Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hree Homework Assignment nces Check my work The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed hree Homework Assignment nces Check my work The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant. Transactions: a. Guttery invested $147,000 in cash to start the business. b. Paid $4,700 for the current month's rent. c. Bought office furniture for $15,420 in cash. d. Performed services for $8,500 in cash. e. Paid $1,120 for the monthly telephone bill. 1. Performed services for $14,300 on credit. g. Purchased a computer and copier for $35,400; paid $11,700 in cash immediately with the balance due in 30 days. h. Received $7,150 from credit clients. i. Paid $2,700 in cash for office cleaning services for the month. j. Purchased additional office chairs for $4,500; received credit terms of 30 days. k. Purchased office equipment for $27,000 and paid half of this amount in cash immediately, the balance is due in 30 days. 1. Issued a check for $8,100 to pay salaries. m. Performed services for $14,800 in cash. n. Performed services for $16,300 on credit. o. Collected $6,700 on accounts receivable from charge customers. p. Issued a check for $2,250 in partial payment of the amount owed for office chairs. q. Paid $570 to a duplicating company for photocopy work performed during the month. r. Paid $1,090 for the monthly electric bill. s. Guttery withdrew $7,700 in cash for personal expenses. Post the above transactions into the appropriate T accounts. Analyze: 0: 03 02 Post the above transactions into the appropriate T accounts. Analyze: What liabilities does the business have after all transactions have been recorded? Complete this question by entering your answers in the tabs below. Transactions Analyze Post the above transactions into the appropriate T accounts. Cash Bal. Accounts Receivable bk t nces Office Equipment Bal. Accounts Payable Bal. Randy Guttery, Drawing Bal Rent Expense Bal. Bal Office Furniture: Randy Guttery, Capital Fees Income Bal Utilities Expense . 70 *** Mayt Check my work Bal. ces Bal. Bal. Rent Expense Salaries Expense Miscellaneous Expense Bal. Bal. Utilities Expense Telephone Expense. Check my work ook int rences Analyze: What liabilities does the business have after all transactions have been recorded? Complete this question by entering your answers in the tabs below. Transactions Analyze What liabilities does the business have after all transactions have been recorded? Liabilities

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

Financial and Managerial Accounting

Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson

10th edition

978-1285441979, 1285441974, 978-1133626992, 1133626998, 978-1133940593

More Books

Students also viewed these Accounting questions

Question

Explain the Pascals Law ?

Answered: 1 week ago

Question

What are the objectives of performance appraisal ?

Answered: 1 week ago

Question

State the uses of job description.

Answered: 1 week ago