Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If an expert can please complete this and when doing the adjustments please use/do what I have provided above of what we are looking for.
If an expert can please complete this and when doing the adjustments please use/do what I have provided above of what we are looking for. If an expert can complete this as soon as possible I would really appreciate it. Please and thank you in advance.
REQUIRED: (1) Record transactions (2) Prepare any necessary adjustments (3) Prepare financial statements. A. Devon formed a consulting business, Devo Management Consulting in September. Operations begin in October. The following events occurred during the month of September 1. Devon invested $100,000 into the business. 2. She hired an assistant who will be paid $4,000 per month. The assistant begins work on Oct. 1 . 3. Signed a 5-year office lease agreement at $1,000 per month. Paid first 3 months in advance. Move-in date is 10/1. 4. Borrowed $100,000 from the local bank - assume last day of the month. The loan bears interest at 6%. 5. Purchased $40,000 in office equipment and $60,000 in computer equipment - assume last day of the month. The office equipment will be used for 10 years. The computer equipment will be used for 4 years. The following events occurred during the month of October: 1. Performed consulting Job \#I and was paid $2,500. 2. Performed consulting Job #2 and billed customer for $4,000. Bill is due in Nov. 3. Received an advance payment of $1,000 on Job #3. Work will begin in November. 4. Paid assistant $2,000 for the first half of the month's work. 5. Received utility bills [electric, phone, gas, etc.] for the month of October totaling $250. 6. $1,500 payments to the bank $500 to cover October loan interest on the loan, with the remainder going to principal. PROBLEM 2.23: Simple Transactions Part A Adjustments: - Depreciation - Salary - 2nd Half - Prepaid rent - Interest ExpenseStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started