Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Doris Stann started her Practice as a design consultant on September 1, 2017. During the first month of operations, the business completed the following transactions:

image text in transcribed

Doris Stann started her Practice as a design consultant on September 1, 2017. During the first month of operations, the business completed the following transactions: Received exist47,000 cash and gave capital to Stann. 4 Purchased office supplies, exist700, and furniture, exist1,600, on account. 6 Performed services for a law firm and received exist1,400 cash. 7 Paid exist20,000 cash to acquire land to be used in operations. 10 Performed services for a hotel and received its promise to pay the exist900 within one week. 14 Paid for the furniture purchased on September 4 on account. 15 Paid assistants semimonthly salary, exist1,480. 17 Received cash on account, exist700. 20 Prepared a design for a school on account, exist700. 25 Received exist2,200 cash for design services to be performed in October. 28 Received exist2,600 cash for consulting with Plummer & Gordon. 29 Paid exist2,400 cash for a 12-month insurance policy starting on October 1. 30 Paid assistants semimonthly salary, exist1,480. 30 Paid monthly rent expense, exist500. 30 Received a bill for utilities, exist400. The bill will be paid next month. 30 Stann withdrew cash of exist3,000. Requirements Record each transaction in the journal using the following account titles:Cash:Accounts Receivables:Office Supplies, Prepaid Insurance Furniture:Land:Accounts Utilities Payables:Unearned Revenue:Stann, Capital:Stann, Withdrawals, Service Revenue:Salaries Expense:Rent Expense:Utilities Expense. Explanations are not required. Open a T-account for each of the accounts. Post the journal Post the entries to the references in the ledger using transaction dates as posting references in the ledger accounts. Label balance of each account Bal. Prepare the trial balance of Doris Stann, Designer, as of September 30, 2017

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

Auditing Corporate Surveillance Systems Research Methods For Greater Transparency

Authors: Isabel Wagner

1st Edition

1108837662, 978-1108837668

More Books

Students also viewed these Accounting questions