Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part 1: Daily Activities Accounts that you can use: Common Stock, Cash, Furniture, Computer, Service Revenue, Accounts Receivable, Salaries Expense, Rent Expense, Accounts Payable, Utility

image text in transcribed
Part 1: Daily Activities Accounts that you can use: Common Stock, Cash, Furniture, Computer, Service Revenue, Accounts Receivable, Salaries Expense, Rent Expense, Accounts Payable, Utility Expense, ABM Company completed the following transactions during March, 2017: March 2 Received $11,000 cash from Ruiz, and issued common stock to him. (4 points) March 3 Paid cash to purchase a computer, $4,200. (4 points) March 9 Performed services for a client and received cash for the full amount of $1,000 (4 points) March 12 Paid utility expenses, $200. (4 points) March 16 Purchased office furniture for $1.800. Paid $800 cash. Rest will be paid in two weeks. (4 points) March 18 Performed services for a client on account, $1,500. (4 points) March 28 Collected $1.500 from the client on March 18. (4 points) March 29 Paid $1000 for the payment of furniture purchased on March 16. (4 points) March 30 Performed services for a client and received cash for the full amount of $2,500 (4 points) March 31 Paid monthly office rent, $700. (4 points) March 31 Paid salaries of $ 2,500 for March (4 points) Instructions 1. Journalize the transactions for the month of March 2. Prepare T accounts and trial balance for the montf of March 3. Prepare Income Statement and Balance Sheet at the end of the month

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

Step: 3

blur-text-image

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

Accounting Understanding And Practice

Authors: Robert Perks

3rd Edition

0077124782, 9780077124786

More Books

Students also viewed these Accounting questions