Analyze transaction and prepare T accounts blues consulting services organized as a corporation on Mar 18...

Analyze transaction and prepare T accounts

blues consulting services organized as a corporation on Mar 18 and involved in the following transactions during it first two weeks of operation:

Mar 18 issued capital stock in exchange for $ 30,000 cash.

Mar 22 borrowed $20,000 from it's bank by issuing a note payable.

Mar 23 paid $100 for a radio advertisement aired on march 24.

Mar 25 provided $1,000 of services to client for cash.

Mar 26 provided $2,000 of services to clients on account.

Mar 31 collected $800 cash from clients for the services provided on march 26.

Required:

a)post each entry to the appropriate T account

Solutions

Expert Solution

First we have to Journal Entries. Then we have to post to General Ledger / T Accounts.

ekkarill92 answered 2 years ago

Next > < Previous

Related Solutions

Prepare the adjusting entries and post to the T-accounts for the following transaction transactions: Dec. 1...

Prepare the adjusting entries and post to the T-accounts for the following transaction transactions: Dec. 1 Family members contributed $50,000 cash to the business in exchange for capital. Dec. 2 Purchased $10,800 of equipment for the store paying cash. Dec. 3 Paid $4,500 for a 9-month insurance policy starting on December 1. Dec. 4 Paid $18,000 cash to purchase land to be used in operations. Dec. 5 Purchased office supplies on account, $3,000. Dec. 6 Borrowed $28,000 from the bank...

Prepare a classified balance sheet from T accounts. (Using Formulas) The Following transaction occurred for Lantana...

Prepare a classified balance sheet from T accounts. (Using Formulas) The Following transaction occurred for Lantana Company during its first month of operations and have been recorded in the T-Accounts. A. Received $50,000 cash from Lantana, the sole proprietor B. Purchased land for $,20,000, paid $5,000 in cash and signed a 2-year note for the remainder. C. Bought $900 of supplies on account. D. Purchased $10,000 of equipment,paying cash. E. Paid $500 on account for supplies purchased in transaction. {Accounting...

1) Prepare the Journal Entries for each transaction 2) Enter the Journal Entries in T-Accounts. Make...

1) Prepare the Journal Entries for each transaction 2) Enter the Journal Entries in T-Accounts. Make sure to show a total on all T-Accounts 3) Prepare the adjusting journal entries that are necessary at the end of the period. 4) Prepare the Balance Sheet, Income Statement and Statement of Cash Flows as of and for the period ending December 31, 2019. following are the transactions for DML, Inc. who opened their manufacturing facility on October 1, 2018. A) Sold $25,000...

A. Post the Transaction to T- Accounts ( see example on exercise 2-10 for T-Accounts) B....

A. Post the Transaction to T- Accounts ( see example on exercise 2-10 for T-Accounts) B. Prepare: A Trial Balance at August 31 2017 Demonstration Problem (see example on 76 Campus Trial Balance Format) Date Account Title & Explanation Ref. Debit Credit 2017 Aug. 1 Cash Owner’s Capital (Owner’s investment of cash in business) 5,000 5,000 10 Cash Service Revenue (Received cash for services performed) 2,000 2,000 12 Equipment Cash Notes Payable (Purchased equipment...

PREPARE FINAL ANALYSIS Investment Valuation Ratios 18-Mar 17-Mar Face Value 1 1 Dividend Per Share 50...

PREPARE FINAL ANALYSIS Investment Valuation Ratios 18-Mar 17-Mar Face Value 1 1 Dividend Per Share 50 47 Operating Profit Per Share (Rs) 145.25 137.48 Net Operating Profit Per Share (Rs) 508.58 470.42 Free Reserves Per Share (Rs) -- -- Bonus in Equity Capital 79.13 79.13 Profitability Ratios Operating Profit Margin(%) 28.56 29.22 Profit Before Interest And Tax Margin(%) 25.35 26.23 Gross Profit Margin(%) 26.86 27.52 Cash Profit Margin(%) 26.06 25.93 Adjusted Cash Margin(%) 26.06 25.93 Net Profit Margin(%) 25.92 25.51...

Following are the transaction of TAR Inc., which provides consulting services related to mining of precious...

Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of Transaction A Cash used for payment of employee salaries $256,000 B Cash provided from sale of equipment that had been used in operations 100,000 C Cash used for purchase of office supplies 1,500 D Cash used for purchase of office equipment 175,000 E Cash used to pay office utilities 21,000 F Cash used for payment of office rent 18,000 G...

Required -------- Prepare the journal entries for the above transaction using the accounts in the Chart...

Required -------- Prepare the journal entries for the above transaction using the accounts in the Chart of Accounts; Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accounts Payable, Notes Payable, Capital, Owners Withdrawal, Fees Earned, Insurance Expense, Rent Expense, Automobile Expense, Salary Expense. (Please show debits and credits) Point Value = Journal entries (26), The Woody Shore Company opened their doors to the business on August 31, 2014. The company incurred the following transactions during August 2014. August 1 The...

2) Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts...

2) Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts only for the following entries. Bad Debt Expense 500 ADA 500 COGS 400 Inventory 400 b) Prepare T-Accounts to reflect the entries used to close any of the above balances in the accounts in part a) as required, include the creation of the required interim account used to close out accounts, and the subsequent closing of that account....

Analyze and compare Marriott and Hyatt Marriott International, Inc. (MAR), and Hyatt Hotels Corporation (H) are...

Analyze and compare Marriott and Hyatt Marriott International, Inc. (MAR), and Hyatt Hotels Corporation (H) are two major owners and managers of lodging and resort properties in the United States. Abstracted income statement information for the two companies is as follows for a recent year (in millions): Marriott Hyatt Operating profit before other revenue and interest $1,368 $299 Other revenue (expense) 50 66 Interest expense (234) (76) Income before income tax expense $1,184 $289 Income tax expense (404) (85) Net...

During March, the Meade Consulting Corporation provides $23,000 in consulting services of which $12,000 is collected...

During March, the Meade Consulting Corporation provides $23,000 in consulting services of which $12,000 is collected immediately and $11,000 is on account. The effects of this transaction on Meade Consulting Corporation’s accounts are: a. Cash increases by $12,000; Accounts Receivable increases by $11,000; Revenue increases by $23,000. b. Cash increases by $12,000; Unearned Revenue increases by $11,000; Revenue increases by $23,000 c. Accounts Receivable increases by $11,000; Revenue increases by $12,000; Contributed capital increases by $1,000 d. Accounts Receivable increases...

Subjects