Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. On December 1, Sylvia Workman started a haireutting business called Expressions. She invested $10,000 cash and $15,000 of equipment in the company 2. On

image text in transcribed
1. On December 1, Sylvia Workman started a haireutting business called Expressions. She invested $10,000 cash and $15,000 of equipment in the company 2. On December 1, Expressions purchased with cash a one-year insurance policy for the business. It cost $1200. 3. On December 2, Expressions paid $600 cash for furniture for the shop. 4.On December 3, Expressions paid $500 cash to rent space in a strip mall for December. 5. On December 4, it purchased $1200 of equipment on credit for the shop (using a long-term note payable) 6. On December 5, Expressions opened for business. Cash received from services provided in the first week and a half of business (ended December 15) is $825. 7. On December 15, it provided $100 of haircutting services on account. 8. On December 17, it received a S100 check for services previously rendered on account. 9. On December 17, it paid S125 to an assistant for working during the 10. 11. 12. grand opening. Cash received from services provided during the second half of December is $930. On December 31, it paid a $400 installment toward principal on the note payable entered into on December 4 On December 31, Workman made a $900 cash withdrawal for personal use A. Prepare journal entries for the transactions listed above. B. Post each entry to a General Ledger account. C. Prepare a trial balance as of December 31s

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services An Integrated Approach

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

10th Edition

0131457349, 978-0131457348

More Books

Students also viewed these Accounting questions

Question

3 What are the four major aspects of an organisation culture?

Answered: 1 week ago

Question

2 What does the term organisation culture mean?

Answered: 1 week ago