Prepare the journal entries for all the part 1 transactions Create T accounts for all accounts and
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Question:
Prepare the journal entries for all the part transactions
Create accounts for all accounts and add the part transactions
Part Transactions:
January Phin invested $ of his own money in the business in exchange for
owner's equity in the business.
January Phin rented an office space for his business and paid $ in advance
for months of rent.
January Phin purchased $ worth of office furniture for the office space. The furniture was purchased on account.
January Phin purchased advertising on various local websites for the month. The advertising cost $ and was paid for in cash. Use Misc. Expense
January Phin purchased a new Microsoft Surface computer for the office. The computer cost $ and was paid for with cash.
January Phin purchased office supplies to use in the new office space. The supplies cost $ and were purchased on account.
January Phin received $ in advance for services to be completed by the end
of the month.
January Phin received $ from a client for services provided.
January Phin hired his niece, Philomena, as an assistant to help him part time in
the office. Phin agreed to pay her $ per hour. Philomena worked hours per week
for the first two weeks of January. Phin paid her wages in cash. Dont worry about
taxes, social security, etc.
January Phin paid all the open accounts payable balances for the office furniture
and the supplies
January Phin received $ for services provided to clients.
January Phin received and paid the internet and phone bill for January in the
amount of $
January Phin received and paid the utility bill for January in the amount of $
January Phin completed the work for the client who had paid in advance on
January
January Phin received $ for services provided to clients for the second half
of January.
January Accruals that need entries for the month of January:
Philomena is owed for another two weeks of work hours each week during the
second half of January.
Depreciation of $ on the computer and the furniture needs to be recorded for
the month of January.
Unbilled services for the month of January total $
One month of prepaid rent expired.
Supplies on hand at the end of the month total $
Depreciation expense
Fees earned
Insurance expense
Misc. expense
Office equipment and furniture
Petty cash
Phineas Phillips, Capital
Phineas Phillips, Drawing
Postage and shipping expense
Prepaid insurance
Prepaid rent
Rent expense
Sales
Sales tax payable
Supplies
Supplies expense
Unearned revenue
Utilities expense
Wages expense
Wages payable
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
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