Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: March 1 Invested $50,000 in cash and office equipment that had a fair value of $12,000. 1 Prepaid $9,000 cash for three months' rent for an office. 3 Made credit purchases of used office equipment for $6,000 and office supplies for $1, 200. 5 Completed work for a client and immediately received $6,200 cash. 9 Completed a $4,000 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3,000 cash for the annual premium on an insurance policy. 20 Received $1,500 as partial payment for the work completed on March 9. 22 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. 23 Completed work for another client for $2,850 on credit. 27 Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. 30 Purchased $650 of additional office supplies on credit. 31 Paid $860 for the month's utility bill.

Manny Gill is an entrepreneur who started West Secure, a business that provides number of security guard services, West Secure incurred the following transactions during July 2017, its first month of operations. July  1st The owner, Manny Gill invested $ 5,000 cash. 10th Purchased $ 2,500 worth of security equipment on credit 12th Performed security services for a sold out concert and received $ 10,000 cash 14th Paid for expenses $ 3,500 15th Completed security services for a graduation event and sent the client a bill for $ 1,500 31st The owner withdrew $ 250 cash for personal use Required: Set up the following general ledger accounts using either the T-account format or the balance column format: Cash 101, Accounts Receivable 106, Equipment 150, Accounts Payable 201, Manny Gill, Capital 301, Manny Gill, Withdrawals 302, Revenue 401, Expenses 501. Record the journal entries for the month of July. Post the journal entries to general ledger…

You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15   GENERAL JOURNAL ACCOUNTING EQUATION     DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash   1,062,060.00   ↑     2   Premium on Bonds Payable     62,060.00   ↑   3   Bonds Payable     1,000,000.00   ↑   4 Jun. 30 Interest Expense   19,397.00       ↓ 5   Premium on Bonds Payable   3,103.00     ↓   6   Cash     22,500.00 ↓     7 Jul. 1 Cash   1,921,280.00   ↑     8   Discount on Bonds Payable   78,720.00     ↓…

The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement.     1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…