Date Activity 3 1 05 The company completed one tax return for a client and billed the client, Joseph Smith, $500 on invoice 101 3 2 05 The company completed one consulting service and billed the client, Joseph Smith, $100 on invoice 102 3 3 05 The company borrowed $1,000 on a two year note, with principle and 8 interest due at maturity This loan from FNB Destin requires preparation of annual financial statements 3 4 05 The company purchased one week worth of office supplies for use in the administrative offices, $600 cash 3 5 05 The company paid current months administrative expenses in cash, $150 3 6 05 The company paid sales commissions, $60 3 15 05 The company completed one tax return for a client and billed the client, Regan Elise, $700 on invoice 103 3 16 05 Collected $450 from Joseph Smith on invoice 100 (from previous month) 3 17 05 The company completed consulting service for a client, Riggs Auto, and billed the client $300 on invoice 104 3 31 05 The company paid administrative salaries, $70 3 31 05 The company completed one tax return for a client and billed the client, Riggs Auto, $800 on invoice 105 3 31 05 The company accrues $7 of interest payable on the outstanding note payable There are no other adjusting entries for this month 3 31 05 Collected $400 from Joseph Smith on invoice 101 3 31 05 Paid $25 dividends to owners Posting reference Cash Accounts receivable Supplies Equipment 0 Payables Long term debt Contributed capital Retained earnings Dividends Revenue Selling Expense Administrative Expense Other expense Beg Bal 3 1 05 100 450 0 0 0 0 0 445 105 0 0 0 0 0 1 0 500 0 0 0 0 0 0 0 0 500 0 0 0 2 0 100 0 0 0 0 0 0 0 0 100 0 0 0 3 1000 0 0 0 0 1000 0 0 0 0 0 0 0 0 4 600 0 600 0 0 0 0 0 0 0 0 0 0 0 5 150 0 0 0 0 0 0 0 0 0 0 0 150 0 6 60 0 0 0 0 0 0 0 0 0 0 60 0 0 7 0 700 0 0 0 0 0 0 0 0 700 0 0 0 8 450 450 0 0 0 0 0 0 0 0 0 0 0 0 9 0 300 0 0 0 0 0 0 0 0 300 0 0 0 10 70 0 0 0 0 0 0 0 0 0 0 0 70 0 11 0 800 0 0 0 0 0 0 0 0 800 0 0 0 12 7 0 0 0 0 7 0 0 0 0 0 0 0 0 13 400 400 0 0 0 0 0 0 0 0 0 0 0 0 14 0 0 0 0 0 25 0 0 25 0 0 0 0 0 0 Ending balance 1063 2000 600 0 0 1018 0 445 80 0 2400 60 220 0

Question

Date Activity 3 1 05 The company completed one tax return for a client and billed the client, Joseph Smith, $500 on invoice  101  3 2 05 The company completed one consulting service and billed the client, Joseph Smith, $100 on invoice  102  3 3 05 The company borrowed $1,000 on a two year note, with principle and 8  interest due at maturity  This loan from FNB Destin requires preparation of annual financial statements  3 4 05 The company purchased one week worth of office supplies for use in the administrative offices, $600 cash  3 5 05 The company paid current months administrative expenses in cash, $150  3 6 05 The company paid sales commissions, $60  3 15 05 The company completed one tax return for a client and billed the client, Regan Elise, $700 on invoice  103  3 16 05 Collected $450 from Joseph Smith on invoice  100 (from previous month)  3 17 05 The company completed consulting service for a client, Riggs Auto, and billed the client $300 on invoice  104 3 31 05 The company paid administrative salaries, $70  3 31 05 The company completed one tax return for a client and billed the client, Riggs Auto, $800 on invoice  105  3 31 05 The company accrues $7 of interest payable on the outstanding note payable  There are no other adjusting entries for this month  3 31 05 Collected $400 from Joseph Smith on invoice  101  3 31 05 Paid $25 dividends to owners  Posting reference Cash Accounts receivable Supplies Equipment 0 Payables Long term debt Contributed capital Retained earnings Dividends Revenue Selling Expense Administrative Expense Other expense Beg  Bal  3 1 05 100 450 0 0 0 0 0 445 105 0 0 0 0 0 1 0 500 0 0 0 0 0 0 0 0 500 0 0 0 2 0 100 0 0 0 0 0 0 0 0 100 0 0 0 3 1000 0 0 0 0 1000 0 0 0 0 0 0 0 0 4  600 0 600 0 0 0 0 0 0 0 0 0 0 0 5  150 0 0 0 0 0 0 0 0 0 0 0 150 0 6  60 0 0 0 0 0 0 0 0 0 0 60 0 0 7 0 700 0 0 0 0 0 0 0 0 700 0 0 0 8 450  450 0 0 0 0 0 0 0 0 0 0 0 0 9 0 300 0 0 0 0 0 0 0 0 300 0 0 0 10  70 0 0 0 0 0 0 0 0 0 0 0 70 0 11 0 800 0 0 0 0 0 0 0 0 800 0 0 0 12  7 0 0 0 0  7 0 0 0 0 0 0 0 0 13 400  400 0 0 0 0 0 0 0 0 0 0 0 0 14 0 0 0 0 0 25 0 0  25 0 0 0 0 0 0 Ending balance 1063 2000 600 0 0 1018 0 445 80 0 2400 60 220 0

Accepted Answer

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Date	Activity
3/1/05	The company completed one tax return for a client and billed the client, Joseph Smith, $500 on invoice #101.
3/2/05	The company completed one consulting service and billed the client, Joseph Smith, $100 on invoice #102.
3/3/05	The company borrowed $1,000 on a two-year note, with principle and 8% interest due at maturity. This loan from FNB Destin requires preparation of annual financial statements.
3/4/05	The company purchased one week worth of office supplies for use in the administrative offices, $600 cash.
3/5/05	The company paid current months administrative expenses in cash, $150.
3/6/05	The company paid sales commissions, $60.
3/15/05	The company completed one tax return for a client and billed the client, Regan Elise, $700 on invoice #103.
3/16/05	Collected $450 from Joseph Smith on invoice #100 (from previous month).
3/17/05	The company completed consulting service for a client, Riggs Auto, and billed the client $300 on invoice #104
3/31/05	The company paid administrative salaries, $70.
3/31/05	The company completed one tax return for a client and billed the client, Riggs Auto, $800 on invoice #105.
3/31/05	The company accrues $7 of interest payable on the outstanding note payable. There are no other adjusting entries for this month.
3/31/05	Collected $400 from Joseph Smith on invoice #101.
3/31/05	Paid $25 dividends to owners.

Question

Date Activity 3/1/05 The company completed one tax return for a client and billed the client, Joseph Smith, $500 on invoice #101. 3/2/05 The company

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Posting reference	Cash	Accounts receivable	Supplies	Equipment	0	Payables	Long-term debt	Contributed capital	Retained earnings	Dividends	Revenue	Selling Expense	Administrative Expense	Other expense
Beg. Bal. 3/1/05	100	450	0	0	0	0	0	445	105	0	0	0	0	0
1	0	500	0	0	0	0	0	0	0	0	500	0	0	0
2	0	100	0	0	0	0	0	0	0	0	100	0	0	0
3	1000	0	0	0	0	1000	0	0	0	0	0	0	0	0
4	-600	0	600	0	0	0	0	0	0	0	0	0	0	0
5	-150	0	0	0	0	0	0	0	0	0	0	0	150	0
6	-60	0	0	0	0	0	0	0	0	0	0	60	0	0
7	0	700	0	0	0	0	0	0	0	0	700	0	0	0
8	450	-450	0	0	0	0	0	0	0	0	0	0	0	0
9	0	300	0	0	0	0	0	0	0	0	300	0	0	0
10	-70	0	0	0	0	0	0	0	0	0	0	0	70	0
11	0	800	0	0	0	0	0	0	0	0	800	0	0	0
12	-7	0	0	0	0	-7	0	0	0	0	0	0	0	0
13	400	-400	0	0	0	0	0	0	0	0	0	0	0	0
14	0	0	0	0	0	25	0	0	-25	0	0	0	0	0
					0
Ending balance	1063	2000	600	0	0	1018	0	445	80	0	2400	60	220	0