Question

In: Accounting

The following​ four-column accounts of Tanya PaydenTanya Payden​, CPA have been opened for​ you: Cash,​ 110;...

The following​ four-column accounts of Tanya PaydenTanya Payden​, CPA have been opened for​ you: Cash,​ 110; Accounts​ Receivable, 120; Office​ Supplies, 130; Office​ Furniture, 140; Accounts​ Payable, 210; Utilities​ Payable, 220; Common​ Stock, 310;​ Dividends, 320; Service​ Revenue, 410; Salaries​ Expense, 510; Rent​ Expense, 520; and Utilities​ Expense, 530. Journalize the transactions and then post the journal entries to the​ four-column accounts. Explanations are not required for the journal entries. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal.

2. Prepare the trial balance as of JuneJune 3030​, 20182018.

Requirement 1. Journalize the transactions and then post the journal entries to the​ four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal. ​(Record debits​ first, then credits. Exclude explanations from journal​ entries.)

Begin by journalizing the transactions.

JuneJune

1​:

PaydenPayden

opened an accounting firm by contributing

$ 16 comma 100$16,100

cash and office furniture with a fair market value of

$ 5 comma 200$5,200

in exchange for common stock. Prepare a compound entry.

Save Accounting Table... +
Copy to Clipboard... +

Accounts

Debit

Credit

Jun. 1

Cash

16,100

Office Furniture

5,200

Common Stock

21,300

JuneJune

​5: Paid monthly rent of

$ 1 comma 500$1,500.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Debit

Credit

Jun. 5

Rent Expense

1,500

Cash

1,500

JuneJune

​9: Purchased office supplies on​ account,

$ 900$900.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Debit

Credit

Jun. 9

Office Supplies

900

Accounts Payable

900

JuneJune

​14: Paid​ employee's salary,

$ 1 comma 600$1,600.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Debit

Credit

Jun. 14

Salaries Expense

1,600

Cash

1,600

JuneJune

​18: Received a bill for utilities to be paid next​ month,

$ 240$240.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Debit

Credit

Jun. 18

Utilities Expense

240

Utilities Payable

240

JuneJune

​21: Paid

$ 500$500

of the account payable created on

JuneJune

9.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Debit

Credit

Jun. 21

Accounts Payable

500

Cash

500

JuneJune

​25: Performed accounting services on​ account,

$ 6 comma 000$6,000.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Debit

Credit

Jun. 25

Accounts Receivable

6,000

Service Revenue

6,000

JuneJune

​28: Paid cash dividends of

$ 6 comma 800$6,800.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Debit

Credit

Jun. 28

Dividends

6,800

Cash

6,800

Now post to the​ four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal. ​(If a box is not used in the​ table, leave the box​ empty; do not enter a zero. Compute the new balance for each account after posting the​ transaction.)

JuneJune

1​:

PaydenPayden

opened an accounting firm by investing

$ 16 comma 100$16,100

cash and office furniture valued at

$ 5 comma 200$5,200

in exchange for common stock.

Review the journal entry you prepared above.

LOADING...

Save Accounting Table... +
Copy to Clipboard... +

CASH

Account No. 110

Balance

Date

Item

Post. Ref.

Debit

Credit

Debit

Credit

2018

Jun. 1

J10

16,100

16,100
Save Accounting Table... +
Copy to Clipboard... +

OFFICE FURNITURE

Account No. 140

Balance

Date

Item

Post. Ref.

Debit

Credit

Debit

Credit

2018

Jun. 1

J10

5,200

5,200
Save Accounting Table... +
Copy to Clipboard... +

COMMON STOCK

Account No. 310

Balance

Date

Item

Post. Ref.

Debit

Credit

Debit

Credit

2018

Jun. 1

J10

21,300

21,300

Select the posting references in the journal for the transaction you posted in the preceding step.

Save Accounting Table... +
Copy to Clipboard... +

Date

Accounts

Post. Ref.

Debit

Credit

Jun. 1

Cash

110

16,100

Office Furniture

140

5,200

Common Stock

310

21,300

JuneJune

​5: Paid monthly rent of

$ 1 comma 500$1,500.

Review the journal entry you prepared above.

LOADING...

Save Accounting Table... +
Copy to Clipboard... +

CASH

Account No. 110

Balance

Date

Item

Post. Ref.

Debit

Credit

Debit

Credit

2018

Jun. 1

J10

16,100

16,100

Jun. 5

J10
Save Accounting Table... +
Copy to Clipboard... +

RENT EXPENSE

Account No. 520

Balance

Date

Item

Post. Ref.

Debit

Credit

Debit

Credit

2018

Jun. 5

Solutions

Expert Solution

Tanya Payden
General Journal for the month ending June 30
Date Acount Title Debit Credit
June.1 Cash 16100
Office Furniture 5200
Coomon stock 21300
June.5 Rent Expense 1500
Cash 1500
June.9 Supplies 900
Accounts Payable 900
June.16 Salaries Expense 1600
Cash 1600
June.18 Utilities Expense 240
Utilties Payable 240
June.21 Accounts Payable 500
Cash 500
June.25 Accounts Receivable 6000
Service Revenue 6000
June.28 Dividends 6800
Cash 6800
Cash Accounts No.110 Accounts Receivable Accounts No.120
Balance Balance
Date Item Post Ref Debit Credit Debit Credit Date Item Post Ref Debit Credit Debit Credit
June.1 J10 16100 16100 June.25 J10 6000 6000
June.5 J10 1500 14600 6000
June.16 J10 1600 13000 6000
June.21 J10 500 12500
June.28 J10 6800 5700 Office Furniture Accounts No.140
Balance
Date Item Post Ref Debit Credit Debit Credit
June.1 J10 5200 5200
Supplies Accounts No.130 5200
Balance
Date Item Post Ref Debit Credit Debit Credit
June.9 J10 900 900 Utilities Payable Accounts No.220
900 Balance
900 Date Item Post Ref Debit Credit Debit Credit
June.18 J10 240 240
Accounts Payable Accounts No.210 240
Balance
Date Item Post Ref Debit Credit Debit Credit
June.9 J10 900 900 Dividends Accounts No.320
June.21 J10 500 400 Balance
400 Date Item Post Ref Debit Credit Debit Credit
June.28 J10 6800 6800
Common Stock Accounts No.310 6800
Balance
Date Item Post Ref Debit Credit Debit Credit
June.1 J10 21300 21300 Salaries Expense Accounts No.510
21300 Balance
21300 Date Item Post Ref Debit Credit Debit Credit
June.16 J10 1600 1600
Service Revenue Accounts No.410 1600
Balance
Date Item Post Ref Debit Credit Debit Credit
June.25 J10 6000 6000 Utilities Expense Accounts No.530
6000 Balance
6000 Date Item Post Ref Debit Credit Debit Credit
June.18 J10 240 240
Rent Expense Accounts No.520 240
Balance
Date Item Post Ref Debit Credit Debit Credit
June.5 J10 1500 1500
1500
1500
Tanya Payden
Trial Balance as at June 30
Account Title Debit Credit
Cash 5700
Accounts Receivable 6000
Supplies 900
Ofice Furniture 5200
Accounts Payable 400
Utilities Payable 240
Common Stock 21300
Dividends 6800
Service Revenue 6000
Salaries Expense 1600
Rent Expense 1500
Utilities Expense 240
Total 27940 27940

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Tanya Williams is the new accounts manager at Southpac Bank. She has just been asked to...
Tanya Williams is the new accounts manager at Southpac Bank. She has just been asked to estimate how many new bank accounts she will generate during the next year. The Australian economy has been growing and the bank has experienced a 10 percent increase in the number of bank accounts over each of the past five years. In the year just ended the bank had 10000 accounts. The new accounts manager is paid a salary plus a bonus of $50...
Tanya Williams is the new accounts manager at Southpac Bank. She has just been asked to...
Tanya Williams is the new accounts manager at Southpac Bank. She has just been asked to estimate how many new bank accounts she will generate during the next year. The Australian economy has been growing and the bank has experienced a 10 per cent increase in the number of bank accounts over each of the past five years. In the year just ended the bank had 10 000 accounts. Page 455 The new accounts manager is paid a salary plus...
You have been hired as a CPA to perform an audit of an entity. You do...
You have been hired as a CPA to perform an audit of an entity. You do not have any evidence that suggests the organization is a government organization. No evidence suggests that the government has the power to dissolve of the entity. All net assets are allocated to among different entities, which do not revert to a government. Additionally, it does not seem that the organization has the power to enact a tax levy. Analyze the organization to determine if...
Instructions: (a) Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts...
Instructions: (a) Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner’s Capital, Owner’s Drawings, Revenues, and Expenses. (b) From an analysis of the owner’s equity columns, compute the net income or net loss for April. Information: On April 1, Renato Uhrig established Renato’s Travel Agency. The following transactions were completed during the month. 1. Invested $15,000 cash to start the agency. 2. Paid $600 cash for April offi ce...
1. After graduating from Berkeley College and passing your CPA exam, you have opened up an...
1. After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting firm that offers tax and consulting services to clients. You have just picked up a new client who is very anxious about his expenses. The client considers his in house accounting services to be too high and he feels that he could save some time and money in that area by telling his accounting staff not to do closing entries. It is your...
You are a CPA working for a local firm and have been assigned the 2020 tax...
You are a CPA working for a local firm and have been assigned the 2020 tax return of Bobby Crosser. In going over the data that Bobby gave the firm, you are surprised to see that he has reported no dividend income or gains from the sale of stock. You recently prepared the 2020 gift tax return of Bobby’s aunt Ester. In that return, Ester reported a gift of stock to Bobby on January 6, 2020. The stock had a...
You have been working at a local CPA firm for the last 2 years. At the...
You have been working at a local CPA firm for the last 2 years. At the beginning of the year, you passed the last section of the CPA Exam. Last week, your CPA License came in the mail. Consequently, you have now decided to go into business for yourself. You have some savings and have a line on a bank loan for start-up costs. Additionally, you do not have a noncompete clause in your employment agreement with your current CPA...
You have been given the following list of accounts and cost centers for a group of...
You have been given the following list of accounts and cost centers for a group of physician offices that you manage. The accounts are in alphabetical order. Create a numbering system for a chart of accounts using a 5-digit numbering system that incorporates the main categories of Assets, Liabilities, Equity, Expenses, and Revenues. You will have sub-accounts under these main headings. You will have to determine if the accounts are considered Assets, Liabilities, Equity, Expenses, or Revenues and indicate that...
You are a new tax staff at H CPA Firm. You have been asked to draft...
You are a new tax staff at H CPA Firm. You have been asked to draft a tax memorandum for one of the firm’s new clients, Ms. Rachel Ross. Ms. Ross has a number of unique tax issues this year. The partner at H CPA, your boss, has requested a detailed memorandum outlining the relevant facts, proper tax treatment and applicable tax law. Ms. Ross is unavailable to answer any clarifying questions regarding the facts described below. If assumptions are...
Review the chart of accounts in Ch 2. In Excel, create a four column chart of...
Review the chart of accounts in Ch 2. In Excel, create a four column chart of accounts for a fictitious company in your pathway. The company should be a sole proprietor and a service business. In the upper left side of your worksheet list your name, your company name and your pathway. Write a short description of what your company does. Your Chart of Accounts must include the following: List at least 16 accounts. At least 6 account titles should...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT