July 1. The following assets were received from Steffy Lopez in exchange for common stock: cash,...
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July 1. The following assets were received from Steffy Lopez in exchange for common stock: cash, $13,500; LATE accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500. There were no liabilities received. 1. Paid two months' rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. 5. Purchased additional office equipment on account from Office Station Co. $6,500. 6. Received cash from clients on account, $15,300. 10. Paid cash for a newspaper advertisement, $400. 12. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. 12. Recorded services provided on account for the period July 1-12, $13,300. 14. Paid receptionist for two weeks' salary, $1,750. Record the following transactions on Page 2 of the journal: 17. Recorded cash from cash clients for fees earned during the period July 1-17, $9,450. 18. Paid cash for supplies, $600. 20. Recorded services provided on account for the period July 13-20, $6,650. 24. Recorded cash from cash clients for fees earned for the period July 17-24, $4,000. loyg temeldoy9 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks' salary, $1,750. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Recorded cash from cash clients for fees earned for the period July 25-31, $5,200. 31. Recorded services provided on account for the remainder of July, $3,000. 31. Paid dividends, $12,500. data to complete parts (5) and (6). (A) Insurance expired during July is $375. (B) Supplies on hand on July 31 are $1,525. () Depreciation of office equipment for July is $750. (D) Accrued receptionist salary on July 31 is $175. (E) Rent expired during July is $2,400. (F) Unearned fees on July 31 are $2,750. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and compla the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. (Income Summary is account #34 in the chart of ac- counts.) Record the closing entries on Page 4 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIA Jul.1 Cash 11 13,500.00 Accounts Receivable 12 20,800.00 Supplies 14 3,200.00 Office Equipment 18 7,500.00 Common Stock 31 45,000.00 Jul 1 Prepaid Rent 15 4,800.00 Cash 11 4,800.00 Jul. 2 Prepaid Insurance 16 4,500.00 Cash 11 4,500.00 10 Jul. 4 Cash 11 5,500.00 11 Unearned Fees 23 5,500.00 Jul. S Office Equipment 18 6,500.00 12 13 Accounts Payable 21 6,500.00 1. %3D 14 Jul 6 Cash 11 15,300.00 15 Accounts Receivable 12 15,300.00 16 Jul 10 Miscellaneous Expense 59 400.00 17 Cash 11 400.00 18 Jul. 12 Accounts Payable 21 5,200.00 19 Cash 11 5,200.00 20 Jul. 12 Accounts Receivable 12 13,300.00 21 Fees Earned 41 13,300.00 22 Jul. 14 Salary Expense 51 1,750.00 25 Cash 11 1,750.00 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIAB Jul. 17 Cash 11 9,450.00 Fees Earned 41 9,450.00 Jul. 18 Supplies 14 600.00 Cash 11 600.00 Jul. 20 Accounts Receivable 12 6,650.00 Fees Earned 41 6,650.00 7. Jul. 24 Cash 11 4,000.00 Fees Earned 41 4,000.00 Jul. 26 Cash 11 12,000.00 10 Accounts Receivable 12 12,000.00 Jul. 27 Salary Expense 51 1,750.00 11 12 Cash 11 1,750.00 Jul. 29 Miscellaneous Expense 59 325.00 14 Cash 11 325.00 Jul. 31 Miscellaneous Expense 59 675.00 36 Cash 11 675.00 17 Jul. 31 Cash 11 5,200.00 18 Fees Eamed 41 5,200.00 19 Jul. 31 Accounts Receivable 12 3,000.00 20 Fees Eamed 41 3,000.00 21 Jul. 31 Dividends 33 12,500.00 22 Cash 11 12,500.00 July 1. The following assets were received from Steffy Lopez in exchange for common stock: cash, $13,500; LATE accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500. There were no liabilities received. 1. Paid two months' rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $4,500. 4. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. 5. Purchased additional office equipment on account from Office Station Co. $6,500. 6. Received cash from clients on account, $15,300. 10. Paid cash for a newspaper advertisement, $400. 12. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. 12. Recorded services provided on account for the period July 1-12, $13,300. 14. Paid receptionist for two weeks' salary, $1,750. Record the following transactions on Page 2 of the journal: 17. Recorded cash from cash clients for fees earned during the period July 1-17, $9,450. 18. Paid cash for supplies, $600. 20. Recorded services provided on account for the period July 13-20, $6,650. 24. Recorded cash from cash clients for fees earned for the period July 17-24, $4,000. loyg temeldoy9 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks' salary, $1,750. 29. Paid telephone bill for July, $325. 31. Paid electricity bill for July, $675. 31. Recorded cash from cash clients for fees earned for the period July 25-31, $5,200. 31. Recorded services provided on account for the remainder of July, $3,000. 31. Paid dividends, $12,500. data to complete parts (5) and (6). (A) Insurance expired during July is $375. (B) Supplies on hand on July 31 are $1,525. () Depreciation of office equipment for July is $750. (D) Accrued receptionist salary on July 31 is $175. (E) Rent expired during July is $2,400. (F) Unearned fees on July 31 are $2,750. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and compla the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. (Income Summary is account #34 in the chart of ac- counts.) Record the closing entries on Page 4 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIA Jul.1 Cash 11 13,500.00 Accounts Receivable 12 20,800.00 Supplies 14 3,200.00 Office Equipment 18 7,500.00 Common Stock 31 45,000.00 Jul 1 Prepaid Rent 15 4,800.00 Cash 11 4,800.00 Jul. 2 Prepaid Insurance 16 4,500.00 Cash 11 4,500.00 10 Jul. 4 Cash 11 5,500.00 11 Unearned Fees 23 5,500.00 Jul. S Office Equipment 18 6,500.00 12 13 Accounts Payable 21 6,500.00 1. %3D 14 Jul 6 Cash 11 15,300.00 15 Accounts Receivable 12 15,300.00 16 Jul 10 Miscellaneous Expense 59 400.00 17 Cash 11 400.00 18 Jul. 12 Accounts Payable 21 5,200.00 19 Cash 11 5,200.00 20 Jul. 12 Accounts Receivable 12 13,300.00 21 Fees Earned 41 13,300.00 22 Jul. 14 Salary Expense 51 1,750.00 25 Cash 11 1,750.00 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIAB Jul. 17 Cash 11 9,450.00 Fees Earned 41 9,450.00 Jul. 18 Supplies 14 600.00 Cash 11 600.00 Jul. 20 Accounts Receivable 12 6,650.00 Fees Earned 41 6,650.00 7. Jul. 24 Cash 11 4,000.00 Fees Earned 41 4,000.00 Jul. 26 Cash 11 12,000.00 10 Accounts Receivable 12 12,000.00 Jul. 27 Salary Expense 51 1,750.00 11 12 Cash 11 1,750.00 Jul. 29 Miscellaneous Expense 59 325.00 14 Cash 11 325.00 Jul. 31 Miscellaneous Expense 59 675.00 36 Cash 11 675.00 17 Jul. 31 Cash 11 5,200.00 18 Fees Eamed 41 5,200.00 19 Jul. 31 Accounts Receivable 12 3,000.00 20 Fees Eamed 41 3,000.00 21 Jul. 31 Dividends 33 12,500.00 22 Cash 11 12,500.00
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Answer Date Particulars 01072015 Steffy Lopez Capital 04072015 Unearned Fees 06072015 Accounts Recei... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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