On the job smith computer center chapter 1

The following problem continue from one chapter to the next, carrying the balances of each month forward.

1 Analyze and record each transaction in the expanded accounting equation.

2. Prepare the financial statements ending July 31 for Smith computer Center.

On July 1, 201x Thad Feldman decided to begin his own computer service business. He named the business Smith computer center. During the first month, Thad conducted the following business transactions.

A. Invested $6000 of his savings into the business.

B. Paid $1800 (Check #8095) for the Computer from A-Teach. Inc.

C. Paid $3300 (Check #8096) for office Equipment from Bertha and Pac Furniture.

D. Set up a new account with The Staple Store and purchased $ 200 in office supplies on credit.

E. Paid July rent, $500(Check#8097

F. Repaired a system for a customer and collected $800

G. Collected $600 for a system upgrade labor charge from a customer.

H. Electric bill due but unpaid $75

I. collected $1800 for services performed on Phils Photography computers.

J. Withdrew $175 (Check #8098) to take his wife out.

Continue problem Chapter 3. The following problem continues from Chapter 1.

1 Set up T accounts in a ledger and post the ending balances from chapter 1.

2 record transactions K through S in the appropriate T accounts.

3. Foot and take the balances of the T accounts where appropriate

4. Prepare a trial balance at the end of August.

5. From the trial balance, prepare an income statement, statements of owners equity, and a balance sheet for the two months ending with August 31, 201x.

K . Received the phone bill for the month of July, $80

L. Paid $450(check #8099) for insurance for the month.

M. Paid $150 (check 8100) of the amount due from transaction D in chapter 1.

N. Paid advertising expense for the month, $900 (check #8101).

O. Billed a client(Erin Caffrey) For service rendered, $1700

P. Collected $1300 for services rendered, (Assume cash collection occurred at the same time services were rendered.

Q. Paid the electrical bill in full for the month of July (check #8102, transaction H, chapter 1.

R. Paid cash (check #8103) for $70 in stamps.

S. Purchased $300 worth of supplies from computer R Us on credit.

Continue problem chapter 3,

Assignment:

1 use the chart of accounts in Chapter 2 to record the following transaction in figure 3.37, through 3.47

2 Smith computer pay a prepaid rent of $1500

3 collected revenue $420

4 Collected revenue $150

Pay the phone bill $80 refer back to Chapter 2, transaction K

5. Paid computer R Us $300 refer back to chapter 2, transaction S.

6 Collected money from Erin Caffrey $1700 refer back to chapter 2, transaction, O.

7 Purchase computer equipment $2100 a Tech Inc.

8. Receive phone bill due but unpaid $35

9. Receive electric bill due but unpaid $85

10 Collected Revenue $750

11. Billed a client for service rendered. $2700

12 Post all the journal entries to the general ledger accounts ( the prepaid rent account #1025 has been added to the char of account.

13 prepare a trial balance for September 30, 201x,

14 Prepare the financial statements for the 3 months ended September 30, 201x.