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Company XYZ had the following account balances on January 1,2017 S 689 1,000 1,000 10,000 500 3,000 2,911 3,500 100 Accounts Payable Accounts Receivable Cash Common Stock Equipment Note Payable Retained Earnings Salaries and Wages Expense Supplies During January, 2017, XYZ entered into the following transactions A. Paid $689 on account for utilities that were used during December 2016 B. Purchased $423 of supplies for cash. C. Signed a rental agreement for office space and paid $3,500 in advance for six months of rent beginning February 1, 2016. D. Purchased $15,000 of new equipment, signing a promissory note. E. Provided $26,000 of services. $17,000 was received in cash and $9,000 was provided on credit F. Paid workers $8,300 for work done in January Required Part a. Prepare journal entries to record the transactions identified among activities (A) through (F). (7 marks) Part b. Set up T-accounts for Cash, Accounts Receivable, Supplies, Prepaid Rent, Equipment, Accounts Payable, Note Payable, Service Revenue, and Salaries and Wages Expense. The beginning balance in each T-account should be the amount shown in the list of account balances above or $0 if the account does not appear above. Then, summarize the effects of each transaction in the appropriate T-accounts. Finally, compute ending balances for each of the T-accounts. (13 marks) Company XYZ had the following account balances on January 1,2017 S 689 1,000 1,000 10,000 500 3,000 2,911 3,500 100 Accounts Payable Accounts Receivable Cash Common Stock Equipment Note Payable Retained Earnings Salaries and Wages Expense Supplies During January, 2017, XYZ entered into the following transactions A. Paid $689 on account for utilities that were used during December 2016 B. Purchased $423 of supplies for cash. C. Signed a rental agreement for office space and paid $3,500 in advance for six months of rent beginning February 1, 2016. D. Purchased $15,000 of new equipment, signing a promissory note. E. Provided $26,000 of services. $17,000 was received in cash and $9,000 was provided on credit F. Paid workers $8,300 for work done in January Required Part a. Prepare journal entries to record the transactions identified among activities (A) through (F). (7 marks) Part b. Set up T-accounts for Cash, Accounts Receivable, Supplies, Prepaid Rent, Equipment, Accounts Payable, Note Payable, Service Revenue, and Salaries and Wages Expense. The beginning balance in each T-account should be the amount shown in the list of account balances above or $0 if the account does not appear above. Then, summarize the effects of each transaction in the appropriate T-accounts. Finally, compute ending balances for each of the T-accounts. (13 marks)
