Please explain your answer. Thank you.
Requirement 1: Journal Entries
Date | Account title and Explanation | Debit | Credit |
Mar.1 | Cash | $62,000 | |
Common stock | $62,000 | ||
[To record issuance of common stock for cash] | |||
Mar.5 | Rent expense | $570 | |
Cash | $570 | ||
[To record payment of rent expense] | |||
Mar.9 | Land | $14,000 | |
Cash | $14,000 | ||
[To record purchase of land] | |||
Mar.10 | Office supplies | $1,500 | |
Accounts payable | $1,500 | ||
[To record purchased office supplies on account] | |||
Mar.19 | Cash | $27,000 | |
Notes payable | $27,000 | ||
[To record cash borrowed from bank] | |||
Mar.22 | Accounts payable | $1,400 | |
Cash | $1,400 | ||
[To record cash paid for accounts payable] | |||
Mar.28 | Advertising expense | $220 | |
Advertising payable | $220 | ||
[To record advertising expense to be paid in April] | |||
Mar.31 | Cash | $6,700 | |
Accounts receivable | $5,800 | ||
Service revenue | $12,500 | ||
[To record services performed for cash and on account] | |||
Mar.31 | Salaries expense | $2,100 | |
Rent expense | $1,500 | ||
Utilities expense | $350 | ||
Cash | $3,950 | ||
[To record payment of salaries,rent and utilities] | |||
Mar.31 | Cash | $1,000 | |
Unearned revenue | $1,000 | ||
[To record advance received from customers] | |||
Mar.31 | Cash dividends | $7,100 | |
Cash | $7,100 | ||
[To record payment of cash dividends] |
Requirement 2: T-accounts
Cash | Common stock | |||||||
Mar.1 | $62,000 | Mar.5 | $570 | Mar.1 | $62,000 | |||
Mar.19 | $27,000 | Mar.9 | $14,000 | Bal. | $62,000 | |||
Mar.31 | $6,700 | Mar.22 | $1,400 | |||||
Mar.31 | $1,000 | Mar.31 | $3,950 | Dividends | ||||
Mar.31 | $7,100 | Mar.31 | $7,100 | |||||
Bal. | $69,680 | Bal. | $7,100 | |||||
Accounts receivable | Service revenue | |||||||
Mar.31 | $5,800 | Mar.31 | $12,500 | |||||
Bal. | $5,800 | Bal. | $12,500 | |||||
Office supplies | Salaries expense | |||||||
Mar.10 | $1,500 | Mar.31 | $2,100 | |||||
Bal. | $1,500 | Bal. | $2,100 | |||||
Land | Rent expense | |||||||
Mar.9 | $14,000 | Mar.5 | $570 | |||||
Bal. | $14,000 | Mar.31 | $1,500 | |||||
Bal. | $2,070 | |||||||
Accounts payable | ||||||||
Mar.22 | $1,400 | Mar.10 | $1,500 | Utilities expense | ||||
Bal. | $100 | Mar.31 | $350 | |||||
Bal. | $350 | |||||||
Advertising payable | ||||||||
Mar.28 | $220 | Advertising expense | ||||||
Bal. | $220 | Mar.28 | $220 | |||||
Bal. | $220 | |||||||
Unearned revenue | ||||||||
Mar.31 | $1,000 | |||||||
Bal. | $1,000 | |||||||
Notes payable | ||||||||
Mar.19 | $27,000 | |||||||
Bal. | $27,000 | |||||||
Requirement 3: Trail Balance
Trial Balance | ||
For the month ended Mar 31,2018 | ||
Account title | Debit | Credit |
Cash | $69,680 | |
Accounts receivable | $5,800 | |
Office supplies | $1,500 | |
Land | $14,000 | |
Accounts payable | $100 | |
Advertising payable | $220 | |
Unearned revenue | $1,000 | |
Notes payable | $27,000 | |
Common stock | $62,000 | |
Dividends | $7,100 | |
Service revenue | $12,500 | |
Salaries expense | $2,100 | |
Rent expense | $2,070 | |
Utilities expense | $350 | |
Advertising expense | $220 | |
Total | $102,820 | $102,820 |
Please explain your answer. Thank you. Learning Objectives 3, 4 P2-35B Journalizing transactions, posting journal entries...
Please explain your question. Thank you. Learning Objectives 3, 4 P2-29A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: 2. Cash Balance $56,050 Jul. 1 5 9 10 19 22 28 York contributed $63,000 cash to the business in exchange for common stock. Paid monthly rent on medical equipment, $510. Paid $23,000 cash to purchase land...
Learning Objectives 3, 4 P2-31A Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance Terrence Murphy opened a law office on January 1, 2018. During the first month of operations, the business completed the following transactions: 3. Cash Balance $50, 160 CHAPTER 2 Jan. 1 Murphy contributed $78,000 cash to the business, Terrence Murphy Attorney. The business gave capital to Murphy. 3 Purchased office supplies, $600, and furniture, $1,700, on account. Performed legal services for a...
Please explain your answer. Thank you. Learning Objectives 3, 4 4. Total Debits $58,300 P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Ann Simpson started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions: Sep. 1 4 6 1. 10 14 15 17 20 25 28 29 30 30 30 30 Received $48,000 cash and issued common stock to Simpson. Purchased office...
P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance. P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Learning Objectives 3,4 4 Toal Debits $50.050 Doris Sewart sarted her practice as a design consulant on September 1, 2015. During the first month of operations, the business completed the following transactions Sep. 1 Received $42,000 cash and gave capital to Stewart 4 Purchased office supplies, $700, and furniture, $1,900, on account 6 Performed...
the first month of P2-32A P2-31A Journalizing transactions, posting journal entries to four-colu accounts, and preparing a trial balance Terrence Murphy opened a law office on January 1, 2018. During the first m operations, the business completed the following transactions: 0,160 Jan. 1 Murphy contributed $78,000 cash to the business, Terrence Muro Attorney. The business gave capital to Murphy. 3 Purchased office supplies. $600, and furniture, $1,700, on account 4 Performed legal services for a client and received $1,000 cash....
136 chapter 2 T-accounts, and Group A ournal entries to T > Problems Learning Objectives 3, 4 P2-29A Joumalizing tn Dor the f Yune trial balance completed the tollowing transactions in exchange for capital preparing a Cash dalance 163.18 madicine under the business title Vernon Vermon Yung prasmicial 2. Cash Salance $63.480 Daring July. che medical practice sep 1 ung contribuced S6R.000 cash to the 5 Paid monthy nent on medical equipment, 5560 9 Paid $16,000 cash to purchase land...
* More Info (CI Vincent Yang practices medicine under the business title Vincent Yang, M. D. During July, the medical practice completed the following transactions: (Click the icon to view the transactions.) Read tt Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations July 1: Yang contributed $66,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 Jul. 1 Yang contributed $66,000 cash to the business in exchange...
without description Record P2-36B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Beth Stewart started her practice as a design consultant on November 1, 2018. During the first month of operations, the business completed the following transactions: Nov. 1 4 6 7 10 14 15 17 Received $41,000 cash and gave capital to Stewart. Purchased office supplies, $1,200, and furniture, $2,300, on account. Performed services for a law firm and received $2,100 cash. Paid $27,000 cash...
P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Ann Simpson started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions: Sep. 1 Received $48,000 cash and issued common stock to Simpson. 4 Purchased office supplies, $1,200, and furniture, $1,300, on account. 6 Performed services for a law firm and received $1,900 cash. 7 Paid $18,000 cash to acquire land to be used...
Jul. 1 Yang contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $590. 9 Paid $19,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,500. 19 Borrowed $21,000 from the bank for business use. 22 Paid $900 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $260. 31 Revenues earned during the month included $6,800...