Accounting $1$A Online

Accounting IA Online

Chapter $3-$ The Adjusting Process

Online tutoring site assistance may not be used on this assignment. Students found posting this assignment or relying on online solutions will receive a grade of $0$ on the assignment.

Using the Chart of Accounts provided in Canvas, journalize the following transactions:

a$)$ On January I, the owners deposited $$200,000$ into the business bank account in exchange for Common Stock

b$)$ On January $2,$ M$4$ Engineering signed a $1-$year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M$4$ Engineering gave the landlord a check for $$30\mathrm{.}000.$

c$)$ On January $5,$ M$4$ Engineering signed a $$75,000$ contract to provide engineering services beginning on April $1.$

d$)$ On January $31,$ M$4$ Engineering bought $$7,500$ of office supplies on account.

e$)$ On February $10,$ M$4$ Engineering paid the utility bills of $$300$

f$)$ On February $15,$ M$4$ Engineering bought computers and other Office Equipment on account for $$20\mathrm{.}000.$

g$)$ On February $28.$ M$4$ Engineering received $$50,000$ advance payment for work that will begin on April I

$\backslash$table$[[$GENERAL JOURNAL,$\backslash$table$[[$Page$],[$Credit$]],],[,$Date,Description,$\backslash$table$[[$Post$],[$ref$]],$Debit,$],[1,,,,,,1],[\backslash$table$[[2],[3]],,,,,,2],[\backslash$table$[[3],[4]],,,,,,3],[\backslash$table$[[4],[5]],,,,,,4],[\backslash$table$[[5],[6]],,,,,,5],[\backslash$table$[[6],[7],[7]],,,,,,6],[\backslash$table$[[7],[8]],,,,,,7],[\backslash$table$[[8],[9],[9]],,,,,,8],[9,,,,,,9],[10.,,,,,,10],[11,,,,,,11],[12,,,,,,12],[13,,,,,,13],[14,,,,,,14],[15,,,,,,15],[16,,,,,,16],[17,,,,,,17],[18,,,,,,18],[19,,,,,,19],[20,,,,,,20],[21,,,,,,21],[22,,,,,,22],[23,,,,,,23],[24,,,,,,24]]$

M$.$ Baker V$!$

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Journalize the adjusting entries below.

On March $31,$ the CFO reviewed M$4$ Engineering's books and noted the following:

h$)$ Employees were owed $$12,000$ for hours worked in March

i$)$ Only $$1,200$ of supplies were still on hand.

j$)$ Three months of rent had expired $($been used$).$

k$)$ The March $31$ utility bill had not been received. The CFO expects that $$320$ of utility services were used.

l$)$ $$25,000$ of the engineering work related to transactions $($c$)$ and $($g$)$ have been completed.

M$.$ Baker VI

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