Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

39. Aug 1: Owner invested $12,000 cash and $2,400 of equipment in the business (10-year useful life on equipment, no salvage value, straight-line depreciation 40.

image text in transcribed

39. Aug 1: Owner invested $12,000 cash and $2,400 of equipment in the business (10-year useful life on equipment, no salvage value, straight-line depreciation 40. Aug 7: Purchased Supplies on account for $550 41. Aug 9: Signed a contract with Hog Corp, for $1,500 of services to be performance in September 42. Aug 12: Performed services for clients, for which $1,300 was collected in cash and $600 was billed to the clients. 43. Aug 22: Received $3,300 advance payment for services 44. Aug 28: Paid cash dividend of $200 45. Aug 31: Paid September rent of $600 for new office space 46. Aug 31: Counted supplies and determined that only $250 of the supplies purchased on Aug 7 are still on hand. 47. Prepare any other necessary August month end adjusting entries Based on your journal entries above, prepare each of the following items: as erotom 1. Prepare August month-end Adjusted Trial Balance on the template provided 2. Indicate the nominal accounts with an 'X' in the column labeled Nominal Acct." 3. Indicate the financial statements on which the account is included in the column labeled "Statements" (BS, IS, RE) 4. Prepare August month-end closing entries de Cour 39. Aug 1: Owner invested $12,000 cash and $2,400 of equipment in the business (10-year useful life on equipment, no salvage value, straight-line depreciation 40. Aug 7: Purchased Supplies on account for $550 41. Aug 9: Signed a contract with Hog Corp, for $1,500 of services to be performance in September 42. Aug 12: Performed services for clients, for which $1,300 was collected in cash and $600 was billed to the clients. 43. Aug 22: Received $3,300 advance payment for services 44. Aug 28: Paid cash dividend of $200 45. Aug 31: Paid September rent of $600 for new office space 46. Aug 31: Counted supplies and determined that only $250 of the supplies purchased on Aug 7 are still on hand. 47. Prepare any other necessary August month end adjusting entries Based on your journal entries above, prepare each of the following items: as erotom 1. Prepare August month-end Adjusted Trial Balance on the template provided 2. Indicate the nominal accounts with an 'X' in the column labeled Nominal Acct." 3. Indicate the financial statements on which the account is included in the column labeled "Statements" (BS, IS, RE) 4. Prepare August month-end closing entries de Cour

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

More Books

Students also viewed these Accounting questions

Question

What is your greatest weakness?

Answered: 1 week ago