Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone answer the following attached assignment ASSIGNMENT 08 A01 Introduction to Accounting Directions: Be sure to save an electronic copy of your answer before

can someone answer the following attached assignment

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 for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) doublespaced 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. (j) A. Allen withdrawal of $1,750. Part C (1) (10 points) From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period. Account Tutoring Fees Wages Expense Rent Expense Supplies Expense Insurance Expense Net Income Income Statement Debit Credit 3,450 700 600 450 250 _____ 2,000 3,450 1,450 _____ $3,450 $3,450 (2) (5 points each for a possible total of 20 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year. 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

Step: 3

blur-text-image

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

Accounting A Pathway Into The World Of Business And Data Analytics

Authors: Carl S. Warren, Jefferson P. Jones, William Tayler

29th Edition

0357899644, 9780357899649

More Books

Students also viewed these Accounting questions