Journal entries, t-accounts and Trial balance
Question Help During the first month of operations. Smith Services, Inc., completed the following transactions (Click the icon to view the transaction data) Read the requirements Requirement 1. Record each transaction in the journal Key each transaction by date. Explanations are not required (Record debits first, then credits. Exclude explanations from journal entries) Od 2. Smith Services received $65,000 cash and issued common stock to the stockholders Journal Entry Accounts Date Debit Credit try) Od 3 Purchased supplies, 5800 and equipment, 512,100, on account (Prepare a single compound un Journal Entry Date Accounts Debit Credit Oct & Performed services for a customer and received cash 55 400 Joumal Entry During the first month of operations, Smith Services, Inc., completed the following transactions: (Click the icon to view the transaction data) Read the requirements Oct 7: Paid cash to acquire land, 536,000 Journal Entry Debit Accounts Date Credit Oct Oct 11 Performed services for a customer and billed the customer. 53,500. Smith expects to collect within one month Journal Entry Accounts Debit Credit Date Oct Oct 16 Paid for the equipment purchased October 3 on account Journal Entry Debit Credit Accounts Date Oct Choose from any list or enter any number in the input Neids and then continue to the next question During the first month of operations, Smith Services, Inc., completed the following transactions: i (Click the icon to view the transaction data.) Read the requirements Od 17: Paid for newspaper advertising, $620 Journal Entry Date Accounts Oct Debit Credit Oct 18: Received partial payment from customer on account, $1,400 Journal Entry Date Accounts Debit Credit Oct Oct 22: Received and paid the water and electricity bills, 5450 Journal Entry Accounts Date Debit Credit Oct Choose from any list or enter any number in the input Delds and then continue to the next question U N T VIEW UI ansaction data.) Read the requirements Od 29: Received $3,100 cash for servicing the heating unit of a customer Journal Entry Accounts Date Oct Credit 2 Oct 31 (a): Paid employee salaries, $2,200 Journal Entry Accounts Date Oct Debit / Credit Oct 31 (b): Declared and paid dividends of $1,400 Journal Entry Accounts Debit Credit Date Oct Choose from any list or enter any number in the input fields and then continue to the next question During the first month of operations, Smith Services, Inc., completed the following transactions: (Click the icon to view the transaction data.) Read the requirements Requirement 2. Post the transactions to the T-accounts, using transaction dates as posting references Determine the ending balance in each account. Review the journal entries prepared in previous steps Cash Common Stock Accounts Receivable Dividends Supplies Choose from any list or enter any number in the input fields and then continue to the next question During the first month of operations, Smith Services, Inc., completed the following transactions (Click the icon to view the transaction data.) Read the requirements Equipment Salary Expense Advertising Expense Utilities Expense Accounts Payable Requirement 3. Prepare the trial balance of Smith Services, Inc., at October 31 of the current year Select the accounts that will appear in the trial balance. Then enter the account balances and total the debits and credits Review the account balances prepared in a previous step. Smith Services, Inc. Trial Balance October 31 During the first month of operations, Smith Services, Inc., completed the following transactions i (Click the icon to view the transaction data) Read the requirements Smith Services, Inc. Trial Balance October 31 Account Debit Credit Total Requirement 4. Aaron Smith, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether October was profitable (and by how much). Total resources Amount owed S 5 The company profitable, as it reported of Choose from any list of enter any number in the input fields and then continue to the next question leted the following transactions: More Info Oct 2 Smith Services received 566,000 cash and issued common stock to the stockholders 3 Purchased supplies, $800, and equipment, $12, 100, on account. 4 Performed services for a customer and received cash, $5,400. 7 Paid cash to acquire land, S36,000. 11 Performed services for a customer and billed the customer. $3,500. Smith expects to collect within one month. 16 Paid for the equipment purchased October 3 on account. 17 Paid for newspaper advertising, $620. 18 Received partial payment from customer on account, $1,400. 22 Received and paid the water and electricity bills, $450. 29 Received $3,100 cash for servicing the heating unit of a customer. 31 Paid employee salaries, $2,200. 31 Declared and paid dividends of $1,400 Print Done L ofs elds and then continue to the next question Question Help During the first month of operations. Smith Services, Inc., completed the following transactions (Click the icon to view the transaction data) Read the requirements Requirement 1. Record each transaction in the journal Key each transaction by date. Explanations are not required (Record debits first, then credits. Exclude explanations from journal entries) Od 2. Smith Services received $65,000 cash and issued common stock to the stockholders Journal Entry Accounts Date Debit Credit try) Od 3 Purchased supplies, 5800 and equipment, 512,100, on account (Prepare a single compound un Journal Entry Date Accounts Debit Credit Oct & Performed services for a customer and received cash 55 400 Joumal Entry During the first month of operations, Smith Services, Inc., completed the following transactions: (Click the icon to view the transaction data) Read the requirements Oct 7: Paid cash to acquire land, 536,000 Journal Entry Debit Accounts Date Credit Oct Oct 11 Performed services for a customer and billed the customer. 53,500. Smith expects to collect within one month Journal Entry Accounts Debit Credit Date Oct Oct 16 Paid for the equipment purchased October 3 on account Journal Entry Debit Credit Accounts Date Oct Choose from any list or enter any number in the input Neids and then continue to the next question During the first month of operations, Smith Services, Inc., completed the following transactions: i (Click the icon to view the transaction data.) Read the requirements Od 17: Paid for newspaper advertising, $620 Journal Entry Date Accounts Oct Debit Credit Oct 18: Received partial payment from customer on account, $1,400 Journal Entry Date Accounts Debit Credit Oct Oct 22: Received and paid the water and electricity bills, 5450 Journal Entry Accounts Date Debit Credit Oct Choose from any list or enter any number in the input Delds and then continue to the next question U N T VIEW UI ansaction data.) Read the requirements Od 29: Received $3,100 cash for servicing the heating unit of a customer Journal Entry Accounts Date Oct Credit 2 Oct 31 (a): Paid employee salaries, $2,200 Journal Entry Accounts Date Oct Debit / Credit Oct 31 (b): Declared and paid dividends of $1,400 Journal Entry Accounts Debit Credit Date Oct Choose from any list or enter any number in the input fields and then continue to the next question During the first month of operations, Smith Services, Inc., completed the following transactions: (Click the icon to view the transaction data.) Read the requirements Requirement 2. Post the transactions to the T-accounts, using transaction dates as posting references Determine the ending balance in each account. Review the journal entries prepared in previous steps Cash Common Stock Accounts Receivable Dividends Supplies Choose from any list or enter any number in the input fields and then continue to the next question During the first month of operations, Smith Services, Inc., completed the following transactions (Click the icon to view the transaction data.) Read the requirements Equipment Salary Expense Advertising Expense Utilities Expense Accounts Payable Requirement 3. Prepare the trial balance of Smith Services, Inc., at October 31 of the current year Select the accounts that will appear in the trial balance. Then enter the account balances and total the debits and credits Review the account balances prepared in a previous step. Smith Services, Inc. Trial Balance October 31 During the first month of operations, Smith Services, Inc., completed the following transactions i (Click the icon to view the transaction data) Read the requirements Smith Services, Inc. Trial Balance October 31 Account Debit Credit Total Requirement 4. Aaron Smith, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether October was profitable (and by how much). Total resources Amount owed S 5 The company profitable, as it reported of Choose from any list of enter any number in the input fields and then continue to the next question leted the following transactions: More Info Oct 2 Smith Services received 566,000 cash and issued common stock to the stockholders 3 Purchased supplies, $800, and equipment, $12, 100, on account. 4 Performed services for a customer and received cash, $5,400. 7 Paid cash to acquire land, S36,000. 11 Performed services for a customer and billed the customer. $3,500. Smith expects to collect within one month. 16 Paid for the equipment purchased October 3 on account. 17 Paid for newspaper advertising, $620. 18 Received partial payment from customer on account, $1,400. 22 Received and paid the water and electricity bills, $450. 29 Received $3,100 cash for servicing the heating unit of a customer. 31 Paid employee salaries, $2,200. 31 Declared and paid dividends of $1,400 Print Done L ofs elds and then continue to the next
