. 1) Using the general journal provided on the next page, prepare the journal entries for Coquitlam...
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1) Using the general journal provided on the next page, prepare the journal entries for Coquitlam Consulting for all of the following events. • Assume that Coquitlam Consulting (CC) prepares financial statements and makes adjusting entries monthly except for amortization which is adjusted annually. • Assume that reversing entries are not used by Coquitlam Consulting. 2) Post the August cash transactions to the cash account using proper bookkeeping procedures. Charlie Devlin started a consulting business "Coquitlam Consulting" (CC) by investing $60,000 cash and an automobile with a fair market value of $15,000. The automobile was purchased 4 years ago for $35,000 and has been used by Mr. Devlin personally. CC purchased office supplies for use over the next few months, for $2,000. - $500 was paid at the time of purchase. The balance will be paid on September 5. CC completed consulting work for its first client and billed $25,000. One quarter is due on August 26, the balance is due October 31. CC collected the amount due from its client. CC paid its employees $3,200. CC determined that $800 of supplies purchased on August 6 were still on hand. CC collected $12,000 from its 2d client for work to be done in September. 1) Using the general journal provided on the next page, prepare the journal entries for Coquitlam Consulting for all of the following events. • Assume that Coquitlam Consulting (CC) prepares financial statements and makes adjusting entries monthly except for amortization which is adjusted annually. • Assume that reversing entries are not used by Coquitlam Consulting. 2) Post the August cash transactions to the cash account using proper bookkeeping procedures. Charlie Devlin started a consulting business "Coquitlam Consulting" (CC) by investing $60,000 cash and an automobile with a fair market value of $15,000. The automobile was purchased 4 years ago for $35,000 and has been used by Mr. Devlin personally. CC purchased office supplies for use over the next few months, for $2,000. - $500 was paid at the time of purchase. The balance will be paid on September 5. CC completed consulting work for its first client and billed $25,000. One quarter is due on August 26, the balance is due October 31. CC collected the amount due from its client. CC paid its employees $3,200. CC determined that $800 of supplies purchased on August 6 were still on hand. CC collected $12,000 from its 2d client for work to be done in September.
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Related Book For
Fundamentals of Taxation 2015
ISBN: 9781259293092
8th edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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