Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASSIGNMENT 08 A01 Introduction to Accounting Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College spelling and

image text in transcribed
image text in transcribed
ASSIGNMENT 08 A01 Introduction to Accounting Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College spelling and grammar. Sources must be cited in APA format. Your response should be four (4) double- spaced pages; refer to the "Assignment Format" page located on the Course Home page for specific format requirements. Part A (20 points) Prepare in proper form journal entries for the following transactions. Omit explanations. October 2 Owner made a cash investment into the company $5,000 8 Bought supplies on account $100. 10 Paid salaries, $700 15 Paid for supplies purchased on October 8 21 Received company telephone bill, to be paid later, $30 Part B (5 points each for a possible total of 50 points) Record the following selected transactions for January in a two-column journal, identifying each entry by letter: (a) Earned $7,000 fees; customer will pay later. (b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit (c) Paid $3,000 for rent for January. (d) Purchased $2,500 of supplies on account. (e) A. Allen $1,000 investment in the company (f) Received $7,000 in cash for fees earned previously (g) Paid $1,200 to creditors on account. (h) Paid wages of $6,250. (i) Received $7,150 from customers on account. i) A. Allen withdrawal of $1,750. Part C points) From the following items in the income statement columns of the worksheet of Tutoring at December 31, prepare the closing entries without explanation, assuming (1) (10 that a $1,000 withdrawal was made during the period. Credit 3,450 Debit Tutoring Fees Wages Expense Rent Expense 700 600 450 Supplies Expense Insurance Expense 250 2,000 1450 53,450 3,450 Net Income $3,450 (2) (S points each for a possible total of 20 points) A summary of selected ledger accounts below for S. Ball for the current calendar year. appear S Ball, Withdrawals S. Ball, Capital 1231 6,500 11 27,000 12/31 4,250 3/31 2.000 12/31 6,000 10/31 3,000 12/22 1,000 Income Summary 12/31 12,750 12/31 17,000 12/31 4,250 Answer the following questions a. What was the total amount of withdrawals for the year? b. What was the net income? c. What was the total revenue? d. What were the total expenses

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_2

Step: 3

blur-text-image_3

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

The Basics Of Quality Auditing

Authors: Ronald Blank

1st Edition

1138438863, 9781138438866

More Books

Students also viewed these Accounting questions