Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020:
Question:
Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020:
Required
Prepare journal entries to record the transactions.
Transcribed Image Text:
Invested $50,000 in cash and office equipment that had a fair value of $12,000. Prepaid $9,000 cash for three months' rent for an office. Mar. Made credit purchases of used office equipment for $6,000 and office supplies for $1,200. 3 Completed work for a client and immediately received $6,200 cash. Completed a $4,000 project for a client, who will pay within 30 days. Paid the account payable created on March 3. 11 Paid $3,000 cash for the annual premium on an insurance policy. 15 Received $1,500 as partial payment for the work completed on March 9. 20 Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days 22 of being received. Completed work for another client for $2,850 on credit. 27 23 Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. Purchased $650 of additional office supplies on credit. 30 Paid $860 for the month's utility bill. 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
General Journal Page 1 Date Account Titles and Explanation PR Debit Credit 2020 Mar 1 Cash 101 50000 ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Related Video
Days payable outstanding is an efficiency ratio that measures the average number of days a company takes to pay its suppliers. The video shows how to effectively calculate days Payable outstanding.
Students also viewed these Business questions
-
Abe Factor opened a new accounting practice called X-factor Accounting and completed these activities during March 2014: Mar 1 Invested $50,000 in cash and office equipment that had a fair value of...
-
Journal entries to record the issuance of capital stock Prepare journal entries under U.S. GAAP to record the issuance of capital stock in each of the following independent cases. You may omit...
-
Make journal entries to record the following transactions. Explanations are not required. Aug 31 Recorded cash sales of $770,000 for the month, plus sales tax of 7% collected for the Province of...
-
At December 31, 2014, the records of Seacrest Enterprises provided the following selected and incomplete data: Required 1. Complete the following: Shares issued ___________ Shares outstanding...
-
As a group, the noble gases are very stable chemically (only Kr and Xe are known to form compounds). Use the concepts of shielding and the effective nuclear charge to explain why the noble gases tend...
-
ABC Company has a cash balance of $22,000 on August 1 and requires a minimum ending cash balance of $20,000. Cash receipts from sales budgeted for August are $306,180. Cash disbursements budgeted for...
-
How do the ideas of a general McCabe-Thiele procedure and the concept of unit operation relate to each other?
-
Hawk Company records prepaid assets and unearned revenues in balance sheet accounts. The following information was used to prepare adjusting entries for the company as of August 31, the end of the...
-
Cuidado directo en HBP A. Descripcin del cuidado directo en HBP 1. Medicacin 2. Cambios en el estilo de vida 3. Seguimiento regular B. Impacto del cuidado directo en la calidad de vida de los...
-
Allie has bought a new apple orchard. The orchard has a single file of trees, numbered from 1 to N. Each tree has a certail number of ripe apples. Allie has a rule she wants to follow. She wants to...
-
Double-entry accounting means: a. All accounting records need to be recorded twice to ensure appropriate backup of data b. All accounting transactions need to be entered twice in the system to ensure...
-
Atlas Advertising showed the following selected transactions for the month ended March 31, 2020: Required Prepare journal entries for each of the above transactions. Purchased a new portable...
-
How will a lump-sum tax affect a monopolys output?
-
In view of the consideration afforded internal control by the auditors, how do you account for the fact that the auditors' standard report makes no reference to internal control in describing the...
-
An outlier that strongly affects the position of a least-squares regression line is said to be ______________________. In Exercises 510, fill in each blank with the appropriate word or phrase.
-
During your first audit of a manufacturing company with approximately 100 production employees, you find that all aspects of factory payroll are handled by one employee and that none of the usual...
-
The least-squares property says that the __________________ is smaller for the least-squares regression line than for any other line. In Exercises 510, fill in each blank with the appropriate word or...
-
In verifying the asset accounts Notes Receivable and Marketable Securities, the auditors examined all notes receivable and all stock certificates. Which of these documents represents the stronger...
-
The risk-averse person will buy health insurance a. Only if the expected health costs equal the insurance premium. b. Only if the expected health costs are greater than the insurance premium. c. Even...
-
Use integration by parts to evaluate the following. Check your answer by taking the derivative. x2e-xdx
-
On October 6, 2020, Norwood Co., an office equipment supplier, sold a copier for cash of $21,000 (cost $13,900) with a two-year parts and labour warranty. Based on prior experience, Norwood expects...
-
Shefford Cutlery extends a lifetime replacement warranty on all units sold. Using past experience, the company estimates that 0.5% of units sold will be returned and require replacement at an average...
-
Trista and Co. borrowed $180,000 on December 1, 2020, for 90 days at 5% interest by signing a note to buy jewellery inventory. 1. On what date will this note mature? 2. How much interest expense is...
-
A mother Will make her son's first college tuition payment of 1 0 0 , 0 1 2 years from now how much will she need to invest today to meet her goal assuming an annual return of 1 0 %
-
State more intelligently: We kindly request that you provide us with a detailed report prior to our meeting of our income and expenditures for the year 2023. Recognizing the potential magnitude of...
-
You applied for the following student load to support your college study: Before graduation: You will receive $8000 /per year from the beginning of each school year for 4 years; You will graduate...
Study smarter with the SolutionInn App