Question
In: Accounting
During the first month of operations, Landish Modeling Agency recorded transactions in T account form. Foot...
During the first month of operations, Landish Modeling Agency recorded transactions in T account form.
Foot and balance the accounts.
| Cash | Accounts Payable | Salary Expense | |||||||||||
| (a) | 14,000 | (b) | 402 | (k) | 3,330 | (g) | 4,019 | ||||||
| (c) | 7,589 | (d) | 1,924 | (j) | 114 | ||||||||
| (i) | 7,121 | (f) | 201 | Bal. | |||||||||
| (g) | 4,019 | ||||||||||||
| (h) | 2,600 | Rent Expense | |||||||||||
| (d) | 1,924 | ||||||||||||
| Bal. | |||||||||||||
| Accounts Receivable | R. Landish, Capital | Supplies | |||||||||||
| (e) | 3,072 | (a) | 14,000 | (j) | 114 | ||||||||
| Office Furniture | R. Landish, Drawing | Utilities Expense | |||||||||||
| (b) | 402 | (h) | 2,600 | (f) | 201 | ||||||||
| Office Equipment | Modeling Fees | ||||||||||||
| (k) | 3,330 | (c) | 7,589 | ||||||||||
| (e) | 3,072 | ||||||||||||
| (i) | 7,121 | ||||||||||||
| Bal. | |||||||||||||
Prepare a trial balance. List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank.
| Landish Modeling Agency | ||
| Trial Balance | ||
| March 31, 20-- | ||
| ACCOUNT NAME | DEBIT | CREDIT |
Prepare an income statement.
| Landish Modeling Agency | ||
| Income Statement | ||
| For Month Ended March 31, 20-- | ||
| Revenue: | ||
| $ | ||
| Expenses: | ||
| $ | ||
| Total Expenses | ||
| $ | ||
Prepare a statement of owner's equity. If an amount is zero, enter "0".
| Landish Modeling Agency | ||
| Statement of Owner's Equity | ||
| For Month Ended March 31, 20-- | ||
| $ | ||
| $ | ||
| Subtotal | $ | |
| $ | ||
Prepare a balance sheet dated March 31, 20--.
| Landish Modeling Agency | ||
| Balance Sheet | ||
| March 31, 20-- | ||
| Assets | ||
| $ | ||
| Total Assets | $ | |
| Liabilities | ||
| $ | ||
| Owner's Equity | ||
| Total Liabilities and Owner's Equity | $ | |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
an Agency organized on January 1, 2019. The following transactions occurred during the first month of...
an Agency organized on January 1, 2019. The following
transactions
occurred during the first month of its operation:
Jan. 1: Acquired its articles of incorporation from the company and
issued 10,000
shares of capital stock in exchange for cash Rs. 10, 00,000
Jan. 5: Purchased office building at Rs. 500,000 in cash. The
building is valued
Rs.200,000 and the remainder is assigned to the valuation of
land.
Jan. 7: Signed 2-year promissory note for Rs.500, 000
Jan. 10: Purchased office...
Blue Plate Construction organized in December and recorded the following transactions during its first month of...
Blue Plate Construction organized in December and recorded the
following transactions during its first month of operations.
Dec. 2 Purchased materials on account for
$400,000.
Dec. 3 Used direct materials costing $100,000 on job
no. 100.
Dec. 9 Used direct materials costing $150,000 on job
no. 101.
Dec. 15 Used direct materials costing $30,000 on job
no. 102.
Dec. 28 Applied the following direct labor costs to
jobs: job no. 100, $9,000; job no. 101,...
Blue Plate Construction organized in December and recorded the following transactions during its first month of...
Blue Plate Construction organized in December and recorded the
following transactions during its first month of operations.
Dec. 2 Purchased materials on account for
$400,000.
Dec. 3 Used direct materials costing $100,000 on job
no. 100.
Dec. 9 Used direct materials costing $150,000 on job
no. 101.
Dec. 15 Used direct materials costing $30,000 on job
no. 102.
Dec. 28 Applied the following direct labor costs to
jobs: job no. 100, $9,000; job no. 101,...
Carpet Company began operations in May and completed the following transactions during that first month of...
Carpet Company began operations in May and completed
the following transactions during that first month of
operations.
Pass journal entries to record the following transactions
1 May Carol, the owner, invested OMR 90,000 cash in the
Company.
2_The Company purchased OMR 25,000 in office
equipment. It paid OMR 10,000 in cash and signed a note payable for
the balance.
3_The Company rented office space and paid OMR 3,000
for the 12 months' rent,
4_The Company installed new carpet for a...
Part 1: Below are the external transactions for Brandy Corporation. During the first month of operations,...
Part 1:
Below are the external transactions for Brandy Corporation.
During the first month of operations, the following events and
transactions occurred.
December 1st: Issued common stock to investors in
exchange for $100,000 in cash.
December 1st: Borrowed $45,000 by issuing notes.
$45,000 of notes payable are due for payment next year on December
1st.
December 1st: Purchased delivery trucks for $65,000
cash.
December 1st: Paid $24,000 cash for a 2-year
insurance policy starting on December 1st.
December 5th: Purchased...
The following transactions occurred during December, the first month of operations for Harris Company. Prepare journal...
The following transactions occurred during December, the first
month of operations for Harris Company. Prepare journal entries and
create a T-account for accounts payable that includes the following
five transactions.
1
Purchased $1,100 of inventory on account.
2
Purchased $900 of inventory on account.
3
Paid suppliers $1,200.
4
Purchased $1,000 of inventory on account.
5
Paid suppliers $900.
1）ABC Company entered into the following transactions during May, its first month of operations: May 1:...
1）ABC Company entered into the following transactions during
May, its first month of operations:
May 1: ABC Company sold common stock to owners in the
amount of $200,000.
May 1: ABC Company paid $36,000 cash for office rent
for May, June, and July.
May 3: ABC Company purchased a parcel of land costing
$60,000 by paying $25,000 in cash and agreeing
to pay the remainder within sixty days.
May 9: ABC Company provided $23,000 of services to a
customer. The...
During November, the first month of operations, the following transactions occurred: Date Event 1-Nov Paid $7,200...
During November, the first month of operations, the following
transactions occurred: Date Event 1-Nov Paid $7,200 for 12 months
rent on office space 2-Nov Purchased office furniture for $8,950.
3-Nov Purchased $11,354 of additional office supplies on account.
8-Nov Borrowed 20,000 from the bank for operating cash. The note
has a 3% interest rate (simple interest) and is to be paid back in
4 years 15-Nov Received $10,800 from Fortuna Inc. for work to be
performed over the next 12...
Harris Tree Cellular, Inc., completed the following transactions during April 2016, its first month of operations:...
Harris Tree Cellular, Inc., completed the following transactions
during April 2016, its first month of operations: Apr 1 Received
$19,100 and issued ordinary shares. 2 Purchased $300 of office
supplies on account. 4 Paid $14,700 cash for land to use as a
building site. 6 Performed service for customer and received cash
of $2,700. 9 Paid $200 on accounts payable. 17 Performed service
for ShipEx on account totaling $1,000. 23 Collected $200 from
ShipEx on account. 30 Paid the following...
Below are the transactions for Ute Sewing Shop for March, the first month of operations. ...
Below are the transactions for Ute Sewing Shop for March, the
first month of operations.
March 1 Issue common stock in exchange for cash of
$1,500.
March 3 Purchase sewing equipment by signing a note
with the local bank, $1,200.
March 5 Pay rent of $450 for March.
March 7 Martha, a customer, places an order for
alterations to several dresses. Ute estimates that the alterations
will cost Martha $650. Martha is not required to pay for the
alterations...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Luke and Amy are saving for the down payment on a house. The houses in the...
- PART A A student wants to purchase an investment property that can generate sufficient cash flow...
- Complete the MPS record below for a single item. (Enter your responses as integers. A response...
- We can utilize potentially high bandwidth in one of the two ways: broadband and baseband modes....
- The Pinewood Furniture Company produces chairs and tables from two resources, labor and wood. The company...
- Wasabi Pte Ltd makes separate journal entries for all cost accounting-related activities. It uses a standard...
- Nordic Industrial Park: bridging distance across international markets When a resource-constrained firm enters a high-distance market,...
ADVERTISEMENT