Notwist Copy Company incurred the following transactions during the month of March 2021. March 1, 2021...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Notwist Copy Company incurred the following transactions during the month of March 2021. March 1, 2021 M. Acher, the owner of Notwist invests $70,000 cash to start the business. Purchased three pieces of equipment for $160,000, paying $50.000 cash and signing a 5-year, 10% note for the remainder. Purchased $5,000 supplies on credit. Cash revenue amounted to $7,000. Paid $500 cash for radio advertising. Paid $800 on account for supplies purchased on march 5, 2021. Owner withdrew $2,100 from the business for personal expenses. Paid $1.200 cash for rent for the current month. Received $2.000 cash advance from a customer for future copying. Billed a customer for $575 for photocopy work done. March 3, 2021 March 5, 2021 March 10, 2021 March 15, 2021 March 20, 2021 March 22, 2021 March 29, 2021 March 30, 2021 March 31, 2021 Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: Cash, Supplies, Accounts receivable, Equipment, Accounts Payable. Notes payable, Uneamed service revenue, Owner's capital, Withdrawal, Revenues, Expenses 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on March 31, 2021. Other data: a) The office equipment has an estimated useful life of 80 months with zero salvage value bj The physical count revealed $2000 supplies on hand at the end of the month. cj Provided $1000 service during the month in respect of advance receipt from the customer. d) Interest accrued on the notes payable. Requirements: 5) Prepare necessary adjusting entries on March 31, 2021. 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended March 31, 2021, an owner's equity statement on March 31, 2021, and a balance sheet on March 31, 2021, 8) Prepare necessary closing entries on March 31, 2021. 9j Prepare a post-closing trial balance on March 31, 2021 Notwist Copy Company incurred the following transactions during the month of March 2021. March 1, 2021 M. Acher, the owner of Notwist invests $70,000 cash to start the business. Purchased three pieces of equipment for $160,000, paying $50.000 cash and signing a 5-year, 10% note for the remainder. Purchased $5,000 supplies on credit. Cash revenue amounted to $7,000. Paid $500 cash for radio advertising. Paid $800 on account for supplies purchased on march 5, 2021. Owner withdrew $2,100 from the business for personal expenses. Paid $1.200 cash for rent for the current month. Received $2.000 cash advance from a customer for future copying. Billed a customer for $575 for photocopy work done. March 3, 2021 March 5, 2021 March 10, 2021 March 15, 2021 March 20, 2021 March 22, 2021 March 29, 2021 March 30, 2021 March 31, 2021 Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: Cash, Supplies, Accounts receivable, Equipment, Accounts Payable. Notes payable, Uneamed service revenue, Owner's capital, Withdrawal, Revenues, Expenses 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on March 31, 2021. Other data: a) The office equipment has an estimated useful life of 80 months with zero salvage value bj The physical count revealed $2000 supplies on hand at the end of the month. cj Provided $1000 service during the month in respect of advance receipt from the customer. d) Interest accrued on the notes payable. Requirements: 5) Prepare necessary adjusting entries on March 31, 2021. 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended March 31, 2021, an owner's equity statement on March 31, 2021, and a balance sheet on March 31, 2021, 8) Prepare necessary closing entries on March 31, 2021. 9j Prepare a post-closing trial balance on March 31, 2021
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 978-1260413984
4th edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
Students also viewed these accounting questions
-
The Totman Company has the following transactions during the months of January and February: The cost of the inventory at January 1 is $24, $23, and $15 per unit, respectively, under the FIFO,...
-
A company had the following transactions during its most recent fiscal period: 1. Paid rent of $39,000 during the year which included $3,000 for the first month of next year. 2. Paid $11,700 of...
-
TRANSACTIONS a. Brock invested $147,000 in cash to start the business. b. Paid $4,700 for the current months rent. c. Bought office furniture for $15,420 in cash. d. Performed services for $8,500 in...
-
Macmillan Learning A Geiger-Muller tube is a type gas-filled radiation detector. It can detect particles like X-rays, alpha particles, and beta rays (electrons). This is useful in quantizing the...
-
Explain what benefits the employer and the employee can achieve by establishing: a. a stock option plan; b. a stock purchase plan; and c. a stock bonus plan.
-
Goldstar Communications was organized on December 1 of the current year and had the following account balances at December 31, listed in tabular form: Early in January, the following transactions...
-
I spent time with you. It seems that this deed is out of character for you. You were not awarded your normal annual bonus. I would probably feel the same. Is that what happened? You normally wouldnt...
-
Long-Term Contract Reporting) Berstler Construction Company began operations in 2010. Construction activity for the first year is shown below. All contracts are with different customers, and any work...
-
Problem 5. [20 pts] Verify Green's Theorem for the following vector field and region D. Namely, compute both, the line integral and the double integral. x1 1. (10pts) F (1,-1). and D is the square...
-
Jason was feeling sad and barely noticed the beauty of the sunshine shining in the window. This example highlights how our ________ shapes what we select. emotional state motives subjectivity...
-
Find the circulation and Flux of the fields F = x + yj and F = = y + x - around and curves across the following (a) The circle ult) = (cost) + (sint), 0 t 2x
-
Noemi owns a cabin on Long Lake. Bob takes possession of the cabin without Noemis permission and puts up a sign that reads No Trespassing by Order of Bob, the Owner. The statutory period for adverse...
-
Insurance premiums are small relative to the coverage offered because a. the risks are spread among a large number of people. b. agents and brokers receive only a small percentage of the premiums. c....
-
To constitute a gift, a voluntary transfer of property must be supported by consideration. (True/False)
-
The insurable interest in life insurance must exist at the time the policy is obtained. (True/False)
-
Jills monthly income is $2,000, her monthly expenses are $2,800, and her debts are nearly $40,000. To obtain a fresh start, Jill could file for bankruptcy under a. Chapter 7. b. Chapter 11. c....
-
How do the subnetting strategies differ between IPv4 and IPv6, and what are the implications for network design? Can you explain why IPv6 networks are said to eliminate the need for traditional...
-
You are thinking of investing in one of two companies. In one annual report, the auditors opinion states that the financial statements were prepared in accordance with generally accepted accounting...
-
Describe the three types of analytics. Give an example of how a manager at California Pizza Kitchen might use each type of analytics.
-
Match each of the following graphs to the correct cost behavior. Cost Behavior1. Variable cost per unit.2. Total variable cost.3. Fixed cost per unit.4. Total fixed cost.5. Total mixed cost. Activity...
-
Complete the following table: NUMBER OF UNITS Ending Inventory 125 Beginning Inventory Production Sales 500 125 930 750 900 805 845 90 80 710 1,200 85 225 290 160 795
-
One of the secondary aims of the PreEMPt study was to assess the safety of the prehabilitation exercise programme. A serious adverse event was defined as any adverse event or adverse reaction that...
-
What about the economic benefits of producing accounting information? Do you think it is easier, or harder, to assess the economic benefits of accounting information than to assess the costs of...
-
Can you think of at least four types of organisation that are not primarily concerned with making profits?
Study smarter with the SolutionInn App