Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I dont know how to Journalize the transaction for P2-2A Grandview uses The following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common

I dont know how to Journalize the transaction for P2-2Aimage text in transcribed

Grandview uses The following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Journalize transactions, post, and prepare a trial balance. (LO 1, 2, 3, 4) Journalize The April transactions. Julia Dumars is a licensed CPA. During The first month of operations of her business, Julia Dumars, Inc., The following events and transactions occurred. May 1 Stockholders invested $20,000 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $2,000 per month. Purchased $1,500 of supplies on account from Vincent Supply Company. 7 Paid office rent of $900 cash for The month. Completed a tax assignment and billed client $2,800 for services performed. Received $3,500 advance on a management consulting engagement. 17 Received cash of $ 1,200 for services performed for Orville Co. 31 Paid secretary-receptionist $2,000 salary for The month. 31 Paid 40% of balance due Vincent Supply Company. Julia uses The following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Journalize The transactions. Post to The ledger accounts. (c) Trial balance totals $28,400 Journalize and post transactions and prepare a trial balance. (LO 1, 2, 3, 4) Prepare a trial balance on May 31, 2017. Tom Zopf owns and manages a computer repair service, which had The following trial balance on December 31, 2016 (The end of its fiscal year)

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

Environmental And Safety Auditing Program Strategies For Legal International And Financial Issues

Authors: Unhee Kim, John F. Falkenbury, Timothy A. Wilkins, Ralph Rhodes, Richard J. Satterfield

1st Edition

1566702461, 978-1566702461

More Books

Students also viewed these Accounting questions

Question

What was James Madisons role in drafting the religion clauses?

Answered: 1 week ago

Question

What is one of the skills required for independent learning?Explain

Answered: 1 week ago

Question

5. If yes, then why?

Answered: 1 week ago

Question

6. How would you design your ideal position?

Answered: 1 week ago