Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

preparing and posting journal entries; preparing a trail balance a Humble Management Services opened for business and completed these transactions in September. Sept. 1 Henry

preparing and posting journal entries; preparing a trail balance image text in transcribed
a Humble Management Services opened for business and completed these transactions in September. Sept. 1 Henry Humble, the owner, invested $38,000 cash along with office equipment valued at $15,000 in the company. The company prepaid $9,000 cash for 12 months' rent for office space. (Hint: Debit Prepaid Rent for $9,000.) 4 The company made credit purchases for $8,000 in office equipment and $2,400 in office sup- plies. Payment is due within 10 days. 8 The company completed work for a client and immediately received $3,280 cash. 12 The company completed a $15,400 project for a client, who must pay within 30 days. 13 The company paid $10,400 cash to settle the payable created on September 4. 19 The company paid $1,900 cash for the premium on an 18-month insurance policy. (Hint: Debit Prepaid Insurance for $1,900.) 22 The company received $7,700 cash as partial payment for the work completed on September 12. 24 The company completed work for another client for $2,100 on credit. 28 Henry Humble withdrew $5,300 cash from the company for personal use. 29 The company purchased $550 of additional office supplies on credit 30 The company paid $860 cash for this month's utility bill

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

More Books

Students also viewed these Accounting questions

Question

b. What groups were most represented? Why do you think this is so?

Answered: 1 week ago