Answered step by step
Verified Expert Solution
Question
1 Approved Answer
CAN AN ACCOUNTANT TUTOR HELP ME WITH THE JOURNAL AND ADJUSTED TRIAL BALANCE PLEASE. On November 1, 2016, Patty Cosgrove established an interior decorating business,
CAN AN ACCOUNTANT TUTOR HELP ME WITH THE JOURNAL AND ADJUSTED TRIAL BALANCE PLEASE.
On November 1, 2016, Patty Cosgrove established an interior decorating business, Classic Designs. During the month, Patty completed the following transactions related to the business: Nov. 1 Patty transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,700. 1 Paid rent for period of November 1 to end of month, $3,100. 6 Purchased office equipment on account, $12,760. 8 Purchased a truck for $30,700 paying $6,300 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,880. 12 Received cash for job completed, $9,000. 15 Paid annual premiums on property and casualty insurance, $2,500. 23 Recorded jobs completed on account and sent invoices to customers, $12,440. 24 Received an invoice for truck expenses, to be paid in November, $1,390. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $3,660. 29 Paid miscellaneous expenses, $1,800. 30 Received cash from customers on account, $8,200. 30 Paid wages of employees, $4,600. 30 Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,100. 30 Paid dividends, $2,100Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started