Mitch Gorres established Fast Data Encoders on January 1, 2021. The following transactions occurred during the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mitch Gorres established Fast Data Encoders on January 1, 2021. The following transactions occurred during the first month of operations: Jan. 2 3 5 6 6 7 8 15 28 29 30 30 31 31 31 Invested P 150,000 cash to establish the business. Purchased computer for P 65,000 cash for use in the business. Paid rental for the month, P 12,000. Purchased print paper and other supplies on account, P 6,500. Paid P 2,600 for advertising the opening of business. Purchased tables and chairs for cash, P 20,000. Billed customers P 18,000 for services performed. Purchased additional computer on account, P 38,000. Mitch Gorres withdrew cash for personal use, P 3,600. Received P 13,800 cash from customers billed on Jan. 8. Paid salaries, P 11,300. Partial payment to creditors, P 21,500. Paid utilities expense, P 2,100. Paid miscellaneous expense, P 900. Received P 10,700 cash for services rendered. Required: 1. Journalize each transaction in a two-column journal, referring to the following chart of accounts: 11 Cash 12 Accounts Receivable 13 Supplies 15 Equipment 18 Furniture & Fixtures 21 Accounts Payable 31 Mitch Gorres, Capital 32 Mitch Gorres, Drawings 41 Service Revenuel 51 Salaries Expense 53 Rent Expense 54 Utilities Expense 55 Advertising Expense 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts. 3. Prepare a trial balance for Fast Data Encoders as of January 31, 2021. Mitch Gorres established Fast Data Encoders on January 1, 2021. The following transactions occurred during the first month of operations: Jan. 2 3 5 6 6 7 8 15 28 29 30 30 31 31 31 Invested P 150,000 cash to establish the business. Purchased computer for P 65,000 cash for use in the business. Paid rental for the month, P 12,000. Purchased print paper and other supplies on account, P 6,500. Paid P 2,600 for advertising the opening of business. Purchased tables and chairs for cash, P 20,000. Billed customers P 18,000 for services performed. Purchased additional computer on account, P 38,000. Mitch Gorres withdrew cash for personal use, P 3,600. Received P 13,800 cash from customers billed on Jan. 8. Paid salaries, P 11,300. Partial payment to creditors, P 21,500. Paid utilities expense, P 2,100. Paid miscellaneous expense, P 900. Received P 10,700 cash for services rendered. Required: 1. Journalize each transaction in a two-column journal, referring to the following chart of accounts: 11 Cash 12 Accounts Receivable 13 Supplies 15 Equipment 18 Furniture & Fixtures 21 Accounts Payable 31 Mitch Gorres, Capital 32 Mitch Gorres, Drawings 41 Service Revenuel 51 Salaries Expense 53 Rent Expense 54 Utilities Expense 55 Advertising Expense 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts. 3. Prepare a trial balance for Fast Data Encoders as of January 31, 2021.
Expert Answer:
Answer rating: 100% (QA)
Journal Entries Date Account Debit Credit Jan 2 Cash 150000 Mitch Gorres Capital 150000 Jan 3 Equipment 65000 Cash 65000 Jan 5 Rent Expense 12000 Cash 12000 Jan 6 Supplies 6500 Accounts Payable 6500 A... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
MR and Mrs Dong are citizens and residents of china. They purchased a condo on their names in Toronto, Ontario. For their daughter Min. Min moved to Toronto in August 2017 to attend the University...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
On December 2017, A group of five friends decided to open ABC Company, which dealt with providing renewable energy solutions and consultancy services to houses and commercial buildings among some....
-
Learning by doing is an integral part of the course experience albeit online. The intent of this assignment is for you to demonstrate your ability to apply course content. Thus in the Marketing...
-
The ledger of Hannon Company has the following work in process account. Production records show that there were 800 units in the beginning inventory, 30% complete, 1,200 units started, and 1,500...
-
Pocket Corporation holds 70 percent of Strap Companys voting common stock. On January 1, 20X2, Strap paid $300,000 to acquire a building with a 15-year expected economic life. Strap uses...
-
ZeeZee's Construction Company has the opportunity to select one of four projects (A, B, C, or D) or choose the null (do-nothing) alternative. Each project requires a single initial investment and has...
-
The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $28,000....
-
8. Let's assume that firm T faces a downward-sloping (straight-line) demand curve. (a) Fill in the columns for TR and MR in the table below. (Note that the figures for MR are entered between 0 and 1,...
-
Pharoah Company uses the percentage-of-receivables basis to record bad debt expense. Accounts receivable (ending balance) $520,000 (debit) Allowance for doubtful accounts (unadjusted) 5,200 (debit)...
-
The Task In this project, you will be writing a program that receives a string of characters via the UART, checks if this string is a palindrome, and then uses a print function to print either Yes or...
-
Solve the below given problem by modifying the MATLAB program given in class and by hand. During the assembly of the system, the spring has its free length but the mid point of the beam is deflected...
-
ABC Corporation - Income Statement - FY 2018 Revenue ................................. $ 10,000,000 Cost of Goods Sold ........................ 4,000,000 Gross Profit...
-
Which term refers to the extent to which authority and privileges are divided among different groups within a society and the extent to which these facts of life are accepted by the people within the...
-
Side Street Vintage Wines has market values of debt, preference shares and common equity of $200 million, $110 million, and $300 million, respectively. The yield to maturity of its only outstanding...
-
Staged investments can be modelled by constructing a decision tree. A company has a choice to develop a new technology for 100. The development will take a year and has a 50% chance of being...
-
Jubail Corporation has just purchased a new CAD Machine for $35,000 to replace old machine that had a salvage value of $ 15,000. The useful life of the new machine is 10 years. The machine generates...
-
The Adjusted Trial Balance columns of a 10-column work sheet for Webber Co. follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by...
-
Indicate, in each of the following situations, the number of exemptions the taxpayers are entitled to claim on their 2012 income tax returns. Number of Exemptions a. Donna, a 20-year-old single...
-
Ken (age 31) and Amy (age 28) Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of these items must be used to...
-
Sally hires a maid to work in her home for $250 per month. The maid is 25 years old and not related to Sally. During 2012, the maid worked 10 months for Sally. a. What is the amount of Social...
-
If average productivity falls, will marginal cost necessarily rise? How about average cost?
-
Say that a firm has fixed costs of $100 and constant average variable costs of $25. a. Show AFC, VC, AVC, and MC in a table. b. Graph the AFC, ATC, AVC, and MC curves. c. Explain why the curves have...
-
An economic consultant is presented with the following total product table and asked to derive a table for average variable costs. The price of labor is $10 per hour. a. Help him do so. b. Show that...
Study smarter with the SolutionInn App