Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ive been stuck on this question for awhile now. the formatting is weird, as you can see in the second picture I can only select

ive been stuck on this question for awhile now. the formatting is weird, as you can see in the second picture I can only select a letter a - i. Please help and feel free to ask me a question or request more pics. image text in transcribed
image text in transcribed
image text in transcribed
26 Saved Help Save & Exit Submit The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances as of December 1, 20X1 on the normal balance side of the accounts. 16,909 Cash Accounts receivable Prepaid rent office equipment Accounts payable $6,600 9,600 -- 9, 100 8,400 Joan Martin, Capital Joan Martin, Drawing Fees income Utilities expense Salaries expense -- -- -- The firm has the following transactions during the month of December 20X1. Record the effects of these transactions in the T accounts a. Paid $2,600 for one month's rent. b. Collected $6.400 in cash from credit customers, c. Performed services for $8,600 in cash. d. Paid $5,600 for salaries. e. Issued a check for $4,600 to a creditor. f. Performed services for $11,600 on credit. g. Purchased office equipment for $2,600 on credit. h. The owner withdrew $4,600 in cash for personal expenses. 1. Issued a check for $760 to pay the monthly utility bill. 1. Post the above transactions into the appropriate Taccounts, 2. Using the information shown, prepare a trial balance for Martin and Associates at December 31, 20x1 before any adjusting entries are made. Saved Help Save & Ex Complete this question by entering your answers in the tabs below. Ledgers Trial Balance Post the above transactions into the appropriate T accounts. (Record the transactions in the given order.) Accounts Receivable Beg bal Beg. bal Cash 6,600 6,400 11,600 End, bal. a b 24,600 d Office Equipment Prepaid Rent Beg, bal Beg bal End bal End, bal Accounts Payable Joan Martin, Capital Saved Help Save & Exit Subm Ledgers Trial Balance Prepare a trial balance for Martin and Associates at December 31, 20x1 before any adjusting entries are made. (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity). Equity, Revenues, and Expenses.) MARTIN AND ASSOCIATES Trial Balance December 31, 20X1 Account Name Debit Credit Total $ 0 $ Une

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

16th edition

1259307417, 978-1260153132, 1260153134, 978-1259307416

Students also viewed these Accounting questions