21 AaBbCcDdEe AaBbCcDdEe AaBbCcD Aal Normal Sans interligne Titre 1 A COMPREHENSIVE ACCOUNTING CYCLE PROBLEMI Subjects Ann Simpso started her practice as a design consultant on September 1, 2018 Ann Simpson use the following accounts Cash Office Supplies Land Accumulated Depreciation - Furniture Utilities Payables Interest Payable Notes Payables Retained earning income Summary Rent Expense Supplies Expense Depreciation Expense - Furniture Accounts Receivable Prepaid Insurance Furniture Accounts Payable Salaries Payables Unearned Revenue Common stock Dividends Service Revenue Salaries Expense Utilities Expense Interest Expense The corporation performs adjusting entries monthly. Closing entries are performed quarterly (March 31, June 30, September 30 & December 31). During the first month of operations, the business completed the following transactions: Sep. 1 4 6 7 10 14 12 17 Received 548,000 cash and issued common stock to Simpson Purchased office supplies, $1,200, and furniture, 52,450, on account Performed services for a law firm and received $1,900 cash. Paid $18,000 to acquire land to be used in operations by issuing a one year note payable Performed services for a hotel and received its promise to pay the $1.200 within one week Paid for the furniture purchased on September 4 on account Paid assistant's biweekly salary, 51,500/Monday to Friday) Received cash on account, $1,000 Prepared a design for a school on account, 5650. Received $2,100 cash for design services to be performed in October Received $2,900 cash for consulting with Phummer & Gordon performed in September and October Paid 5600 cash for a 12-monthnurance policy starting on September 1 Paid assistant's biweekdy salary, 51,500. Paid monthly rent expense, 1600 Received a bill for utilities, 5350. The bill will be paid next month Paid cash dividends of $5,700 20 29 26 30 30 30 21 AaBbCcDdEe AaBbCcDdEe AaBbCcD Aal Normal Sans interligne Titre 1 A COMPREHENSIVE ACCOUNTING CYCLE PROBLEMI Subjects Ann Simpso started her practice as a design consultant on September 1, 2018 Ann Simpson use the following accounts Cash Office Supplies Land Accumulated Depreciation - Furniture Utilities Payables Interest Payable Notes Payables Retained earning income Summary Rent Expense Supplies Expense Depreciation Expense - Furniture Accounts Receivable Prepaid Insurance Furniture Accounts Payable Salaries Payables Unearned Revenue Common stock Dividends Service Revenue Salaries Expense Utilities Expense Interest Expense The corporation performs adjusting entries monthly. Closing entries are performed quarterly (March 31, June 30, September 30 & December 31). During the first month of operations, the business completed the following transactions: Sep. 1 4 6 7 10 14 12 17 Received 548,000 cash and issued common stock to Simpson Purchased office supplies, $1,200, and furniture, 52,450, on account Performed services for a law firm and received $1,900 cash. Paid $18,000 to acquire land to be used in operations by issuing a one year note payable Performed services for a hotel and received its promise to pay the $1.200 within one week Paid for the furniture purchased on September 4 on account Paid assistant's biweekly salary, 51,500/Monday to Friday) Received cash on account, $1,000 Prepared a design for a school on account, 5650. Received $2,100 cash for design services to be performed in October Received $2,900 cash for consulting with Phummer & Gordon performed in September and October Paid 5600 cash for a 12-monthnurance policy starting on September 1 Paid assistant's biweekdy salary, 51,500. Paid monthly rent expense, 1600 Received a bill for utilities, 5350. The bill will be paid next month Paid cash dividends of $5,700 20 29 26 30 30 30