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meed helo with this question Thomas Stevens opened an accounting firm on January 1, 2018. During the month of January, the business completed the following
meed helo with this question
Thomas Stevens opened an accounting firm on January 1, 2018. During the month of January, the business completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any joumal entries.) Jan 1: The business sold $70,000 of common stock to open the firm, Stevens \& Associates, Inc. More info Jan 1 The business sold $70,000 of common stock to open the firm, Stevens \& Associates, Inc. 3 Purchased supplies, $100, and furniture, $1,800, on account. 5 Performed accounting service for a client and received cash, $2,500. 8 Paid cash to acquire land for a future office site, $12,000. 11 Prepared tax returns for a client on account, $2,300. 14 Paid assistant's salary, $300. 16 Paid $1,200 on account. 19 Received $1,700 cash for accounting services performed. 23 Billed a client for $2,500 of accounting services. 28 Received $1,100 from client on account. 31 Paid assistant's salary, $300. 31 Paid rent expense, $1,700. 31 Paid $2,000 of dividends. Requirements 1. Journalize transactions. Explanations are not required. 2. Post the transactions to the T-accounts that have been set up for you, using transaction dates as posting references. 3. Calculate the balance in each account at January 31, 2018. 4. Prepare the trial balance for Stevens \& Associates, Inc., at January 31, 2018. Jan 1: The business sold $70,000 of common stock to open the firm, Stevens \& Associates Step by Step Solution
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