Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help/answers with the debits and credits for chapter 1 exercise 1. Kenneth jones Principles of Acct I ACCT1010 Chapter 1 Exercise 1 Kenneth

I need help/answers with the debits and credits for chapter 1 exercise 1. Kenneth jones

image text in transcribed Principles of Acct I ACCT1010 Chapter 1 Exercise 1 Kenneth Jones opened a real estate agency called Kenneth Jones Realty & recorded the following transactions. Use the acctg equation to record the transactions into journals and T-accounts. Include your personalized fee. Prepare financial statements for a bonus. May 1 Invested $10,000 in the business. May 1 Shared an office with another realtor and paid $2,000 for May rent. May 3 Paid $400 for May's janitorial services. May 3 Paid company cash for office supplies at Office Max for $570. May 9 Sold a home and immediately collected a commission of $7,400. May 12 Sold a home but did not immediately collect the commission of $8,200 due to complications at closing. May 14 Purchased stamps at the U. S. Post Office for $125 using a credit card, which is recorded as Accounts Payable. May 16 Charged on account an advertisement announcing the opening of the realty business at the Commercial Appeal, $85. May 17 Sold a home and immediately collected the commission, $4,500 May 18 Bought a computer and printer on account for $1,200. May 18 Purchased Microsoft office software to install on the computer for $150. May 18 Signed up for a monthly internet connection to the computer and immediately paid $25 for May. May 22 Collected the commission of May 12; complications have been resolved. May 23 Paid the month's telephone bill, $185. May 24 Paid of the month's utility bill of $350. Kenneth's share is $175. May 31 Kenneth withdrew $2,500 of business cash for personal use. May 31 Paid $1,900 to a secretary-receptionist. 1 Principles of Acct I ACCT1010 Chapter 1 Exercise 2 Mary Smith opened an architectural firm called Creative Architecture and recorded the following transactions. Use the acctg equation to record the transactions into journals and T-accounts. Include your personalized fee. Prepare financial statements for a bonus. July 1 Invested $15,000 in the business. July 1 Paid $4,000 for July rent. July 3 Paid $400 for July's janitorial services July 3 Bought office supplies for $870 using a company credit card which is recorded as Accounts Payable. July 5 Bought 2 computers and printers on account for $2,500. July 6 Purchased Microsoft office software to install on the computer for $200. July 6 Signed up for a monthly internet connection to the computers & immediately paid $25 for July. July 9 Completed plans for a home & quickly collected $6,000 architectural fee. July 12 Completed plans for a commercial building but did not immediately collect the fee of $15,000 due to financing problems with the builder. July 14 Purchased stamps at the U. S. Post Office for $250 using a credit card. July 16 Charged on account an advertisement announcing the opening of the architectural firm at the Commercial Appeal, $175. July 17 Completed plans for a home, and the builder, Angel Builders, asked for a month's extension to pay the bill $2,500. July 22 Collected the fee of July 12 as the complications have been resolved. July 23 Paid the month's telephone bill, $250. July 24 Paid the month's utility bill of $450. July 31 Mary withdrew $2,500 of business cash for personal use. 2 July 31 Paid $2,400 to a secretary-receptionist. Principles of Acct I ACCT1010 Chapter 1 Exercise 3 Harry De Mopolis opened a law practice named De Mopolis Law Firm and recorded the following transactions. Use the acctg equation to record the transactions into journals and T-accounts. Include your personalized fee. Prepare financial statements for a bonus. Oct 1 Invested $17,000 in the business. Oct 1 Negotiated the purchase of a building for an office. Obtained the building with a $75,000 Note. Oct 3 Paid $400 for October's janitorial services. Oct 5 Bought 2 computers and printers on account for $2,600. Oct 6 Purchased Microsoft office software to install on the computer for $250. Oct 7 Signed up for a monthly internet connection to the computers and immediately paid $25 for October. Oct 8 Purchased office supplies at Staples for $680 with a company check. Oct 9 Prepared a will for a client and immediately collected a fee of $7,400. Oct 12 Represented a high profile client in court but did not immediately collect the fee of $9,000 as the client went to jail. Oct 14 Purchased stamps at the U. S. Post Office for $100 using a credit card, which is recorded as Accounts Payable. Oct 16 Charged on account an advertisement announcing the opening of the law firm at the Commercial Appeal, $95. Oct 17 Prepared divorce papers for a client and collected the fee, $2,500. Oct 22 Collected the fee of Oct 12 from the jailed client's family. Oct 23 Paid the month's telephone bill, $150. Oct 24 Paid the month's utility bill of $250. Oct 31 Harry withdrew $3,000 of business cash for personal use. 3 Oct 31 Paid $2,200 to a secretary-receptionist. 4

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

Principles Of Financial Accounting

Authors: Kermit Larson, John Wild

20th Edition

77338235, 978-0077619442

More Books

Students also viewed these Accounting questions

Question

What are the two types of controlled groups? AppendixLO1

Answered: 1 week ago

Question

3. What values would you say are your core values?

Answered: 1 week ago