Question

1 + 3 5 9 11 15 Invested $50,000 in cash and office equipment that had a fair value of $12,000. Prepaid $9,000 cash for three months' rent for an office. Made credit purchases of used office equipment for $6,000 and office supplies for $1,200. Completed work for a client and immediately received $6,200 cash. Completed a 54,000 project for a client, who will pay within 30 days. Paid the account payable created on March 3. Paid $3,000 cash for the annual premium on an insurance policy. Received $1,500 as partial payment for the work completed on March 9. Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received. Completed work for another client for $2,850 on credit. Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. Purchased $650 of additional office supplies on credit. Paid $860 for the month's utility bill. 20 22 23 27 30 31

prepare journal, ledger, trail balance and balance sheet

the entries which are removed that need not to be included.

Answer 1

Answer:

Credit General Journal Sl. No. Account Names Debit 1 Cash $ 50,000.00 Office Equipment $ 12,000.00 Common Stock $ 62,000.00 3 Office Equipment Office Supplies Accounts Payable $ $ 6,000.00 1,200.00 $ 7,200.00 5 Cash $ 6,200.00 Fees Earned $ 6,200.00 9 $ 4,000.00 Accounts Receivable Fees Earned $ 4,000.00 11 $ 7,200.00 Accounts Payable Cash $ 7,200.00 20 $ 1,500.00 Cash Accounts Receivable $ 1,500.00 23 $ 2,850.00 Accounts Receivable Fees Earned $ 2,850.00 27 Common Stock $ 3,600.00 Cash $ 3,600.00 30 $ 650.00 Office Supplies Accounts Payable $ 650.00 31 $ 860.00 Utility Expense Cash $ 860.00

Common Stock Fees Earned Accounts Receivable $ $ $ Cash 50,000.00 Accounts Payable 6,200.00 Common Stock 1,500.00 Utility Expense $ $ $ 7,200.00 3,600.00 860.00 Common Stock Accounts Payable Office Equipment $ 12,000.00 $ 6,000.00 Balance c/d Balance c/d 57,700.00 $ 46,040.00 $ 57,700.00 $ 18,000.00 $ 18,000.00 $ $ 18,000.00 Cash $ Common Stock 3,600.00 Cash Office Equipment $ $ 50,000.00 12,000.00 Accounts Payable Accounts Payable $ $ Office Supplies 1,200.00 650.00 Balance c/d Balance c/d $ 58,400.00 $ 58,400.00 $ $ 1,850.00 1,850.00 $ 62,000.00 $ 1,850.00 $ Fees Earned Cash $ Accounts Receivable $ Accounts Receivable $ 1,500.00 Accounts Receivable 4,000.00 Cash 2,850.00 6,200.00 2,850.00 4,000.00 Fees Earned $ Accounts Receivable $ Balance c/d $ 13,050.00 $ 13,050.00 Balance c/d 6,850.00 $ $ 5,350.00 5,350.00 $ 13,050.00 $ Utilities Expense 860.00 Cash $ Cash $ Accounts Payable 7,200.00 Office Equipment Office Supplies Office Supplies $ $ $ 6,000.00 1,200.00 650.00 Balance c/d 860.00 $ $ 650.00 7,850.00 Balance c/d 860.00 $ $ $ 7,850.00 $ 860.00

Trial Balance Credit Cash Office Equipment Office Supplies Accounts Receivable Utilities Expense Common Stock Fees Earned Accounts Payable $ $ $ $ $ Debit 46,040.00 18,000.00 1,850.00 5,350.00 860.00 $ $ $ 58,400.00 13,050.00 650.00 Totals $ 72,100.00 $ 72,100.00 Balance Sheet ASSETS Cash Office Equipment Office Supplies Accounts Receivable $ $ 46,040.00 18,000.00 1,850.00 5,350.00 $ 71,240.00 Liabilities & Equity Accounts Payable 650.00 Comomon Stock Retained Earnings $ $ 58,400.00 12,190.00 $ 71,240.00 Computation of Retained Earnings Fees Earned Less: Utilities Expense $ $ $ 13,050.00 860.00 12,190.00

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