ACTG College of San Mateo Accouting Worksheet

User Generated

gp0091

Business Finance

College of San Mateo

ACTG

Description

Complete the following problem in proper form (handwritten, scan in pdf - best way - or in excel or word)

1. G. Willickers started a consulting business on Jan 1 of this year
Transactions during the first month are as follows.
Required: Journalize, post to T accounts and prepare a trial balance
Amount
1-JanInvests in business$30,000
2-JanPays 3 mos rent on commercial space 3,000
5-JanPurchases prepaid insurance for three months 1,800
9-JanPurchases supplies on account 2,100
10-JanReceives cash for consulting services rendered to ABC4,500
12-JanPays salaries of 3,600
14-JanPurchases equipment on a note payable6,000
15-JanPays advertising for Jan 900
20-JanRenders consulting to XYZ and bills them 9,600
28-JanPays on Accts Payable from 1/9 transaction2,100
30-JanPays salaries 3,600

30-Jan

Jan 31

Withdraws cash for personal use

Receives cash from 1/20 transaction

2,400

2,100

2. Prepare adjusting entries and adjusted trial balance for the above problem based on the following:Amount
Supplies remaining at month end$420

Two months insurance remains

Two months prepaid rent remains

Depreciation on new equipment for month 120
3. Prepare a trial balance, an income statement, statement of owners equity and balance sheet for

MelaniaTrump Dating Services

(note you must solve for the note payable):

Drawing$26,000Fees Earned$260,000Cash$78,000
Accts Receivable104,000Capital 1/1117,000Supply Expense20,800
Salary Expense78,000Supplies19,500Insurance Expense13,000
Rent Expense39,000Equipment65,000
Miscellaneous Expense7,800Note Payable?
DepreciationAccts Payable23,400Accum Depreciation Equipment27,600
Expense15,600Salaries Payable9,360
Expense10,400

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Explanation & Answer

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QUESTION 1
Date
1-Jan

2-Jan

5-Jan

9-Jan

G. Willickers Consulting Ltd.
General Journal
Account Title
Cash
Capital
To record investement in business

Debit
30, 000

30, 000

Rent expense
Cash
To record payment of rent

3, 000

Prepaid insurance
Cash
To record purchase of prepaid insurance

1, 800

Supplies

2, 100

3, 000

1, 800

Account payable
To record the purchase of supplies on account
10-Jan

12-Jan

14-Jan

2, 100

Cash

4, 500
Service revenue
To record receipt of cash for services rendered

4, 500

Salaries expense
Cash
To record payment of salaries

3, 600
3, 600

Equipment

6, 000

Note payable
To record purchase of equipment on note payable
15-Jan

20-Jan

28-Jan

30-Jan

Credit

Advertising expense
Cash
To record payment for advertising

6, 000

900
900

Account receivable
9, 600
Service revenue
To record receipt of cash for consulting services

9, 600

Accounts payable
Cash
To record payment on accounts payable

2, 100
2, 100

Salary expense
Cash
To record payment of salaries

3, 600
3, 600

30-Jan

Drawings

2, 400

Cash
To record withdraw...


Anonymous
I was struggling with this subject, and this helped me a ton!

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