Question

In: Accounting

Post all the journal entries to the appropriate t-accounts. Compute the balance as of May 31...

Post all the journal entries to the appropriate t-accounts. Compute the balance as of May 31 for each T-account

Stacy's Company, owned by F. Stacy, started operations in August and completed the following transactions during the first month of operations.

August 1 F. Stacy invested $75,000 cash in the company

August 2The company purchased $45,000 in office equipment. It paid $15,000 in cash and signed a note payable promising to pay the $10,000 over the next three years

August 2 The company rented office space and paid $8,000 for the August rent

August 6 The company installed a new roof for a customer and immediately collected $9,000

August 7 The company paid a supplier $7,000 for roofing materials used on the August 6th job

August 8 The company purchased a $9,500 copy machine for office use on credit August 9 The company completed work for additional customers on credit in the amount of $26,000

August15 The company paid it's employees' salaries $2,700 for the first half of the month

August17 The company installed a new roof for a customer and immediately collected $3,900

August 20 The company received $10,000 in payments from the customers billed on August 9th

August 28 The company paid $1,500 on the copy machine purchased on August 8th. It will pay the remaining balance in September

August 31 The company paid it's employees' salaries $2,700 for the second half of the month

August 31 The company paid a supplier $5,300 for roofing materials used on the remaining jobs completed during August

August 31 The company paid $850 for this month's utility bill

Solutions

Expert Solution



Related Solutions

Jason Hope opened a hotel. Prepare journal entries and post to the appropriate T-accounts to record...
Jason Hope opened a hotel. Prepare journal entries and post to the appropriate T-accounts to record the following transactions. Compute the balance as of June 30 for each T-account Hope uses the accounts Room Rental Revenue and Event Revenue. All expenses for special events are recorded as Event Expense. June 1 Hope invested $400,000 cash into the business June 2 Hope purchased a hotel building for $800,000 and land for $100,000. Hope paid $250,000 in cash and signed note payable...
DIRECTIONS: A)        Prepare journal entries for the below items B)        Post the journal entries into t-accounts...
DIRECTIONS: A)        Prepare journal entries for the below items B)        Post the journal entries into t-accounts or three-column form of account (starting balances would be those amounts per the post-closing trial balance) C)        Prepare an Income Statement for the month ended January 31,       2018 D)        Prepare a Statement of Retained Earnings for the month ended       January 31, 2018 E)        Prepare a Balance Sheet for January 31, 2018 The following transactions occurred during 2018 (the company uses a perpetual...
Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1,...
Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1, 2017, Balance Sheet Cash 20,000 Accounts receivable 110,000 Less: Allowance for doubtful accounts (2,000) Inventory (500 units @ $20 each) 10,000 Equipment 9,000 Less: Accumulated depreciation (2,000) ----------------- Total assets 145,000 Accounts payable 20,000 Long-term notes payable (5% interest, due in 2019) 100,000 Capital stock 10,000 Retained earnings 15,000 ------------------- 145,000 Transactions or events: The company collected 98,000 of the accounts receivable in cash....
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and...
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and post to the T-accounts. Prepare an adjusted trial balance. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings and dollar signs. Prepare the closing entries. Calculate the following measurements: Working Capital, Current Ratio, Profitability rate/percentage, Net Income Percentage. Comment with two to three sentences on how your business is performing after one month...
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and...
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and post to the T-accounts. Prepare an adjusted trial balance. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings and dollar signs. Prepare the closing entries. Calculate the following measurements: Working Capital, Current Ratio, Profitability rate/percentage, Net Income Percentage. Comment with two to three sentences on how your business is performing after one month...
Question: 3. Post The Journal entries for the transactions of the following T-accounts, each of which...
Question: 3. Post The Journal entries for the transactions of the following T-accounts, each of which started the month with a zero balance. Required information Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 [The following information applies to the questions displayed below.] Widmer Watercraft’s predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company’s production activities during May 2017 follows. Purchased raw materials on credit, $200,000....
Prepare journal entries and post to T-accounts the following transactions of Toronto Building Supplies: a. Cash...
Prepare journal entries and post to T-accounts the following transactions of Toronto Building Supplies: a. Cash sales: $10,000: items sold cost $4,500 b. Collections on accounts, $8,500 c. Paid cash for wages: $3,500 d. Acquired inventory on open account, $5,000 Paid cash for Jantitorial services, $550
1. Prepare the journal entries, T accounts and Trial Balance 2. Prepare Income Statement and Balance...
1. Prepare the journal entries, T accounts and Trial Balance 2. Prepare Income Statement and Balance Sheet Johan Johari began professional practice as a system analyst on July 1, 2019. He plans to prepare a monthly financial statement. During the month of July, Johan Johari completed the transactions as follows: July 1. Johan invested RM500,000 cash along with computer equipment that had a market value of RM120,000 two years ago but was now worth RM 100,000 only. July 2. Paid...
Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet The following are...
Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet The following are transactions of Samantha Payapag Advertising Company for the month of July 2013 July 3 Samantha Payapag invested 500,000 in the business. July 5 Bought for cash, advertising supplies costing 80,000. Paid rental of the office, 7,300 July 9 Bought delivery truck from MJ Idos Trading, 350,000 on credit July 12 Received 43,000 cash as advertising income July 13 Bought furniture & fixtures, 32,000 in...
Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts....
Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts. Jul. 1 Sell $17,000 of common stock to Suzie. Jul. 1 Sell $17,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,440 ($370 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,900 associated with incorporation. Jul. 4 Purchase office supplies of $2,000 on account. Jul. 7 Pay for advertising of $380...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT