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SANCHEZ COMPUTER CENTER Chart of Accounts- Assets 1000 Cash 1020 Accounts Receivable 1030 Supplies 1080 Computer...

SANCHEZ COMPUTER CENTER

Chart of Accounts-

Assets

1000 Cash

1020 Accounts Receivable

1030 Supplies

1080 Computer Shop Equipment

1090 Office Equipment Liabilities

2000 Accounts Payable

Owner's Equity

3000 Freedman, Capital

3010 Freedman, Withdrawls Revenue

4000 Service Revenue Expenses

5010 Advertising Expense

5020 Rent Expense

5030 Utilities Expense

5040 Phone Expense

5050 Supplies Expense

5060 Insurance Expense

5070 Postage Expense

During the month of November the following transactions occurred.

a. Record the following transactions in the general journal and post them to the general ledger. b. Prepare a trial balance as of November 30, 201X.

Assume the following transactions:

Nov. 1 Billed Vita Needle Company $6,800, invoice no. 12675, for services rendered.

Nov. 3 Billed Accu Pac, Inc., $3,900, invoice no. 12676, for services rendered.

Nov. 5 Purchased new shop benches for $1,400 on account from System Design Furniture.

Nov. 9 Received the phone bill, $150.

Nov. 12 Collected $500 of the amount due from Taylor Golf. Nov. 18 Collected $800 of the amount due from Taylor Golf.

Nov. 20 Purchased a fax machine for the office from Multi Systems, Inc., on credit, $450.00.

Expert Solution

Date	Accounts Title	Dr	Cr
1-Nov	Accounts Receivable	$6,800
	Service Revenue		$6,800

3-Nov	Accounts Receivable	$3,900
	Service Revenue		$3,900

5-Nov	Computer Shop Equipment	$1,400
	Accounts payable		$1,400

9-Nov	Utilities expenses	$150
	Accounts payable		$150

12-Nov	Cash (500+800)	$1,300
	Accounts Receivable		$1,300

20-Nov	Office equipment	450
	Accounts payable		450
T accounts
	Service Revenue
		1-Nov	6800
		3-Nov	3900
		Bal	10700

	Accounts reeceivable
1-Nov	6800	12-Nov	1300
3-Nov	3900
end bal	9400

	Accounts payable
		5-Nov	$1,400
		9-Nov	$150
		20-Nov	450
		end bal	$2,000

	Computer Shop Equipment
5-Nov	1400

	Office equipment
20-Nov	450

	Trial balance
		Dr	Cr
	Cash	1300
	Accounts Receivable	9400
	Computer Shop Equipment	$1,400
	Office equipment	450
	Accounts payable		$2,000
	Service Revenue		10700
	Utilities expenses	$150
	Total	12700	12700

ekkarill92 answered 1 year ago

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