{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T17:13:14-04:00", "answer_date": "2024-05-27 17:13:14", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1792379", "url": "\/study-help\/questions\/requirement-1-joumalize-the-transactions-of-willis-computing-inc-record-1792379", "question_creation_date_js": "2024-05-27T17:13:14-04:00", "question_creation_date": "May 27, 2024 05:13 PM", "meta_title": "[Solved] Requirement 1. Joumalize the transactions | SolutionInn", "meta_description": "Answer of - Requirement 1. Joumalize the transactions of Willis Computing, Inc. (Record debits first, then credits. Exclude explan | SolutionInn", "meta_keywords": "requirement,1,joumalize,transactions,willis,computing,inc,record,debits,first,credits,exclude", "question_title_h1": " Requirement 1. Joumalize the transactions of Willis Computing, Inc. (Record debits first, then credits. Exclude explanations from any journal entries.) a. The company received", "question_title": " Requirement 1. Joumalize the transactions of Willis Computing, Inc. (Record debits", "question_title_for_js_snippet": "Requirement 1 Joumalize the transactions of Willis Computing, Inc (Record debits first, then credits Exclude explanations from any journal entries ) a The company received cash of $3,900 and issued common stock (a) Journal Entry Accounts b Performed services for a customer and received cash of $6,000 Journal Entry Accounts (b) c Paid $4,500 on accounts payable (c) Debit Credit g Recorded the following business expenses for the month (1) paid office rent $1,400 (2) paid advertising $450 Journal Entry (g) Accounts Debit Credit Debit Credit h Declared and paid a cash dividend of $2,500 Journal Entry Accounts Debit Credit Journal Entry Accounts Debit Credit d Purchased supplies on account, $700 (d) Journal Entry Accounts Debit Credit e Collected cash from a customer on account, $2,000 (e) (h) Requirements 2 and 3 Prepare T Accounts for each account Insert in each T account its September 30 balance as given (example Cash $2,150) Then, post the October transactions to the T accounts Compute the balance in each account Begin by entering the appropriate beginning balances and posting transactions (a) through (h) Label each balance and transaction with the appropriate posting reference Finally, label and calculate each ending balance (For accounts with a zero beginning balance, do not enter a 0 or select the Bal reference ) Review the journal entries from Requirement 1 Cash Common Stock Accounts Receivable Retained Earnings Journal Entry Accounts Debit Credit Supplies Dividends f Consulted on the design of a computer system and billed the customer for services rendered, $3,900 (1) Journal Entry Accounts Debit Credit Equipment Service Revenue Accounts Payable Rent Expense Advertising Expense", "question_description": "\"image", "transcribed_text": "Requirement 1. Joumalize the transactions of Willis Computing, Inc. (Record debits first, then credits. Exclude explanations from any journal entries.) a. The company received cash of $3,900 and issued common stock. (a) Journal Entry Accounts b. Performed services for a customer and received cash of $6,000. Journal Entry Accounts (b) c. Paid $4,500 on accounts payable. (c) Debit Credit g. Recorded the following business expenses for the month: (1) paid office rent-$1,400; (2) paid advertising-$450. Journal Entry (g) Accounts Debit Credit Debit Credit h. Declared and paid a cash dividend of $2,500. Journal Entry Accounts Debit Credit Journal Entry Accounts Debit Credit d. Purchased supplies on account, $700. (d) Journal Entry Accounts Debit Credit e. Collected cash from a customer on account, $2,000. (e) (h) Requirements 2 and 3. Prepare T-Accounts for each account. Insert in each T-account its September 30 balance as given (example: Cash $2,150). Then, post the October transactions to the T-accounts. Compute the balance in each account. Begin by entering the appropriate beginning balances and posting transactions (a) through (h). Label each balance and transaction with the appropriate posting reference. Finally, label and calculate each ending balance. (For accounts with a zero beginning balance, do not enter a \"0\" or select the \"Bal\" reference.) Review the journal entries from Requirement 1. Cash Common Stock Accounts Receivable Retained Earnings Journal Entry Accounts Debit Credit Supplies Dividends f. Consulted on the design of a computer system and billed the customer for services rendered, $3,900. (1) Journal Entry Accounts Debit Credit Equipment Service Revenue Accounts Payable Rent Expense Advertising Expense", "related_book": { "title": "Financial accounting", "isbn": "9780135114933, 136108865, 978-0136108863", "edition": "8th Edition", "authors": "Walter T. Harrison, Charles T. Horngren, William Bill Thomas", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/196.jpg", "uri": "\/textbooks\/financial-accounting-8th-edition-196", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8379102555", "uri": "\/textbooks\/get-started-in-cryptocurrency-a-beginner-s-guide-to-crypto-1st-edition-979-8379102555-164411", "name": "Get Started In Cryptocurrency A Beginner S Guide To Crypto", "edition": "1st Edition" }, "question_posted": "2024-05-27 17:13:14", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/answer-g-h-i1-i2-and-j-since-it-is-657761", "description": "Problem 5-47 Amortizing Loans and Inflation (LO3) Suppose you take out a $108,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. 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