Prepare the journal entries for each transaction and post those journal entries to the T-accounts provided:

a. Provided $116,000 in services to clients who paid $96,000 in cash and owed the rest on account.

b. Received $11,200 cash from clients on account.

c. Received $800 in cash as income on investments.

d. Paid $72,000 in wages, $24,000 in travel, $15,200 in rent, and $3,200 on accounts payable.

e. Received $3,200 in cash from clients in advance of services Massa will provide next year.

f. Received a utility bill for $1,600 for 2017 services to be paid in 2018.

g. Paid $960 in dividends to stockholders.

Q2 Compute ending balances in the T-accounts to determine amounts for the following on December 31, 2017:

Revenue $_______________ - Expenses $_____________ = Net Income_____________

Assets $___________ = Liabilities $_____________ + Stockholders Equity $____________

Q3: Calculate (a) the current ratio at the end of 2017 and

(b) the net profit margin ratio for 2017. (Round your answer to 4 decimal places.)

125% + A 69 Insert View Zoom Add Page Table Chart Text Shape Shape Media Comment Collaborate Format Document Text Body Update 1 Massa Company provides marketing consulting services worldwide for dot-com companies. At the start of 2017, Massa's T-account balances were as follows: Cash Accounts Receivable LT Investments 6,400 16,000 12,800 Style Layout More Font Calibri Regular 11 pt B I U S Ov Character Styles None Accounts Payable 4,800 Unearned Revenue 11,200 LT Notes Payable 3,200 Text Color > Spacing 1.0 - Single Common Stock ($0.20 par) 1,600 Additional Paid-in-Capital 8,000 Retained Earnings 6,400 > Bullets & Lists None Drop Cap V Consulting Fee Revenue Investment Income Wages Expense Travel Expense Utilities Expense Rent Expense Questions