Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

helpe to answer this sheet. first page contains the information to answer the next 4 pages. thanks. Chapters 1 & 2 Hanna Knox, an architect,

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

helpe to answer this sheet. first page contains the information to answer the next 4 pages. thanks.

Chapters 1 & 2 Hanna Knox, an architect, opened an office on July 1. During the month, she completed the following transactions connected with her professional practice Follow step by step instructions for the transactions below Instructions 1. Complete the Journal Entries for each transaction below. 2. Enter the account titles in the General Ledger "T" accounts and post JE amounts for each. 3. Net each G/L account 4.Write account titlen(if not already entered in the Adjusted Trial Balance spreadsheet and enter amounts in the "Trial Balance" column(also known the "Unadjusted Trial Balance" column. Transactions a. 7/1: Hanna Knox purchased stock in Hanna Knox, Inc for $25,000 b. 7/1: Pald July rent for office and workroom $2,000 c. 7/1: Purchased used automobile for $16,500, paying a down payment of $1,500 cash; signed promissory note for balance d. 7/1: Purchased office and computer equipment on account $6,500 e. 7/1. Paid cash for office supplies $975 f. 7/1: Paid premium on annual insurance policy $1,200 g. 7/15: Received payment from client for plans delivered-$3,750 h 7/15: Paid cash for miscellaneous expenses-$240 7/15: Made a payment to creditors on account $2,500 7/25: Paid installment due on Notes Payable-$450 k 7/25: Incurred expense for blueprint printing $750. Payment due in August 17/25: Completed and delivered new plans to client $3,150. Client to pay in August m. 7/25, Paid assistant's salary $1,500 n. 7/25: Paid maintenance costs on automobile for July $280. JOURNAL Hannano General de Hanna Knox Adjusted Trial Balance Spreadsheet Unadliunted Trial Balance Income Statem Adiunt menteAdlustas Toall Balance Sheet . Account Tues Dr Accounts Receivable Supplies Prald Insurance Automobiles Coulement Notes Payable Accounts Payable Common Stocle-Knox Professional Fees Rent Expenses Salary Expense Automobile Expense Bluepring Expense Misc. Expense Totais: Gain Loss: 25,000 SHAREHOLDERS EQUI: STOCKHOLDERS EQUITY Common Stock Beginning Retained Earnings Add Profit Deduct Loss Sub-total Less Dividends Ending Retained Earnings Total stockholders' equity Hans Knoxid INCOME STATEMENT REVENU EXPENSES Total eden ET PROFIT OR LOSS BALANCE SHEET ASSETS 25.000 SHAREHOLDERS EQUITY: STOCKHOLDERS EQUITY Common Stock Beginning Retained Earnings Add Profit Deduct Loss Sub-total less Dividends Ending Retained Eamings Total stockholders' equity Total ties and stockholders Assets

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

Audit Skill Management Ref PPAP ISO 9000 And ISO 14000 Series

Authors: FULBODH CHAUDHARY

1st Edition

1520470843, 978-1520470849

More Books

Students also viewed these Accounting questions