X + iewContent/1744820/View uin College... Mail - Ram Singh - Store Hourly Jobs .... Overnight Fulfillme... Homepage - Algon... equrly to the month endeu Apr 30, 2017 and interim Valance sheet at April 30, 2015. P 2-5 The following transactions occurred in Thorn Accounting Services Inc. during August 2015, its first month of operation. 82 CHAPTER TWO/The Accounting Process Aug. 1 Issued share capital for $3,000 cash 1 Borrowed $10.000 cash from the bank 1 Paid $8,000 cash for a used truck 4 Paid $600 for a one-year truck insurance policy effective August 1 5 Collected $2,000 fees in cash from a client for work performed today (recorded as Fees Earned) 7 Billed $5,000 fees to clients for services performed to date (recorded as fees earned) Dann fara 18 30 Download Activity Details ed this topic BH EN A + ewContent/1744820/View Mail - Ram Singh -... in College... Store Hourly Jobs -... A Homepage - Algon... Overnight Fulfillme... Aug. 1 Issued share capital for $3,000 cash 1 Borrowed $10,000 cash from the bank 1 Paid $8,000 cash for a used truck 4 Paid $600 for a one-year truck insurance policy effective August 1 5 Collected $2,000 fees in cash from a client for work performed today (recorded as Fees Earned) 7 Billed $5,000 fees to clients for services performed to date (recorded as fees earned) 9 Paid $250 for supplies used to date 12 Purchased $500 of supplies on credit (recorded as unused supplies) 15 Collected $1,000 of the amount billed on August 7 16 Paid $200 for advertizing in The News during the first two weeks of August 20 Paid half of the amount owing for the supplies purchased on August 12 25 Paid cash for the following expenses: rent for August, $350; salaries, $2,150; telephone. $50; truck repairs, $250 28 Called clients for payment of the balance owing from August 7 29 Billed $6,000 of fees to clients for services performed to date (recorded as fees earned) 31 Transferred the amount of August's truck insurance ($50) to insurance expense 31 Counted $100 of supplies still on hand (recorded the amount used as supplies expense). 19 730 Download Activity Details is topic o EN + entent/1744820/View llege... Store Hourly Jobs -... Overnight Fulfillme... A Homepage - Algon... Mail - Ram Singh -... (recorded as fees earned) 31 Transferred the amount of August's truck insurance ($50) to insurance expense 31 Counted $100 of supplies still on hand (recorded the amount used as supplies expense). Required: 1. Open general ledger T-accounts for the following (account numbers are indicated in brackets): Cash (101), Accounts Receivable (110), Prepaid Insurance (161), Unused Supplies (173), Truck (184), Bank Loan (201), Accounts Payable (210), Share Capital (320), Fees Earned (420), Advertizing Expense (610), Insurance Expense (631), Rent Expense (654), Salaries Expense (656), Supplies Expense (668), Telephone Expense (669), and Truck Operating Expense (670). 2. Prepare journal entries to record the August transactions including general ledger account numbers. 3. Post these entries to the T-accounts. Total each account. 4. Prepare a trial balance at August 31, 2015. 5. Prepare an income statement and statement of changes in equity for the month ended August 31, 2015 and a balance sheet at August 31, 2015 CHAPTER TWO / The Accounting Process 19 30 Download topic o EN X + iewContent/1744820/View uin College... Mail - Ram Singh - Store Hourly Jobs .... Overnight Fulfillme... Homepage - Algon... equrly to the month endeu Apr 30, 2017 and interim Valance sheet at April 30, 2015. P 2-5 The following transactions occurred in Thorn Accounting Services Inc. during August 2015, its first month of operation. 82 CHAPTER TWO/The Accounting Process Aug. 1 Issued share capital for $3,000 cash 1 Borrowed $10.000 cash from the bank 1 Paid $8,000 cash for a used truck 4 Paid $600 for a one-year truck insurance policy effective August 1 5 Collected $2,000 fees in cash from a client for work performed today (recorded as Fees Earned) 7 Billed $5,000 fees to clients for services performed to date (recorded as fees earned) Dann fara 18 30 Download Activity Details ed this topic BH EN A + ewContent/1744820/View Mail - Ram Singh -... in College... Store Hourly Jobs -... A Homepage - Algon... Overnight Fulfillme... Aug. 1 Issued share capital for $3,000 cash 1 Borrowed $10,000 cash from the bank 1 Paid $8,000 cash for a used truck 4 Paid $600 for a one-year truck insurance policy effective August 1 5 Collected $2,000 fees in cash from a client for work performed today (recorded as Fees Earned) 7 Billed $5,000 fees to clients for services performed to date (recorded as fees earned) 9 Paid $250 for supplies used to date 12 Purchased $500 of supplies on credit (recorded as unused supplies) 15 Collected $1,000 of the amount billed on August 7 16 Paid $200 for advertizing in The News during the first two weeks of August 20 Paid half of the amount owing for the supplies purchased on August 12 25 Paid cash for the following expenses: rent for August, $350; salaries, $2,150; telephone. $50; truck repairs, $250 28 Called clients for payment of the balance owing from August 7 29 Billed $6,000 of fees to clients for services performed to date (recorded as fees earned) 31 Transferred the amount of August's truck insurance ($50) to insurance expense 31 Counted $100 of supplies still on hand (recorded the amount used as supplies expense). 19 730 Download Activity Details is topic o EN + entent/1744820/View llege... Store Hourly Jobs -... Overnight Fulfillme... A Homepage - Algon... Mail - Ram Singh -... (recorded as fees earned) 31 Transferred the amount of August's truck insurance ($50) to insurance expense 31 Counted $100 of supplies still on hand (recorded the amount used as supplies expense). Required: 1. Open general ledger T-accounts for the following (account numbers are indicated in brackets): Cash (101), Accounts Receivable (110), Prepaid Insurance (161), Unused Supplies (173), Truck (184), Bank Loan (201), Accounts Payable (210), Share Capital (320), Fees Earned (420), Advertizing Expense (610), Insurance Expense (631), Rent Expense (654), Salaries Expense (656), Supplies Expense (668), Telephone Expense (669), and Truck Operating Expense (670). 2. Prepare journal entries to record the August transactions including general ledger account numbers. 3. Post these entries to the T-accounts. Total each account. 4. Prepare a trial balance at August 31, 2015. 5. Prepare an income statement and statement of changes in equity for the month ended August 31, 2015 and a balance sheet at August 31, 2015 CHAPTER TWO / The Accounting Process 19 30 Download topic o EN