Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please write a journal Entrie for these Items Your new firm entered into the following transactions starting July 1st, 2016 Jul Following assets were received

please write a journal Entrie for these Items
image text in transcribed
image text in transcribed
Your new firm entered into the following transactions starting July 1st, 2016 Jul Following assets were received from you in exchange for 1000 shares of common stock: Cash 13500 20800 3200 7500 5000 4500 5500 6500 A/R Supplies Use straight line of Depreciation Office Equipment Office Equipment useful life: Years Residual Value: 320.00 1 The firm paid 2 months' rent for a office space lease contract.... 2 Paid one year insurance policy premium in advance 4 Received advance cash from a new clients for future services 5 Purchased additional office equipment on account from Office Depot 6 Received cash from clients on account 10 Paid cash for a local newspaper advertisement 12 Paid Office Depot for part of equipment purchased on account 12 Sent invoice #005 to a customer for 90 hrs consultation provided recently 14 Paid your receptionist for two weeks' salary 17 From a cash clients, you received cash after providing some consultation 18 You paid by your business debit card to purchase some supplies 20 Sent invoice #006 to a customer for the service provided during last few days 24 From a cash clients, you received cash after providing some consultation 26 Received cash from clients on account 27 Paid your receptionist for two weeks' salary 20800 400 5200 13500 1750 450 600 6600 200 12000 1750 12000 H C D E F 17 From a cash clients, you received cash after providing some consultation 23 18 You paid by your business debit card to purchase some supplies 24 20 Sent invoice #006 to a customer for the service provided during last few days 25 24 From a cash clients, you received cash after providing some consultation 26 26 Received cash from clients on account 27 27 Paid your receptionist for two weeks' salary 28 29 Received and paid telephone bill for July (Ch#007) 29 31 Received and paid electricity bill for July (Ch#008) 30 31 From a cash clients, you received cash after providing some consultation 31 31 Sent invoice #007 to a customer for the service provided during last few days 32 31 Declared and paid dividends (Ch#009) 450 600 6600 200 12000 1750 300 600 150 3000 1500 1 Instructions: Record the transactions & Post to the General Ledger accounts. 2 Prepare Bank Reconciliation and post the necessery General Journal Entries. 3 Prepare a worksheet with unadjusted trial balances in it. At the end of July analyze and use these data to complete month-end adjustments. Supply on hand.............. Record adjustments to Insurance, Rent and Equipment Depreciation Accrual receptionist salary on July 31st for one day. Unearned fees as of July 31 ....... 4 Journalize and post adjusting entries after completing the worksheet 5 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet 6 Prepare, record, and post closing entries. 175 2750 44

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

Practice Management With Auditing For Coders

Authors: Elsevier

1st Edition

0323482333, 978-0323482332

More Books

Students also viewed these Accounting questions