Frank Petronick decided to start an accounting practice after
graduation from college. The following is a list of events that
occurred concerning Frank’s practice.
1. | After shopping around, Frank found an office to lease and signed a lease agreement. The lease calls for a payment of $1,175 rent per month. | |
2. | Frank borrowed $2,910 from his grandmother so that he could buy some office furniture for his new office. | |
3. | Frank deposits the $2,910 plus $1,350 of his own cash in a new bank account at BMO under the name Petronick Accounting Services. | |
4. | Paid the landlord the first month’s rent. | |
5. | Purchased office furniture for $2,400 on account. | |
6. | Moved into the office and obtained the first assignment from a client to prepare year end financial statements for $1,890. | |
7. | Performed the work on the assignment and sent an invoice to the customer for $1,890. | |
8. | Paid half of the amount of the purchase of office furniture. | |
9. | Purchased office supplies on account for $330. | |
10. | Paid for Internet services $52 cash. | |
11. | Collected half of the earlier billing to the customer. | |
12. | Frank withdrew $438 cash from the business for personal expenses. |
Journalize the above transactions. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Frank Petronick decided to start an accounting practice after graduation from college. The following is a...
Question 9 Currir Frank Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Frank's practice during June 2021, the first month of operations 1 After shopping around, Frank found an office to lease and signed a lease agreement. The lease calls for a payment of $1.041 rent per month Borrowed $3.847 from his grandmother so that he could buy some othe furniture for his new office Deposited the...
Bonita Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Bonita's practice. WileyPLUS Problem 1-06 Bonita Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Bonita's practice. 1. After shopping around, Bonita found an office to lease and signed a lease agreement. The lease calls for a payment of $800 rent per month. 2. Bonita borrowed...
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part b ) From an analysis of the owner's equity, calculate the account balance in F. Petronick, Capital, at June 30. Question b Frank Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Frank's practice during June 2021, the first month of operations. June 1 After shopping around, Frank found an office to lease and signed a lease agreement. The lease calls for a payment of $1,061 rent...
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Question 5 The following events took place for ESP Service Corporation during the month of June, 2017: June 2 Paid total rent of $8,380 for two months, June and July. Purchased office supplies with cash for $420. June 3 June 5 Provided services to a customer, who paid cash $890 June 7 Provided services to another customer. Invoiced the customer $1,070, which is to be paid on June 21. June 12 Paid $530 for an invoice from the utility company....