Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with a trial balance. Task 2: Sophia provides you with a list of business use these transactions to demonstrate the first fou

image text in transcribed
I need help with a trial balance. 
image text in transcribed
Task 2: Sophia provides you with a list of business use these transactions to demonstrate the first fou transaction, using double entry accounting to reco them to their respective accounts. Finally you prep cycle, which ensures that the first three steps in th A. The Sisters invest $15,000 in cash in Happy Home Environmental Cleaning (HHEC) B. HHEC buys a building for $10,000 in cash. C. HHEC buys office equipment for $1,800 for cash. D. HHEC buys cleaning supplies for $2,800, agreeing to pay the upplier in 30 days. E. HHEC earns cleaning revenues of $16,460 in cash. F. HHEC earns cleaning revenues of $2,200 on account. G. HHEc paid the following expenses in cash: Wages $ 4,275 Utilities $ 985 Miscsellaneous $ 195 H. HHEC pays $950 in cash to creditors on account. I. HHEC purchases a two year insurance policy for $2,400 in cash J. At the end of the year, the cost of cleaning supplies on hand is $2040. K. The sisters withdrew $2,000 in cash. ANSWER General Journal Account Titles and Explanation Cash Sisters Invest in HHEC Cash HHEC buys a building Cash HHEC buys office equipment Accounts payable HHEC buys cleaning supplies Revenue Services HHEC earns cash revenue Revenue Services Cleaning revenue on accounts Cash Wages paid Cash Utilities paid $ Debit 15,000 $ Credit 15,000 10,000 10,000 1,800 1,800 2,800 2,800 16,460 16,460 2,200 2,200 4,275 4,275 985 985 Cash Miscellaneous paid Cash Payment to creditors Cash Payment for insurance Inventory Cleaning supplies at end of year Cash Withdrawn by Sisters 195 195 950 950 2,400 2,400 2040 2040 2,000 2,000 Total 61,105 61,105 HHEC Trial Balance December 31, Year 1 Cash Supplies Prepaid Insurance Equipment Accounts Payable Account Revenue Service Revenue Dividends HHEC Building Wages Payable Expenses Inventory Total Debit 5,000 2,040 2,400 1,800 Credit 1,850 2,200 16,460 2,000 10,000 4,275 1,180 24,420 2040 26,825 ovides you with a list of business transactions that occurred during the year. You must tions to demonstrate the first four steps in the accounting cycle: analyzing each double entry accounting to record these transactions in the general journal, and posting ective accounts. Finally you prepare a trial balance, the fourth step in the accounting res that the first three steps in the accounting cycle have been completed currently. Environmental Cleaning (HHEC) o pay the upplier in 30 days. n hand is $2040

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

Financial And Managerial Accounting

Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell

4th Edition

1119752620, 978-1119752622

More Books

Students also viewed these Accounting questions

Question

Describe the benefits of studying intersectionality.

Answered: 1 week ago