Me SIC OF Te pune Song Tactical The we in April 2011 Stream Tas pats show the was low placing the betalater dan Seng Taw did ux plasing week and received $12.000 for the work Stron Te pred several income tax retums and changed the i Strong Tanes was wild 512.00 by its lawyers Strong Taxes paid cash for halt of the billed amount and will pay the remaining balance in May D Serong Trived cash for the work it had done preparing the income return for a client Required: 1. Joumalize the above transactions using alphabets to identify the transaction 2. Following Exhibit 2-11 on page 76 in your textbook, open the following ledgers Cash +1100 Accounts Receivable 71200 Office Supplies 1300 Office Furniture #1400 Computer Equipment 11500 Building 11600 Land 11700 Accounts Payable 12100 Sam Strong Capital 33100 Sam Strong Withdrawals #3200 Service Revenue 14100 Consulting Fees Expense 45100 Advertising Expense 5200 Legal Fees Expense 15300 3. Post the joumal entries to the ledger accounts, keeping a running balance for each account 4. Prepare the unadjusted trial balance for Strong Taxes at March 31, 2018 . Sam Strong, on March 01, 2018, started his income tax business, Strong Taxes. The following transactions occurred in March 2018: a) Sam Strong transferred several personal assets to the business: cash $60,000, land valued at $400,000, and a building valued at $100,000. b) Strong Taxes paid cash for the following items: $1,000 Office Supplies $5,000 Computer Equipment $4,000 Office Furniture c) Strong Taxes paid consulting fees, $3,000 cash. d) Strong Taxes did tax consulting work and charged the client $8,000. That amount will be paid in April 2018. e) Sam Strong took a vacation and Strong Taxes paid $10,000 cash for the vacation. 1) Strong Taxes received a $2,500 invoice for placing a radio ad. The invoice will be paid at a later date. g) Strong Taxes did tax planning work and received $12,000 for the tax work done. h) Strong Taxes prepared several income tax returns and charged the client $4,000. i) Strong Taxes was billed $12,000 by its lawyer; Strong Taxes paid cash for half of the billed amount and will pay the remaining balance in May. j) Strong Taxes received cash for the work it had done preparing the income tax returns for a client Sam Strong, on March 01. 2018, started his income tax business. Strong Taxes. The following transactions occurred in March 2018: a) Sam Strong transferred several personal assets to the business: cash $60,000, land valued at $400,000, and a building valued at $100,000 b) Strong Taxes paid cash for the following items: $1.000 Office Supplies $5,000 Computer Equipment $4,000 Office Furniture c) Strong Taxes paid consulting fees, $3,000 cash. d) Strong Taxes did tax consulting work and charged the client $8,000. That amount will be paid in April 2018. e) Sam Strong took a vacation and Strong Taxes paid $10,000 cash for the vacation. f) Strong Taxes received a $2,500 invoice for placing a radio ad. The invoice will be paid at a later date g) Strong Taxes did tax planning work and received $12,000 for the tax work done. h) Strong Taxes prepared several income tax returns and charged the client $4,000. i) Strong Taxes was billed $12,000 by its lawyer: Strong Taxes paid cash for half of the billed amount and will pay the remaining balance in May j) Strong Taxes received cash for the work it had done preparing the income tax returns for a client. a 1. Journalize the above transactions using alphabets to identify the transaction. 2. Following Exhibit 2-11 on page 76 in your textbook, open the following ledgers: Cash #1100 Accounts Receivable #1200 Office Supplies #1300 Office Furniture #1400 Computer Equipment #1500 Building #1600 Land #1700 Accounts Payable #2100 Sam Strong, Capital #3100 Sam Strong. Withdrawals #3200 Service Revenue #4100 Consulting Fees Expense #5100 Advertising Expense #5200 Legal Fees Expense #5300 3. Post the journal entries to the ledger accounts, keeping a running balance for each account. 4. Prepare the unadjusted trial balance for Strong Taxes at March 31, 2018
