You are operating your accounting firm. Your first client had the following transactions in January 20x7....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You are operating your accounting firm. Your first client had the following transactions in January 20x7. 1. borrowed $15,000 from bank. 2. Purchase $ 3,500 of computer equipment for cash. 3. Paid $850 cash for this month rent. 4. purchased $1,600 of office supplies on credit. It is expected that these supplies will last for 3months. 5. billed $600 to customers for services rendered during January. 6. paid cash for the $1,600 balance owed to the vendor from transaction 4. 7. Collected $460 cash of the amount billed to the customer in transaction 5. 8. sold one-half of the equipment purchased in transaction 1, along with $50 in interest. Use the Four steps in accounting cycle to analyze business transactions: Questions: identify transactions from source documents. analyzing transactions using the accounting equation recording the journal entry posting the entry to the ledger to complete the following: 1.) Prepare journal entries for each above transaction. 2.) Post the journal entries to T-accounts and total the accounts. 3.) From the T-accounts, prepare an unadjusted trial balance. You are operating your accounting firm. Your first client had the following transactions in January 20x7. 1. borrowed $15,000 from bank. 2. Purchase $ 3,500 of computer equipment for cash. 3. Paid $850 cash for this month rent. 4. purchased $1,600 of office supplies on credit. It is expected that these supplies will last for 3months. 5. billed $600 to customers for services rendered during January. 6. paid cash for the $1,600 balance owed to the vendor from transaction 4. 7. Collected $460 cash of the amount billed to the customer in transaction 5. 8. sold one-half of the equipment purchased in transaction 1, along with $50 in interest. Use the Four steps in accounting cycle to analyze business transactions: Questions: identify transactions from source documents. analyzing transactions using the accounting equation recording the journal entry posting the entry to the ledger to complete the following: 1.) Prepare journal entries for each above transaction. 2.) Post the journal entries to T-accounts and total the accounts. 3.) From the T-accounts, prepare an unadjusted trial balance.
Expert Answer:
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
Posted Date:
Students also viewed these accounting questions
-
Transaction Analysis; Journal Entries; Adjusting Journal Entries. Jester Entertainment Company began operations on January 1, 2015. The company had the following transactions in its first year of...
-
Genevieve Shannara has always wanted to open her own kennel and grooming services; she had been grooming pets for friends and family from her apartment for extra cash since high school. When the...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Svengool Inc. financial statements included the following amounts for the current year: Retired bonds $67,000 30,000 Proceeds from collection of note receivable Dividends received 11,000 Acquired...
-
For the 6-in 2 shaded area shown, determine the distance d 2 and the moment of inertia with respect to the centroidal axis parallel to AA knowing that the moments of inertia with respect to AA and BB...
-
When nonstatistical sampling is used, two decisions are made judgmentally. These two are determined scientifically when statistical sampling is used. What are these two decisions?
-
The December 1, bank statement of Billys Hamburger just arrived from Safety Bank. To prepare the bank reconciliation, you gather the following additional data: a. The following checks are outstanding...
-
You have just been hired as a brand manager of toothpaste for a large consumer products company. Your job mainly involves encouraging the advertising and production groups to promote and manufacture...
-
Despite the availability of big data and new analytical methods, a significant proportion of today's public safety organizations seem to remain narrowly focused on the same categories of indicators...
-
Using the predictions made by the model on the "Prediction data (this year, active donors)" data set, if the Gabriel Hansen Foundation did not change its direct marketing strategy at all, and sent...
-
Do you see any trends in what companies are doing? Are companies today more sincere in aligning their missions and visions with actions? Provide some examples with properly cited sources, when...
-
Find resources on the great man theory, trait theory, and skills theory. Respond to the following questions: Elaborate on which theory best describes Mahatma Gandhi, Martin Luther King, and Nelson...
-
Which OSI layer is responsible for connection - oriented communication?
-
ok nt int ences If a person standing at the first-floor entrance to Sears Tower (recently renamed Willis Tower) in Chicago weighs exactly 140 lb, determine the weight while he or she is standing on...
-
Yvonne, age 32 is a divorced mother of two children, 10 and 8 years old. About three months before, she lost her job of 12 years where she had been a supervisor in a casino. Yvonne did not attend...
-
How do ethical considerations factor into decision-making processes within complex business environments ?
-
Presented below are financial statements for Obsessive Ltd. These include the 2024 forecasts for both the income statement balance sheet and the most recent 2023 actuals for the balance sheet. The...
-
Create an appropriate display of the navel data collected in Exercise 25 of Section 3.1. Discuss any special properties of this distribution. Exercise 25 The navel ratio is defined to be a persons...
-
Identify two methods for estimating uncollectible accounts under the allowance method of accounting for bad debts, and outline how to implement each of these methods.
-
Financial statement data for Gibbons Electronics Company for 2011 follow: GIBBONS ELECTRONICS COMPANY Comparative Statement of Financial Position GIBBONS ELECTRONICS COMPANY Statement of Earnings For...
-
The following are from a company's statements of financial position: During 2011, the company issued additional shares for $7,000 and declared dividends of $4,000. Required: Calculate what the...
-
Consider the common-base circuit in Figure 7.33 in the text. The transistor parameters are \(\beta=90, V_{E B}(\mathrm{on})=0.7 \mathrm{~V}\), and \(V_{A}=\infty\). A load capacitance of \(C_{L}=3...
-
For the circuit in Figure P7.39, the transistor parameters are: \(K_{n}=\) \(0.5 \mathrm{~mA} / \mathrm{V}^{2}, V_{T N}=2 \mathrm{~V}\), and \(\lambda=0\). Determine the maximum value of \(C_{L}\)...
-
Consider the circuit shown in Figure 7.25(a). The bias voltages are changed to \(V^{+}=3 \mathrm{~V}\) and \(V^{-}=-3 \mathrm{~V}\). The load resistor is \(R_{L}=20 \mathrm{k} \Omega\). The...
Study smarter with the SolutionInn App