Question: Question # 2: (10 marks) (8 marks for question 1, 2 marks for question 2) On Mai, 1,2014 Sami started his new business Best Rent
Question # 2: (10 marks) (8 marks for question 1, 2 marks for question 2) On Mai, 1,2014 Sami started his new business Best Rent transactions were completed during the month: Agency. The following 1- Sami invested $ 80,000 cash to start the Best Rent Agency. 2- Purchase of computer for $ 5,500, paid $ 1000 for cash, and the balance by 3 a- month's note payable. 3- Paid 2 years rent of cash 12,000 $ 4- Purchase of supplies on credit of $ 500. 5- Provide services of $2500, received cash $500 and billed on account for the balance. 6- Paid cash for transaction 4. 7- Paid secretary work for the month $ 300 cash 8- Received cash of $ 3400 for services to be completed after 4 months. Instructions: 1. Prepare the journal entries for Sami Company for the month of Mai 2014. 2. Present the general ledger (T accounts) for all accounts. Question # 3: (2 marks) (0.5 marks each adjusting entry) Prepare the adjusting entries (for each transaction) for Alpha Company for the month of March N: 1- 900 S for services earned during the month but have not been recorded. 2- Supplies purchased during the month totaled 1,900 S. At the end of the month are 900 $ supplies unused. 3- Total unearned revenues $ 2000. At the end of March $ 1200 remains unearned 4-A mortgage totaling $ 6,000 with the annual interest rate of 8%
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
