Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

REST OF INFORMATION IS ON THE BOTTOM. THANK YOU Apr. 4 Collected $ 4 , 5 0 0 cash from a client on account. Apr.

image text in transcribed
REST OF INFORMATION IS ON THE BOTTOM. THANK YOU
Apr. 4
Collected $4,500 cash from a client on account.
Apr. 8
Performed advisory services for a client on account, $5,600.
Apr. 13
Paid $3,300 on account.
Apr. 14
Purchased furniture on account, $5,000.
Apr. 15
Patel contributed a personal automobile to the business in exchange for capital. The automobile had a fair value of $10,500.
Apr. 18
Purchased supplies on account, $600.
Apr. 19
Received $2,800 for advisory services performed on April 8.
Apr. 20
Patel withdrew cash of $3,000.
Apr. 21
Received $3,300 cash for advisory work completed.
Apr. 24
Received $1,800 cash for advisory services to be completed next month.
Apr. 27
Paid office rent, $750.
Apr. 28
Paid employee salary, $1,900.
1. Record the April transactions in the journal. Use the following accounts: Cash; Accounts Receivable; Supplies; Land; Furniture; Automobile; Accounts Payable; Unearned Revenue; Patel,Capital; Patel,Withdrawals; Service Revenue; Salaries Expense; and Rent Expense. Include an explanation for each entry.
2.The four-column ledger accounts listed in the unadjusted trial balance, together with their balances as of March 31, have been opened for you and utilize the following account numbers: Cash,11; Accounts Receivable, 12; Supplies, 13; Land, 14; Furniture, 15; Automobile, 16; Accounts Payable, 21; Unearned Revenue, 22; Patel,Capital,31; Patel,Withdrawals,33; Service Revenue, 41; Salaries Expense, 51; and Rent Expense, 52. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 5 of the journal.
3.Prepare the unadjusted trial balance of Patel Financial Advisors at April 30,2025.
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

4th edition

78129052, 978-0078129056

More Books

Students also viewed these Accounting questions