Lamar's Fortune 100 Company - Where Dreams Come True! Fall 2021 - ACCT 2301-71 Mid-Term Assessment Project (individual assignment) Lamar's Fortune 100 Company completed the following transactions during the month of September 2021. Mrs. Seahawk is the owner/CFO. You are the new accountant. Mrs. SeaHawk has requested that you review the transactions from September 2021 below and then proceed as instructed (for LSCPA only (PSLOI) (PSLO2) (PSLO3). Questions (note your answers after each question): 1. Mrs. Seahawk invested $20,000 in cash in the educational consulting company (Lamar's Fortune 100 Company) from her personal account. What is the journal entry to post this to the Company's ledger? 2. The Company bought computers on account for $9,000. What is the journal entry to post this? 3. The Company paid employees' salaries for $2,000. What is the journal entry to post this? 4. The Company paid $4,000 on account related to the computers in item #2 above. What is the journal entry to post this? 5. The Company billed a client on account for educational consulting services performed for $8,000. What is the journal entry to post this? 6. Mrs. Seahawk spends most of her time leading, planning and strategic analysis. She made a comment to you in passing that the journal entry for item #5 above is a debit to cash and a credit to revenue. Is she right? Is she wrong? Address her comment and defend your position based on generally accepted accounting principles. As Lamar's accountant, prepare: 1) Trial balance of the transactions above as of September 30, 2021. 2) Income statement for the period ending September 30, 2021. 3) Balance sheet as of September 30, 2021. Lamar's Fortune 100 Company - Where Dreams Come True! Fall 2021 - ACCT 2301-71 Mid-Term Assessment Project (individual assignment) Lamar's Fortune 100 Company completed the following transactions during the month of September 2021. Mrs. Seahawk is the owner/CFO. You are the new accountant. Mrs. SeaHawk has requested that you review the transactions from September 2021 below and then proceed as instructed (for LSCPA only (PSLOI) (PSLO2) (PSLO3). Questions (note your answers after each question): 1. Mrs. Seahawk invested $20,000 in cash in the educational consulting company (Lamar's Fortune 100 Company) from her personal account. What is the journal entry to post this to the Company's ledger? 2. The Company bought computers on account for $9,000. What is the journal entry to post this? 3. The Company paid employees' salaries for $2,000. What is the journal entry to post this? 4. The Company paid $4,000 on account related to the computers in item #2 above. What is the journal entry to post this? 5. The Company billed a client on account for educational consulting services performed for $8,000. What is the journal entry to post this? 6. Mrs. Seahawk spends most of her time leading, planning and strategic analysis. She made a comment to you in passing that the journal entry for item #5 above is a debit to cash and a credit to revenue. Is she right? Is she wrong? Address her comment and defend your position based on generally accepted accounting principles. As Lamar's accountant, prepare: 1) Trial balance of the transactions above as of September 30, 2021. 2) Income statement for the period ending September 30, 2021. 3) Balance sheet as of September 30, 2021
