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I need a step by step of the full accounting cycle As the bookkeeper of Palmers Plowing, you have been asked to complete the entire
I need a step by step of the full accounting cycle
As the bookkeeper of Palmers Plowing, you have been asked to complete the entire accounting cycle for Palmer from the following information 20 Jan. 1 Palmer invested $9,000 cash and S9,000 worth of snow equipment into the plowing company. 1 Paid 5 months' rent in advance for garage space, $4,000. 4 Purchased office equipment from Lewis Corp. for $9,600 on account. 6 rchased snow supplies for $600 cash. Pu 8 Collected $11,000 from plowing local shopping centers. 12 Palmer Mao withdrew $8,000 from the business for personal use. 20 PLowed Riverton Co. parking lots, payment not to be received until March, S8,000. 26 Paid salaries to employees, $2,100. 28 Paid Lewis Corp. one-half amount owed for office equipment. 29 Advertising bill received from Taft Co. but wilL not be paid until March, $300. 30 Paid telephone bill, S180. Use the following chart of accounts. Chart of Accounts Assets Owners Equity 111 Cash 311 P. Mao, Capital 112 Accounts Receivable 312 P. Mao, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Snow Supplies Revenue 121 office Equipment 411 Plowing Fees 122 Accumulated Depreciation, office Equipment Expenses 123 Snow Equipment 511 Salaries Expense 124 Accumulated Depreciation, Snow Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 514 Rent Expense 211 Accounts Payable 515 Snow Supplies Expense 212 Salaries Payable nanrAriatinn F nmant As the bookkeeper of Palmers Plowing, you have been asked to complete the entire accounting cycle for Palmer from the following information 20 Jan. 1 Palmer invested $9,000 cash and S9,000 worth of snow equipment into the plowing company. 1 Paid 5 months' rent in advance for garage space, $4,000. 4 Purchased office equipment from Lewis Corp. for $9,600 on account. 6 rchased snow supplies for $600 cash. Pu 8 Collected $11,000 from plowing local shopping centers. 12 Palmer Mao withdrew $8,000 from the business for personal use. 20 PLowed Riverton Co. parking lots, payment not to be received until March, S8,000. 26 Paid salaries to employees, $2,100. 28 Paid Lewis Corp. one-half amount owed for office equipment. 29 Advertising bill received from Taft Co. but wilL not be paid until March, $300. 30 Paid telephone bill, S180. Use the following chart of accounts. Chart of Accounts Assets Owners Equity 111 Cash 311 P. Mao, Capital 112 Accounts Receivable 312 P. Mao, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Snow Supplies Revenue 121 office Equipment 411 Plowing Fees 122 Accumulated Depreciation, office Equipment Expenses 123 Snow Equipment 511 Salaries Expense 124 Accumulated Depreciation, Snow Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 514 Rent Expense 211 Accounts Payable 515 Snow Supplies Expense 212 Salaries Payable nanrAriatinn F nmantStep by Step Solution
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