Answer: Ending balance of service revenue 6000
Received 6000 on account for services previously recorded will be treated as ending balance of revenue and opening balance of next month, revenue which is not yet received should not be accounted for.
The following transactions have been journalized and posted to the proper accounts. March is the first...
A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts. Mar. 1 The business received $7,000 cash from the owner in exchange for capital Mar. 2 Paid the first month's rent of $800, Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $3,000, Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $13,000 of design services completed,...
This Question: 4 pts The following transactions for the month of March have been journalized and posted to the proper accounts of a sole proprietorship Mar. 1 The business received $8,000 cash from the owner of the business, Morris Tharps. The business gave capital to Morris Tharps. Mar.2 Paid the first month's rent of $600 Mar. 3 Purchased equipment by paying $2,500 cash and executing a note payable for $9,000. Mar. 4 Purchased office supplies for $740 cash. Mar. 5...
The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent with $700 cash. 3. The business purchased equipment by paying $2,000 down and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash 5. The business billed its clients a total of $4,000 for design services rendered. 6. The business collected $3,000 on account...
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
The net income of Hollywood Talent Services is $26,000. The beginning and ending stockholders' equity balances were $34,000 and $55,000, respectively. The company issued no common stock. Calculate the amount of dividends. O A. $15,000 O B. $7,000 O C. $5,000 O D. $8,000 The following transactions for the month of March have been journalized and posted to the proper accounts. Mar. 1 The business received $9,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's...
Journalize the following business transactions in general journal form. Identify each transaction by letter. Be sure to show ALL work! The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. Purchased $500 of supplies on credit. Purchased equipment for $9,000, paying $4,000 in cash and signed a 30-day, $5,000, note payable. Real estate commissions billed to clients amount to $4,000. Paid $800 in cash for the current month’s rent. Paid $200...
At Hébert Company, the following errors were discovered after the transactions had been journalized and posted: 1.A collection of cash on account from a customer for $750 was recorded as a debit to Cash of $750 and a credit to Service Revenue of $750. 2.An invoice to a customer for $600 of services on account was recorded as a $600 debit to Accounts Receivable and a $600 credit to Unearned Revenue. 3.A $500 cash payment to the owner, Roch Hébert,...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) 1. 2. 3. 4. 5. The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. Purchased $500 of...
Journalize the following transactions in proper form, include dates (omit explanations). Mar. 4 Purchased office supplies for $900, $700 was on account and the remainder was paid in cash. Mar. 5 Billed a client for $1,000 for services provided for the customer during the month. Mar 6 Received $1,500 on account for the services that was previously recorded. 7 T:- I B I U Ꭶ X2 x? 8 3 들 Ž > < iii Date Account Debit Credit
Problem 3.3A Using T accounts to record transactions involving revenues and expenses. LO 3-2, 3-4 The following occurred during June at Hicks Family Counseling. Post the following transactions into the appropriate Taccounts. Transactions: 1. Purchased office supplies for $6,000 in cash. 2. Delivered monthly statements, collected fee income of $52.000 3. Paid the current month's office rent of $10,000. 4. Completed professional counseling, billed client for $8,000. 5. Client paid fee of $4,000 for weekly counseling, previously billed. 6. Paid...