This is an assignment for accounting please help meeee :)

Assignment No. 1 August 23, 2016 (Section A, Thursday 4 to 6 PM) 1. Prepare journal entries to record the following transactions September 1 3 10 17 19 22 29 30 Paid cash for supplies $20 Purchased office equipment on account $400 Received cash from customers on account $400 Withdraw cash for personal expenses , $100 Paid supplier on account $250 Paid the telephone bill for September $40 Billed customers for services rendered in September $900 Paid September rent $200. 2. Record the following transactions a) On January 1 200X, Jones Pharmacy has cash sales of $5000 b) On January 3, 200X, Jones Pharmacy pays its rent expense of $500 c) On March 10, 200X, Jones Pharmacy buys a computer for $9000 cash. d) On April 1, 200X , Jones pharmacy pay salaries of $5000 e) On May 30, 200X, Jones pharmacy pays its utilities bill for $200 f) On June 1, 200X, Jones Pharmacy sells $500 worth of merchandise on credit. g) On July 3, 200X, Jones Pharmacy purchase $200 of supplies on credit h) On December 27, 200X, Jones Pharmacy purchase $500 of supplies and pays cash for them. 3. A number of business transactions carried out by Smalling Manufacturing Company are as follows: a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability. d. Returned for credit some of the office equipment previously purchased on credit but not yet paid for. (Treat this the opposite of a transaction in which you purchased office equipment on credit). e. Sold land for cash at a price in excess of cost. (Hint: The difference between cost and sales price represents a gain that will be in the company's income statement.) f. Purchased a computer on credit. g. The owner invested cash in the business. h. Purchased office equipment for cash. i. Collected an account receivable. Indicate the effects of each of these transactions on the total amounts of the company's assets, liabilities and owner's equity. Organize your answer in tabular form, using the following column headings and code letters I for increase, D for decrease and NE for no effect. The answer for transaction a is provided as an example: Transaction (a) Assets= I Liabilities I + Owners' Equity NE 4. Fellingham Software Company has assets of $850,000 and liabilities of $460,000. a. Prepare the owner's equity section of the company's balance sheet sheet under each of the following independent assumptions: 1. The business is organized as a sole proprietorship, owned by Johanna Small. 2. The business is organized as a partnership, owned by Johanna Small and Mikki Yato, Small's equity amounts to $240,000. 3. The business is a corporation with 25 stockholder's, each of whom originally invested $10,000 in exchange for shares of the company's capital stock. The remainder of the stockholder's equity has resulted from profitable operations of the business. b. Assume that you are a loan officer at Security Bank. Fellingham has applied to your bank for a large loan to finance the development of new products. Does it matter to you whether Fellingham is organized as a sole proprietorship , a partnership , or a corporation? Explain. 5. An inexperience accountant for Yarnell Company prepared the following income statement for the month of August 2005. Yarnell Company August 31, 2005 Revenues: Services provided to customers Investment by Stockholders Loan from bank $15,000 5,000 15,000 $35,000 Expenses: Payments to Long-Term Creditors Expenses required to provide Services to customers Purchase of land Net Loss $12,000 7,500 16,000 $35,500 $500 Prepare a revised income statement in accordance with Generally Accepted Accounting Principles. 6. On August 200X, Linda Smith established a nursing home pharmacy consulting business named Long Term Care Consultants. The business had the following transactions during the month. a) On August 1, Smith invested $1000 in the business. b) On August 5, she purchased $100 of supplies with cash c) On August 5, she purchased $500 of office furniture on account. d) On August 7, she provided services to the Golden Ages Home . She billed them for $250 which they agreed to pay in 30 days. e) On August 10, she provided services to the Old Sailors home . She billed them for $400 which they paid. f) On August 18, she paid rent of $250 with cash g) On August 25, she withdrew $100 cash for personal use h) On August 28, she received and paid a utilities bill for $50 i) On August 30, she paid $100 for the previously purchase furniture. Smith's accountant have set up the following accounts for use by the business Cash L. Smith's withdrawal Accounts receivable Consulting fee Supplies Rent expense Furnitures Utilities expense Accounts payable L. Smith capital Record these transactions post them to the ledger of accounts (T accounts) and prepare a trial balance, income statement , balance sheet and a statement of capital for budget