ResourceCh. 3 ofFinancial Accounting

CompleteExercises E3-4 & E3-9.

CompleteProblems P3-5A & P3-6A.

Submitas either a MicrosoftExcelor MicrosoftWord document to the Assignment Files tab.

This is the trial balance of Solis Company on September 30. Journalize transactions, post, and prepare a trial balance. (LO 5, 6, 7, 8), AP SOLIS COMPANY Trial Balance September 30, 2014 Debit Credit Cash $19,200 Accounts Receivable 2,600 Supplies 2,100 Equipment 8,000 Accounts Payable $ 4,800 Unearned Service Revenue 1,100 Common Stock 15,000 Retained Earnings 11,000 $31,900 $31,900 The October transactions were as follows. Oct. 5 Received $1,300 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,100. 15 Paid employee salaries $1,200. 17 Performed $600 of services in exchange for cash. 20 Paid $1,900 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $400. Instructions (a)Prepare a general ledger using Taccounts. Enter the opening balances in the ledger accounts as of October 1. Provision should be made for these additional accounts: Dividends, Service Revenue, Salaries and Wages Expense, and Utilities Expense. (b)Journalize the transactions, including explanations. (c)Post to the ledger accounts. (d)Prepare a trial balance on October 31, 2014. (d) Cash $17,300 Tot. trial balance $35,700 Week 2 E34 A tabular analysis of the transactions made during August 2014 by Colaw Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained. Analyze transactions and compute net income. (LO 1), AP Instructions (a)Describe each transaction. (b)Determine how much stockholders' equity increased for the month. (c)Compute the net income for the month. T E-9 The May transactions of Hanschu Corporation were as follows. Journalize a series of transactions. (LO 4, 5), AP May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased supplies for $850 on account. 9 Purchased equipment for $1,000 in cash. 17 Paid employees $530 in cash. 22 Received bill for equipment repairs of $900. 29 Paid $1,200 for 12 months of insurance policy. Coverage begins June 1 Instructions Journalize the transactions. Do not provide explanations. #4 Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred: Journalize transactions, post, and prepare a trial balance. (LO 5, 6, 7, 8), AP Stockholders invested $18,000 cash in exchange for common stock of the corporation. 1 Hired a secretaryreceptionist at a salary of $375 per week, payable monthly. 2 Paid office rent for the month $900. 3 Purchased architectural supplies on account from Burlington Company $1,300. 10 Completed blueprints on a carport and billed client $1,900 for services. 11 Received $700 cash advance from J. Madison to design a new home. 20 Received $2,800 cash for services completed and delivered to M. Svetlana. 30 Paid secretaryreceptionist for the month $1,500. 30 Paid $300 to Burlington Company for accounts payable due. The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Apr. 1 Rent Expense. Instructions (a)Journalize the transactions, including explanations. (b)Post to the ledger Taccounts. (c)Prepare a trial balance on April 30, 2014. (c) Cash $18,800