Accounting question and exercise

Jul 14th, 2015
HelloWorld
Category:
Accounting
Price: $30 USD

Question description

In this case, you will record the effects of transactions using the accrual method of accounting.

Carl Crow is a licensed architect. During the first month of operation of his business, the events and transactions listed below occurred.

Prepare general journal entries using an Excel spreadsheet to record the transactions listed below for the Carl Crow Co.

Assignment Template attached below

Use the following chart of accounts:

  • Cash
  • Accounts receivable
  • Supplies
  • Accounts payable
  • Unearned revenue
  • Carl Crow, capital
  • Service revenue
  • Salaries expense
  • Rent expense

Use the numbers beside each transaction to identify your entries:

  1. Invested $30,000 in cash.
  2. Hired a secretary-receptionist at a salary of $500 per week payable monthly.
  3. Paid office rent of $800 for the month.
  4. Purchased architectural supplies on account from Halo Company for $1,500.
  5. Completed blueprints on a carport and billed client $1,200 for services.
  6. Received $500 cash advance from R. Welk for the design of a new home.
  7. Received $1,500 cash for services completed and delivered to P. Donahue.
  8. Paid the secretary-receptionist $2,000 for the month.
  9. Paid $600 to the Halo Company for accounts payable due.

Instructions:

In an Excel spreadsheet, prepare journal entries 1 through 9. Make sure that the debits equal the credits for each journal entry. Under each journal entry, be sure to include one sentence that explains the transaction. For an explanation, see the solution to the demonstration problem in Chapter 2 of the textbook.


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: UCLA
PREMIUM TUTOR

Studypool has helped 1,244,100 students

8 Reviews


Summary
Quality
Communication
On Time
Value
Five Star Tutor
Dec 9th, 2016
" Outstanding Job!!!! "
kpcutie
Nov 25th, 2016
" Excellent job "
Joemoe
Nov 16th, 2016
" <3 it, thanks for saving me time. "
Hemapathy
Nov 12th, 2016
" all I can say is wow very fast work, great work thanks "
pmallory
Nov 3rd, 2016
" Totally impressed with results!! :-) "
kevin12622
Oct 20th, 2016
" Goes above and beyond expectations ! "
kiln82
Oct 11th, 2016
" awesome work thanks "
likeplum4
Sep 28th, 2016
" Excellent work as usual "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors