Scott Jameson opened a translation business on January 2, 2019. During the first month of operations, the
Question:
Scott Jameson opened a translation business on January 2, 2019. During the first month of operations,
the business completed the following transactions:
Jan 2 The business received $40,000 cash from Scott Jameson, which was deposited in a business bank
account entitled Jameson Translation Service.
Jan 3 Purchased supplies, $750, and furniture, $2,800, on account.
Jan 3 Paid January rent expense, $1,100.
Jan 4 Performed translation services for a client and received cash, $2,250.
Jan 7 Paid $28,000 cash to acquire land for a future office site.
Jan 11 Translated a brochure for a client and billed the client $1,200.
Jan 15 Paid secretary salary, $975.
Jan 16 Paid for the furniture purchased January 3 on account.
Jan 18 Received partial payment from client on account, $600.
Jan 19 Translated legal documents for a client on account, $1,350.
Jan 22 Paid the water and electricity bills, $300.
Jan 29 Received $2,700 cash for translation for a client in an overseas business transaction.
Jan 31 Paid secretary salary, $975.
Jan 31 Scott Jameson withdrew $2,000 for personal use.
Required:
a. Journalize all transactions.
b. Open and record the transactions in T-accounts.
c. Prepare a Trial Balance.
d. Prepare the financial statements.
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood