Question
In: Accounting
THE SMITH COMPANY Using the business transactions below, complete t-accounts for the Smith Company. I have...
THE SMITH COMPANY
Using the business transactions below, complete t-accounts for the Smith Company. I have provided
a blank sheet of t-accounts as an attachment to this assignment. The company started business on
June 1, 2019.
a. John Smith, owner, invested $120,000 cash in the company.
b. The company purchased $10,000 of office equipment on credit.
c. The company billed a customer $2,000 as fees for services provided.
d. The company paid $1,000 cash for the monthly rent.
e. The company purchased office supplies for $500 cash.
f. The company paid $300 for the utilities for the month.
g. The company received $15,000 cash as fees for services provided to a customer.
h. The company paid the secretary’s salary for the month, $3,000.
i. John Smith withdrew $6,000 cash from the company for personal use.
As you work this problem, be sure to label entries with the appropriate “letter” associated with the
transaction. Also, be sure to compute the t-account balances when all transactions have been posted
to the t-accounts. And finally, prepare a trial balance. Use the Chart of Accounts provided for
account names.
CHART OF ACCOUNTS
ASSETS
Cash
Accounts Receivable
Office Supplies
Office Equipment
LIABILITIES
Accounts Payable
EQUITY
J. Smith, Capital
J. Smith, Drawing
REVENUES
Service Fees Earned
EXPENSES
Rent Expense
Utilities Expense
Salary Expense
Miscellaneous Expense
Solutions
Expert Solution
|
CASH |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
CAPITAL |
120,000 |
120,000 |
|
|
RENT |
1,000 |
119,000 |
|
|
OFFICE SUPPLIES |
500 |
118,500 |
|
|
UTILITIES |
300 |
118,200 |
|
|
SERVICE FEES |
15,000 |
133,200 |
|
|
SALARY EXPENSES |
3,000 |
130,200 |
|
|
SMITHS DRAWING |
6,000 |
124,200 |
|
|
CLOSING BALANCE |
124,200 |
||
|
SMITH CAPITAL |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
CASH |
120,000 |
120,000 |
|
|
CLOSING BALANCE |
120,000 |
||
|
OFFICE EQUIPMENTS |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
ACCOUNT PAYABLES |
10,000 |
10,000 |
|
|
CLOSING BALANCE |
10,000 |
||
|
ACCOUNTS PAYABLES |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
OFFICE EQUIPMENT |
10,000 |
10,000 |
|
|
CLOSING BALANCE |
10,000 |
||
|
SERVICE FEES EARNED |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
ACCOUNT RECEIVABLES |
2,000 |
2,000 |
|
|
CASH |
15,000 |
17,000 |
|
|
CLOSING BALANCE |
17,000 |
||
|
ACCOUNTS RECEIVABLES |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
SERVICE FEES EARNED |
2,000 |
2,000 |
|
|
CLOSING BALANCE |
2,000 |
||
|
RENT |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
CASH |
1,000 |
1,000 |
|
|
CLOSING BALANCE |
1,000 |
||
|
OFFICE SUPPLIES |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
CASH |
500 |
500 |
|
|
CLOSING BALANCE |
500 |
||
|
UTILITIES EXPENSES |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
CASH |
300 |
300 |
|
|
CLOSING BALANCE |
300 |
||
|
SALARY EXPENSES |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
CASH |
3,000 |
3,000 |
|
|
CLOSING BALANCE |
3,000 |
||
|
SMITH DRAWINGS |
|||
|
ACCOUNT HEADS |
DEBIT |
CREDIT |
BALANCE |
|
CASH |
6,000 |
6,000 |
|
|
CLOSING BALANCE |
6,000 |
|
UNADJUSTED TRIAL BALANCE OF SMITH COMPANY |
||
|
ON JUNE 30 ,2019 (Amount in $ ) |
||
|
ACCOUNH HEADS |
DEBIT |
CREDIT |
|
CASH |
124,200 |
|
|
SMITH CAPITAL |
120,000 |
|
|
OFFICE EQUIPMENTS |
10,000 |
|
|
ACCOUNT PAYABLES |
10,000 |
|
|
SERVICE FEES EARNES |
17,000 |
|
|
ACCOUNT RECEIVABLES |
2,000 |
|
|
RENT |
1,000 |
|
|
OFFICE SUPPLIES |
500 |
|
|
UTILITIES EXPENSES |
300 |
|
|
SALARY |
3,000 |
|
|
SMTH DRAWINGS |
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