in cash from clients in advance of services Massa will provide next year. Paid $1,920 in dividends to stockholders. Transaction a. General Journal Cash Account Receivable Consulting Fee Revenue b. Cash Account Receivable Debit Credit 192,000 40,000 232,000 1,600 1,600