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Are the Journal entries and T accounts correct for Mary Smith? Accounting Principles - 1010 or 1020 THIS ACCOUNT IS CURRENTLY RUNNING BALANCE DATE 1
Are the Journal entries and T accounts correct for Mary Smith?
Accounting Principles - 1010 or 1020 THIS ACCOUNT IS CURRENTLY RUNNING BALANCE DATE 1 7/1 ACCOUNT BALANCED 0.00 DEBIT ( + ) Cash $ CREDIT ( - ) 15,000.00 Mary Smith, Capital 2 7/1 Rent Expense $ 7/3 Maintenance Expense July 3 Supplies Expense 7/5 Technology Equipment 7/6 Technology Expense 7/6 Internet Expense 7/9 Cash 7/12 Accounts Receivable 7/14 Mailing Expense 7/16 Advertising Expense 7/17 Cash 7/22 Cash 7/23 Technology Expense 7/24 Utility Expense 7/31 Mary Smith, Drawing 7/31 Salaries Expense $ Cash (450.00) 2,500.00 (2500.00) $ 2,400.00 (2400.00) 450.00 2,500.00 Accounts Payable 17 450.00 $ $ (250.00) 250.00 Cash 16 250.00 $ $ 15000.00 15,000.00 Cash 15 15,000.00 $ $ 2500.00 2,500.00 Architectural Fee 14 2,500.00 $ $ (175.00) 175.00 Accrued Revenue 13 175.00 $ $ (250.00) 250.00 Cash 12 250.00 $ $ 15,000.00 15,000.00 Cash 11 6000.00 $ $ 6,000.00 6,000.00 Architectural Fee 10 (25.00) $ $ 25.00 25.00 Architectural Fee 9 (200.00) $ $ 200.00 200.00 Cash 8 (2500.00) $ $ 2,500.00 2,500.00 Cash 7 (870.00) $ $ 870.00 870.00 Cash 6 (400.00) $ $ 400.00 400.00 Accounts Payable 5 (4000.00) $ $ 4,000.00 4,000.00 Cash 4 15000.00 $ $ 15,000.00 $ $ Cash 3 BALANCE 2,400.00 Principles of Acct I ACCT1010 Chapter 1 Exercise 1 Kenneth Jones opened a real estate agency called Kenneth Jones Realty & recorded the following transactions. Use the acctg equation to record the transactions into journals and T-accounts. Include your personalized fee. Prepare financial statements for a bonus. May 1 Invested $10,000 in the business. May 1 Shared an office with another realtor and paid $2,000 for May rent. May 3 Paid $400 for May's janitorial services. May 3 Paid company cash for office supplies at Office Max for $570. May 9 Sold a home and immediately collected a commission of $7,400. May 12 Sold a home but did not immediately collect the commission of $8,200 due to complications at closing. May 14 Purchased stamps at the U. S. Post Office for $125 using a credit card, which is recorded as Accounts Payable. May 16 Charged on account an advertisement announcing the opening of the realty business at the Commercial Appeal, $85. May 17 Sold a home and immediately collected the commission, $4,500 May 18 Bought a computer and printer on account for $1,200. May 18 Purchased Microsoft office software to install on the computer for $150. May 18 Signed up for a monthly internet connection to the computer and immediately paid $25 for May. May 22 Collected the commission of May 12; complications have been resolved. May 23 Paid the month's telephone bill, $185. May 24 Paid of the month's utility bill of $350. Kenneth's share is $175. May 31 Kenneth withdrew $2,500 of business cash for personal use. May 31 Paid $1,900 to a secretary-receptionist. Principles of Acct I ACCT1010 Chapter 1 Exercise 2 Mary Smith opened an architectural firm called Creative Architecture and recorded the following transactions. Use the acctg equation to record the transactions into journals and T-accounts. Include your personalized fee. Prepare financial statements for a bonus. July 1 Invested $15,000 in the business. July 1 Paid $4,000 for July rent. July 3 Paid $400 for July's janitorial services July 3 Bought office supplies for $870 using a company credit card which is recorded as Accounts Payable. July 5 Bought 2 computers and printers on account for $2,500. July 6 Purchased Microsoft office software to install on the computer for $200. July 6 Signed up for a monthly internet connection to the computers & immediately paid $25 for Jul3y. July 9 fee. July 12 Completed plans for aSu home & quickly collected $6,000 architectural Completed plans for a commercial building but did not immediately collect the fee of $15,000 due to financing problems with the builder. July 14 Purchased stamps at the U. S. Post Office for $250 using a credit card. July 16 Charged on account an advertisement announcing the opening of the architectural firm at the Commercial Appeal, $175. July 17 Completed plans for a home, and the builder, Angel Builders, asked for a month's extension to pay the bill $2,500. July 22 Collected the fee of July 12 as the complications have been resolved. July 23 Paid the month's telephone bill, $250. July 24 Paid the month's utility bill of $450. July 31 Mary withdrew $2,500 of business cash for personal use. July 31 Paid $2,400 to a secretary-receptionist. Principles of Acct I ACCT1010 Chapter 1 Exercise 3 Harry De Mopolis opened a law practice named De Mopolis Law Firm and recorded the following transactions. Use the acctg equation to record the transactions into journals and T-accounts. Include your personalized fee. Prepare financial statements for a bonus. Oct 1 Invested $17,000 in the business. Oct 1 Negotiated the purchase of a building for an office. Obtained the building with a $75,000 Note. Oct 3 Paid $400 for October's janitorial services. Oct 5 Bought 2 computers and printers on account for $2,600. Oct 6 Purchased Microsoft office software to install on the computer for $250. Oct 7 Signed up for a monthly internet connection to the computers and immediately paid $25 for October. Oct 8 Purchased office supplies at Staples for $680 with a company check. Oct 9 Prepared a will for a client and immediately collected a fee of $7,400. Oct 12 Represented a high profile client in court but did not immediately collect the fee of $9,000 as the client went to jail. Oct 14 Purchased stamps at the U. S. Post Office for $100 using a credit card, which is recorded as Accounts Payable. Oct 16 Charged on account an advertisement announcing the opening of the law firm at the Commercial Appeal, $95. Oct 17 Prepared divorce papers for a client and collected the fee, $2,500. Oct 22 Collected the fee of Oct 12 from the jailed client's family. Oct 23 Paid the month's telephone bill, $150. Oct 24 Paid the month's utility bill of $250. Oct 31 Harry withdrew $3,000 of business cash for personal use. Oct 31 Paid $2,200 to a secretary-receptionist. Cash 15,000 Mary Smith, Capital 15000 Rent Expense 4,000 4000 400 2500 200 25 6,000 250 175 2,500 15,000 38,500 27,850 250 450 2400 10650 Technology Equipment 15,000 Technology Expense 4,000 Internet Expense 2,500 200 250 25 2,500 450 25 Advertising Expense 175 Accrued Revenue 2500 1 175 2500 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Maintenance Expense 400 400 Supplies Expense 870 Accounts Payable 870 2500 870 Architectural Fee 6000 15,000 2,100 Utility Expense 450 3,370 Accounts Receivable 15,000 Mailing Expense 250 15,000 250 Mary Smith, Drawing 2,500 16 Salaries Expense 2,400 450 2,500 2,400 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 1Step by Step Solution
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