I need help with an accounting problem

Nov 6th, 2015
Anonymous
Category:
Business Finance
Price: $25 USD

Question description


Instructions

Foyle Architects incorporated as licensed
architects on April 1, 2014. During the first month of the operation of the
business, these events and transactions occurred:

Journalize transactions,
post, and prepare a trial balance
.





 
 
 


 
 
 


 
 
 


 
 
 


 
 
 


 
 
 


 
 
 


 
 
 


 
 
 

Apr.
 

 

 1 


 

 

Stockholders invested $18,000 cash
  in exchange for common stock of the corporation.


 

 
 

 

 1 


 

 

Hired a secretary-receptionist at
  a salary of $375 per week, payable monthly.


 

 
 

 

 2 


 

 

Paid office rent for the month
  $900.


 

 
 

 

 3 


 

 

Purchased architectural supplies
  on account from Burlington Company $1,300.


 

 
 

 

10 


 

 

Completed blueprints on a carport
  and billed client $1,900 for services.


 

 
 

 

11 


 

 

Received $700 cash advance from J.
  Madison to design a new home.


 

 
 

 

20 


 

 

Received $2,800 cash for services
  completed and delivered to M. Svetlana.


 

 
 

 

30 


 

 

Paid secretary-receptionist for
  the month $1,500.


 

 
 

 

30 


 

 

Paid $300 to Burlington Company
  for accounts payable due.


 


The company uses these accounts: Cash,
Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue,
Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Expense.



Instructions




  • (a) Journalize
         the transactions, including explanations.

  • (b) Post to the
         ledger T-accounts.

  • (c) Prepare a
         trial balance on April 30, 2014.

  • c) Cash


     

     

    $18,800


     

     

     Tot. trial balance


     

     

    $24,400





 
 


 
 


 

(c) Cash


 

 

$18,800


 

 

 Tot. trial balance


 



Tutor Answer

(Top Tutor) Mercy K
School: University of Maryland
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