Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P 2-6 Yamur Bulut completed the following transactions during October 20X1: 1: 1 October, invested TL 50.000 to start an accounting practice, Yamur Bulut, SMMM.

image text in transcribed

P 2-6 Yamur Bulut completed the following transactions during October 20X1: 1: 1 October, invested TL 50.000 to start an accounting practice, Yamur Bulut, SMMM. 2. 2 October, rented office space and paid TL 1.200 for October. 3. 4 October, paid cash for a Dell computer, TL 2.000. The computer is expected to remain in service for five years. 4. 5 October, purchased furniture and fixtures for the office on account, Tl 5.400. These items have an estinated useful life of 5 years. 5. 6 Octobet, purchased supplies on account, TL 150. 6. 8 October, performed tax filing services for a client on account, TL 375. 7. 15 October, performed bookkeeping services for a client and received cash, TL 150. 8. 22 October, made an agreement with a client to perform bookkeeping for 6 months and received IL 1.200 in advance. 9. 23 October, recruited an accounting student with a monthly salary of TL 500. The salary will be paid on the 5th day of each month. 10. 27 October, paid the liability for the purchase of office supplies. 11. 29 October, the client who was billed on 8 October paid TL 2.75. 12. 31 October, withdrew cash to pay her son's school fee, TI. 1.600. Required: a. Journalize the transactions. (Explanations for the entries are not required.) b. Post journal entries to the T-accounts. c. Prepare the trial balance at October 31. Su P3-2 Refer to problem 2-6 of Chapter 2. The following is the information related to Yamur Bulut SMMM at the end of October 20X1. a. Consulting services performed but not yet billed to the clients totals TL 3.800 b. Earned one month portion of the advance received on 22 October. c. The count of supplies made on 31 October revealed TL 40 worth of supplies on hand. d. Monthly depreciation should be recorded for the computer and furniture and fixtures. e. Salary of the accounting student was accrued but not paid. Required 1. Prepare the adjusting entries at the end of 31 October 20X1, and post them to T-accounts. 2. Prepare the adjusted trial balance as of 31 October 20X1. 3. Prepare the income statement for the period ending 31 October 20X1. 4. Prepare the closing entries. 5. Prepare the statement of financial position as of the end of October 20X1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Study Guide Working Papers For College Accounting, Chapters 1-9

Authors: James A. Heintz, Robert W. Parry

23rd Edition

0357474740, 9780357474747

More Books

Students also viewed these Accounting questions

Question

Appreciate the importance of developing potential managers

Answered: 1 week ago

Question

Know how to approach on-the-job training

Answered: 1 week ago