Denzel Brooks opened a Web consulting business called Venture
Consultants and completed the following transactions in
March.
| March | 1 | Brooks invested $175,000 cash along with $25,000 in office equipment in the company in exchange for common stock. | ||
| 2 | The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. | |||
| 3 | The company made credit purchases of office equipment for $3,900 and office supplies for $1,800. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $4,500 cash. | |||
| 9 | The company completed a $10,700 project for a client, who must pay within 30 days. | |||
| 12 | The company paid $5,700 cash to settle the account payable created on March 3. | |||
| 19 | The company paid $6,500 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,500. | |||
| 22 | The company received $4,100 cash as partial payment for the work completed on March 9. | |||
| 25 | The company completed work for another client for $3,900 on credit. | |||
| 29 | The company paid a $5,500 cash dividend. | |||
| 30 | The company purchased $1,400 of additional office supplies on credit. | |||
| 31 | The company paid $600 cash for this month's utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of the end of
March.
In: Accounting
Karla Tanner opened a Web consulting business called Linkworks
and completed the following transactions in its first month of
operations.
| April | 1 | Tanner invested $100,000 cash along with office equipment valued at $24,000 in the company in exchange for common stock. | ||
| 2 | The company prepaid $7,200 cash for 12 months’ rent for office space. Hint: Debit Prepaid Rent for $7,200. | |||
| 3 | The company made credit purchases for $12,000 in office equipment and $2,400 in office supplies. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $2,000 cash. | |||
| 9 | The company completed a $8,000 project for a client, who must pay within 30 days. | |||
| 13 | The company paid $14,400 cash to settle the account payable created on April 3. | |||
| 19 | The company paid $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. | |||
| 22 | The company received $6,400 cash as partial payment for the work completed on April 9. | |||
| 25 | The company completed work for another client for $2,640 on credit. | |||
| 28 | The company paid a $6,200 cash dividend. | |||
| 29 | The company purchased $800 of additional office supplies on credit. | |||
| 30 | The company paid $700 cash for this month’s utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of April 30.
In: Accounting
Denzel Brooks opened a Web consulting business called Venture
Consultants and completed the following transactions in
March.
| March | 1 | Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. | ||
| 2 | The company prepaid $6,000 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent for $6,000.) | |||
| 3 | The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $4,000 cash. | |||
| 9 | The company completed a $7,500 project for a client, who must pay within 30 days. | |||
| 12 | The company paid $4,200 cash to settle the account payable created on March 3. | |||
| 19 | The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.) | |||
| 22 | The company received $3,500 cash as partial payment for the work completed on March 9. | |||
| 25 | The company completed work for another client for $3,820 on credit. | |||
| 29 | The company paid $5,100 cash in dividends. | |||
| 30 | The company purchased $600 of additional office supplies on credit. | |||
| 31 | The company paid $500 cash for this month’s utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of the end of
March.
In: Accounting
Denzel Brooks opened a Web consulting business called Venture
Consultants and completes the following transactions in
March.
| March | 1 | Brooks invested $155,000 cash along with $21,000 n office equipment in the company in exchange for common stock. | ||
| 2 | The company prepaid $9,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $9,000.) | |||
| 3 | The company made credit purchases of office equipment for $2,600 and office supplies for $1,600. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $5,500 cash. | |||
| 9 | The company completed a $7,400 project for a client, who must pay within 30 days. | |||
| 12 | The company paid $4,200 cash to settle the account payable created on March 3. | |||
| 19 | The company paid $6,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,000.) | |||
| 22 | The company received $3,500 cash as partial payment for the work completed on March 9. | |||
| 25 | The company completed work for another client for $5,290 on credit. | |||
| 29 | The company paid $5,700 cash in dividends. | |||
| 30 | The company purchased $1,200 of additional office supplies on credit. | |||
| 31 | The company paid $900 cash for this month's utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of the end of
March.
In: Accounting
Karla Tanner opened a Web consulting business called Linkworks
and completed the following transactions in its first month of
operations.
| April | 1 | Tanner invested $110,000 cash along with office equipment valued at $26,400 in the company in exchange for common stock. | ||
| 2 | The company prepaid $7,200 cash for 12 months’ rent for office space. Hint: Debit Prepaid Rent for $7,200. | |||
| 3 | The company made credit purchases for $13,200 in office equipment and $2,640 in office supplies. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $2,000 cash. | |||
| 9 | The company completed a $8,800 project for a client, who must pay within 30 days. | |||
| 13 | The company paid $15,840 cash to settle the account payable created on April 3. | |||
| 19 | The company paid $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. | |||
| 22 | The company received $7,040 cash as partial payment for the work completed on April 9. | |||
| 25 | The company completed work for another client for $2,640 on credit. | |||
| 28 | The company paid a $6,200 cash dividend. | |||
| 29 | The company purchased $880 of additional office supplies on credit. | |||
| 30 | The company paid $700 cash for this month’s utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of April 30.
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Question 1 of 8 Total1
In: Accounting
Denzel Brooks opened a Web consulting business called Venture
Consultants and completes the following transactions in
March.
| March | 1 | Brooks invested $185,000 cash along with $29,000 n office equipment in the company in exchange for common stock. | ||
| 2 | The company prepaid $8,500 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $8,500.) | |||
| 3 | The company made credit purchases of office equipment for $2,600 and office supplies for $2,500. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $3,000 cash. | |||
| 9 | The company completed a $8,900 project for a client, who must pay within 30 days. | |||
| 12 | The company paid $5,100 cash to settle the account payable created on March 3. | |||
| 19 | The company paid $7,100 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $7,100.) | |||
| 22 | The company received $3,200 cash as partial payment for the work completed on March 9. | |||
| 25 | The company completed work for another client for $3,750 on credit. | |||
| 29 | The company paid $7,300 cash in dividends. | |||
| 30 | The company purchased $600 of additional office supplies on credit. | |||
| 31 | The company paid $800 cash for this month's utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of the end of
March.
In: Accounting
Karla Tanner opens a Web consulting business called Linkworks
and completes the following transactions in its first month of
operations.
| April | 1 | Tanner invested $115,000 cash along with office equipment valued at $27,600 n the company in exchange for common stock. | ||
| 2 | The company prepaid $7,200 cash for 12 months’ rent for office space. (Hint: Debit Prepaid Rent for $7,200.) | |||
| 3 | The company made credit purchases for $13,800 in office equipment and $2,760 in office supplies. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $2,000 cash. | |||
| 9 | The company completed a $9,200 project for a client, who must pay within 30 days. | |||
| 13 | The company paid $16,560 cash to settle the account payable created on April 3. | |||
| 19 | The company paid $6,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,000.) | |||
| 22 | The company received $7,360 cash as partial payment for the work completed on April 9. | |||
| 25 | The company completed work for another client for $2,640 on credit. | |||
| 28 | The company paid $6,200 cash in dividends. | |||
| 29 | The company purchased $920 of additional office supplies on credit. | |||
| 30 | The company paid $700 cash for this month’s utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of April 30.
In: Accounting
Denzel Brooks opened a Web consulting business called Venture
Consultants and completed the following transactions in
March.
| March | 1 | Brooks invested $175,000 cash along with $28,000 in office equipment in the company in exchange for common stock. | ||
| 2 | The company prepaid $7,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $7,500. | |||
| 3 | The company made credit purchases of office equipment for $4,700 and office supplies for $2,200. Payment is due within 10 days. | |||
| 6 | The company completed services for a client and immediately received $4,000 cash. | |||
| 9 | The company completed a $11,100 project for a client, who must pay within 30 days. | |||
| 12 | The company paid $6,900 cash to settle the account payable created on March 3. | |||
| 19 | The company paid $8,200 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $8,200. | |||
| 22 | The company received $3,200 cash as partial payment for the work completed on March 9. | |||
| 25 | The company completed work for another client for $4,000 on credit. | |||
| 29 | The company paid a $5,700 cash dividend. | |||
| 30 | The company purchased $800 of additional office supplies on credit. | |||
| 31 | The company paid $1,100 cash for this month's utility bill. |
Required:
1. Prepare general journal entries to record these
transactions using the following titles: Cash (101); Accounts
Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);
Common Stock (307); Dividends (319); Services Revenue (403); and
Utilities Expense (690).
2. Post the journal entries from part 1 to the
ledger accounts.
3. Prepare a trial balance as of the end of
March.
In: Accounting
Events Income Statement Balance Sheet While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to prepaid insurance. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustments relating to the depreciation of plant assets. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to unearned revenue. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to an accrued expense. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to an accrued revenue. The failure to post the related adjusting entry will cause the following misstatements: Slide 17 Slide 17 17of18
In: Accounting
Events Income Statement Balance Sheet While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to prepaid insurance. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustments relating to the depreciation of plant assets. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to unearned revenue. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to an accrued expense. The failure to post the related adjusting entry will cause the following misstatements: While analyzing the adjusting entries at the end of the accounting period, the company overlooks the adjustment relating to an accrued revenue. The failure to post the related adjusting entry will cause the following misstatements: Slide 17 Slide 17
In: Accounting