2 question

P2.11B (LO 2, 3, 4) AP Hobson Nolan is a human resources professional who operates a consulting practice under the name HN Consulting. The company had the following balances in its general ledger at February 28, 2021: Cash $3,500, Accounts Receivable $14,450, Equipment $15,100, Accounts Payable $18,750, and H. Nolan, Capital $14,300. The following events and transactions occurred during March 2021. Journalize transactions, post, prepare trial balance, and financial statements. Mar. 1 2 3 Borrowed $12,000 cash from the bank, signing a note payable. Paid $13,000 to creditors on account. Paid the monthly insurance premium of $145. Paid the monthly utilities of $550. Collected accounts 10 16 16 18 Collected accounts receivable of $8,000. Paid an additional $5,000 to creditors on account. Office expenses were paid in cash, $580. Consulting services provided in March were 30 31 31 31 31 Consulting services provided in March were for $2,000 cash and $5,000 on account. Paid salaries, $1,650. Paid the bank $555 on the note payable, of which $55 is interest and $500 is a partial payment of the note. Paid March and April's rent, which totalled $1,900 ($950 per month). Withdrew $1,000 cash for personal use. 31 31 Instructions a. Prepare journal entries to record each of the March transactions. b. Using T accounts, open the required ledger accounts the transactions that were journalized, and enter the February 28, 2021, balances. c. Post the journal entries to the accounts in the ledger. d. Prepare a trial balance as at the end of March. c. Post the journal entries to the accounts in the ledger. d. Prepare a trial balance as at the end of March. e. Prepare an income statement for the month. f. Prepare a statement of owner's equity for the month. g. Prepare a balance sheet as at March 31, 2021. Taking It Further is the March 31 rent payment an asset or an expense? Explain. P2.11A (LO 2, 3, 4) AP Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2021: Cash $2,100, Accounts Receivable $720, Equipment $12,400, Accounts Payable $1,470, and D. Scoffin, Capital $13,750. The following events and transactions occurred during February 2021. Journalize transactions, post, and prepare trial balance and financial statements. Feb. 1 2 Received and paid a $430 advertising bill. Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of February Collected $4,240 cash for February's curling lessons. Collected all of the accounts receivable at January 31 in cash. Paid $970 of the accounts 3 4 6 6 14 15 23 Paid $970 of the accounts payable at January 31. Paid his part-time assistant $400. Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the last two weeks of February. Provided $1,475 of coaching services to curlers preparing for a tournament. The curlers will pay him on March 2. Paid $185 cash for the telephone bill for February. Received $2,830 cash for curling lessons in March. Withdrew $575 cash. Used the cash to pay his Visa bill. Paid his part-time assistant $400. Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of March. 26 27 27 28 28 structions 28 Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of March. Instructions a. Prepare journal entries to record each of YH Curling School's February transactions. b. Using T accounts, open the required ledger accounts for the transactions that were journalized, and enter the January 31, 2021, balances. c. Post the journal entries to the accounts in the ledger. d. Prepare a trial balance as at February 28, 2021. e. Prepare an income statement for YH Curling School for the month. f. Prepare a statement of owner's equity for the month. g. Prepare a balance sheet as at February 28, 2021. Taking It Further Are the Cobune noumonte to VUCnline