Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The ledger accounts given below, with an identification number for each, are used by Hansen Company. Instructions: Using the Google Sheets File you have been

The ledger accounts given below, with an identification number for each, are used by Hansen Company. Instructions: Using the Google Sheets File you have been given, you are to complete all tabs. You will need to post the below transactions to their proper T-Accounts then journalize them in the General Journal (no descriptions are needed). You will then complete a Trial Balance, Income Statement and Balance Sheet. NOTE: You may not use all the accounts listed below. 101 Cash 201 Salaries Payable 401 102 Accounts Receivable 202 Accounts Payable 501 103 Supplies 203 Unearned Service Revenue 502 Service Revenue Equipment Expense Advertising Expense 104 Prepaid Salaries 204 Notes Payable 503 Supplies Expense 105 Prepaid Advertising 301 T. Hansen, Capital 504 106 Equipment 302 T. Hansen, Drawings 505 Rent Expense Salaries Expense Entry No. 1. June 1 2. June 4 3. June 5 4. June 8 5. June 10 6. June 14 7. June 16 8. June 19 9. June 25 10. June 26 11. June 27 12. June 28 13. June 30 14. June 30 Entry Information T. Hansen invested $30,000 in the business. Paid a supplier $2,000 cash on account. Equipment was purchased at a cost of $4,000; on account. Received $6,000 from customers for services completed during the week. Hansen agreed to hire C. Kimler as an assistant. She will be paid at the rate of $4,000 monthly, receiving $2,000 on the 15th and 30th of each month. She will begin work June 16. Paid $400 cash to the Daily News for advertisements run this past week. C. Kimler began work. Paid $2,000 in cash to Carson Company for June rent. Additional office supplies were purchased on account at a cost of $1,000 from Supply Company. These supplies will be used during July. Paid the Daily News $400 for an advertisement that will run the first week in July. Received $8,000 from customers for services to be completed early in July, Billed customers $6,000 for services rendered but not collected during June. Hansen withdrew $900 for personal use. C. Kimler was paid $2,000 cash for her salary. Account Trial Balance Debits Credits Total $0.00 $0.00 REVENUE Total Revenue EXPENSES Income Statement $0.00 Total Expenses $0.00 Net Income/Loss $0.00 Balance Sheet ASSETS LIABILITIES Cash $0.00 Accounts Payable $0.00 Total Liabilities $0.00 OWNER'S EQUITY Owner, Capital $0.00 Total Assets $0.00 Total Liabilities & Owner's Equity $0.00 Dr ASSETS Cash Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr . LIABILITIES and EQUITY Dr Cr Dr Cr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr

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

Cima Official Learning System Financial Operations

Authors: Jo Watkins

6th Edition

1856177912, 978-1856177917

More Books

Students also viewed these Accounting questions