QUESTION#2 (28 Marks) Jim started a new business, Olinda Racing Inc., on January 1, 2012, to...
JOURNAL ENTRIES AND T-ACCOUNT ILLUSTRATION PROBLEM Jim Wooldridge decides to start a new business, Wooly Consulting, a firm specializing in placing out of work coaches with jobs, giving coaching seminars and public speaking engagements. During the month of June 20XX he completed the following transactions: Required: Step 1: Prepare general journal entries to record the transactions in the provided general journal, Read the preparation tips that appear after the transactions on the next page NOWI Step 2: Post the entry...
a. On January 1, 2017, Frances Corporation started doing business and the owners contributed $200,000 capital in cash. b. The company paid $24,000 to cover the rent for the office space for the 24-month period from January 1, 2017, to December 31, 2018 c. On March 1, 2017, MSK Inc. entered into a consulting contract under which Frances Corporation promised to provide consulting to MSK Inc. In return, MSK promised to pay a fee of $150,000, which was to be...
this is the unadjusted trial balance
Adjusting Entry Events: 1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980. 2. Hoops had worked 8 ($10/hr.) hours as of the end of June. He will not be paid until July 5. 3. An inspection of the insurance policy purchased from No State Insurance on June 12 indicates that it is a 12 month policy that included coverage for the entire month of June....
Shield Inc. is a new small business begun o a leading provider of IT services an s a new small business begun on September 1, 2019, by Tony Stark. The company is ng provider of IT services and communication technology. The following is a selected list ransactions that occurred during the month of September 2019: tember 1: Tony deposited $10,000 in a bank account in the name of Shield Inc. All we company's common shares were issued to him. He...
Shield Inc. is a new small business begun o a leading provider of IT services an s a new small business begun on September 1, 2019, by Tony Stark. The company is ng provider of IT services and communication technology. The following is a selected list ransactions that occurred during the month of September 2019: tember 1: Tony deposited $10,000 in a bank account in the name of Shield Inc. All we company's common shares were issued to him. He...
ABC Services, Inc. is the company you started on December 1, 2019. The following transactions occurred during the month of December 2019: 1 . The business was started with a $10,000 capital investment from the owner and sole shareholder on December l, 2019. Additional business funding of $10,000 was obtained from a bank 'loan the same day. (90 day note) 2. Rent of $6,000 for the first 3 months was required which included rent of $2,000 for the month of...
Ronnie Redd is a photographer who has started a new photography business. On December 1, 2018, Ronnie decided to incorporate under the name Abington Campus Photography. Ronnie has hired you to provide accounting services for the company. Read the instructions at the top of each tab. Prepare the required journal entries for the month of December, the necessary adjusting entries and closing entries as of December 31, and a complete set of financial statements, to include all proper labels. General...
On January 1, 2017, Bruce Wayne created a new Crime Watch agency, Waynes Watchdog Service. The following transactions occurred during the company’s first month of operations: Jan 1 To get the business started, Wayne invested $1,000,000 cash, computer equipment worth $125,000, and a patent on new technology worth $250,000. 2 Rented furnished office space by paying $20,000 cash for the first month’s rent (it was a nice office!). 3 Purchased $3,500 of office supplies for cash. 3 Paid $5,000 cash...
Ronnie Redd is a photographer who has started a new photography business. On December 1, 2018, Ronnie decided to incorporate under the name Abington Campus Photography. Ronnie has hired you to provide accounting services for the company. Read the instructions at the top of each tab. Prepare the required journal entries for the month of December, the necessary adjusting entries and closing entries as of December 31, and a complete set of financial statements, to include all proper labels. General...
3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following transactions took place: 1/1 Megan invested $75,000 in cash into the business. 1/2 Office space was rented on a month to month basis. The first months rent of $1,200 was paid to the landlord. 1/3 Meganco purchased a new Mac, computer system for $7,500. The company put $2,000 cash down on the computer system and borrowed the balance on a 120 day 10% loan...