Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me with this accounting exercise Problem 2-3B Preparing and posting joumal entries, preparing a trial balance C3 C4A PI P2 Zucker Management Services
Please help me with this accounting exercise
Problem 2-3B Preparing and posting joumal entries, preparing a trial balance C3 C4A PI P2 Zucker Management Services opened for business and completed these transactions in November. Nov Matt Zucker, the owner, invested S30,000 cash along with $15,000 of office equipment in the company in exchange for common stock. 2 The company prepaid $4,500 cash for six months rent for an office. (Hint: Debit Prepaid Rent for S4,500.) 4 The company made credit purchases of office equipment for S2,500 and of office supplies for S600. Payment is due within 10 days. 8 The company completed work for a client and immediately receved S3,400 cash 12 The company completed a $10,200 project for a client, who must pay within 30 days. 13 The company paid $3,100 cash to settle the payable created on November 4 9 Thec 22 The company received $5,200 cash as partial payment for the work compleedon Novmbe 12 24 The company completed work for another clientfor S1,750 on credit 28 The company paid $5,300 cash in dividends 29 The company purchased $249 of additional office supplies on credit 30 The company paid $831 cash for this month's utility bill. id $1,800 cash for the premium on a 24-month insurance policy Required 1. Prepare general journal entries to record these transactions (use account titles listed in part 2) 2. Open the following ledger accounts their account numbers are in parentheses (use the balance column format): Cash (10), Accounts Receivable (106), Office Supples (124) Prepaid Insurance (128) Prepaid Rent (131), Office Equipment (163): Accounts Payable (201); Common Stock (307); Dividends (319): Services Revenue (403): and Utilities Expense (690). Post the jounal entries from part 1 to the ledger accounts and enter the balance after each posting. Cheek ) Ending balances: Cash, $23,069; Accounts Receirable, $6,750 Accounts Payable, $249 3. Prepare a trial balance as of the end of November (3) Total debits, $80,599Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started