Question

17. Because Apple needs to bring their books up to date before the New Year, which con willed to be updated on this day? What type of entry is this? ACCT 201 Supplemental struction Analyzing Journalining and Posting Business Transactions Journalise the following tractions for the month of December Allerwan, post all of the r ations in the Inter and prepare a trial balance 1. Apple receives $30.000 cash from Mr. Brown, a local San Marcos resident, in exchange for c o ck on the fest day of the month 2. Apple pays $2500 cash for supplies December 3. 3. Apply 526,000 cash for a machine wed to be Phoes on December 4 Apple purchases $7100 of supplies on credit from a supplier on December 4 5. On December 5, Apple provides consulting services at their penis bar for 54200 sh. 6. Apple's rent is dus on the day of the month Apple pays $300 a month for rent 7. Apple pays $700 cash for employee wiary December 7, Apple provides sive conting services for a company and to resto out the facility to the company to test cut Apple's new products Apple is the company S1600 for coming and 300 for rent 9. On December Apple receives 1900 cash from the client who was led in the 10 December Apple pays the ppliers from the transaction in problem 11. Apple pays $200 cash dividend te odholders on December 12 12. Apple receives $3000 cash in dance for providing consulting services to a customer December 14 13 Apple pays 52400 for an insurance premium with a 24-month policy Coverage begins is he next fiscal year. They made this payment on December 20 14. Dar to expected increase in business due to the holidays. Apple purchases $120 cash for wplies December 21 15. Apple pays $305 cash for u s on December 22 16. Apple pays $700 cash in employee salaries on December 24

Answer 1

Transaction / Event	Account Titles	Debit	Credit
		$	$
1.	Cash	30,000
	Common Stock		30,000
2.	Supplies	2,500
	Cash		2,500
3.	Equipment	26,000
	Cash		26,000
4.	Supplies	7,100
	Accounts Payable		7,100
5.	Cash	4,200
	Consulting Revenue		4,200
6.	Rent Expense	3,100
	Cash		3,100
7.	Salaries Expense	700
	Cash		700
8.	Accounts Receivable	1,900
	Consulting Revenue		1,600
	Rent Revenue		300
9.	Cash	1,900
	Accounts Receivable		1,900
10.	Accounts Payable	900
	Cash		900
11.	Dividends	200
	Cash		200
12.	Cash	3,000
	Unearned Revenue		3,000
13.	Prepaid Insurance	2,400
	Cash		2,400
14.	Supplies	120
	Cash		120
15.	Utilities Expense	305
	Cash		305
16.	Salaries Expense	700
	Cash		700

17. The salaries expense account needs to be updated. Salaries were last paid on December 24. Therefore, the employees have earned salaries for the period Dec 25 - Dec 31, for which they are yet to be paid. Salaries expense needs to be increased by that amount with a corresponding credit to Salaries Payable.

The supplies expense account too needs to be recorded, based on how much of the supplies were consumed during December.

Trial Balance December 31
Account Titles	Debit	Credit
	$	$
Cash	2,175
Supplies	9,720
Prepaid Insurance	2,400
Equipment	26,000
Accounts Payable		6,200
Unearned Revenue		3,000
Common Stock		30,000
Dividends	200
Consulting Revenue		5,800
Rent Revenue		300
Salaries Expense	1,400
Rent Expense	3,100
Utilities Expense	305
Totals	$ 45,300	$ 45,300