Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21 Bought waiting room chairs and tables on account, $1,250 Bought a fax/copier/scanner combination from Office Depot for $595, paying $200 in cash and placing the balance on account theck #1001) Bought an intercom system on account from Eastman Office Supply, $375 Received and paid the telephone bill, $250 (Check #1002) Sold professional services on account, $1,484 Received and paid the electric bill, $225 (Check a1003) Received and paid the bill for the dycalculia convention, $750 (Check #1004) Sold professional services for cash, $2,575 Paid on account to Eastman Office Supply. $300 (Check #10OS) Paid the rent for the current month, $1.200 (Check #1006)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

Can you please help me solve this problem? Thanks in advance ?

Practice Chapter 2 -Microsoft Excel Vieswer
Irepeat for the ride side of the account
repeat for each of the other accounts
个4
个4
44
(2) Record the transactions (a-n) listed below
(3) Calculate the final balance in each account.
(4) Prepare a Trial Balance
(S) Prepare the 3 financial statements from the Trial Balance
Balance:
Balance:
TRANSACTIONS
a. Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21
个4
个4
个
个4
b. Bought waiting room chairs and tables on account, $1,250
c Bought a fax/copier/scanner combination from Office Depot for $595, paying $200 in cash and placing the balance on account
(Check #1001)
18
d. Bought an intercom system on account from Eastman Office Supply, $375
e. Received and paid the telephone bill, $250 (Check # 1002)
Balance:
Balance:
f Sold professional services on account, $1,484
33
34
55
56
57
58
39
& Received and paid the electric bill, $225 (Check #1003)
h. Received and paid the bill for the dycalculia convention, $750 (Check #1004)
LSold professional services for cash, $2,575
1 Paid on account to Eastman Office Supply, $300 (Check #1005)
60
61
62
k. Paid the rent for the current month, $1,200 (Check #1006)
1 Paid salary of the receptionist, $880 (Check #1007)
54
55
m. Lydia withdrew cash for personal use, $800 (Check #1008)
EGO
n. Received $885 on account from patients who wvere previously billed
4 e Record Transactions.
Transcribed Image Text:Practice Chapter 2 -Microsoft Excel Vieswer Irepeat for the ride side of the account repeat for each of the other accounts 个4 个4 44 (2) Record the transactions (a-n) listed below (3) Calculate the final balance in each account. (4) Prepare a Trial Balance (S) Prepare the 3 financial statements from the Trial Balance Balance: Balance: TRANSACTIONS a. Lewis deposited $50,000 in a bank account in the name of the business on 1/5/21 个4 个4 个 个4 b. Bought waiting room chairs and tables on account, $1,250 c Bought a fax/copier/scanner combination from Office Depot for $595, paying $200 in cash and placing the balance on account (Check #1001) 18 d. Bought an intercom system on account from Eastman Office Supply, $375 e. Received and paid the telephone bill, $250 (Check # 1002) Balance: Balance: f Sold professional services on account, $1,484 33 34 55 56 57 58 39 & Received and paid the electric bill, $225 (Check #1003) h. Received and paid the bill for the dycalculia convention, $750 (Check #1004) LSold professional services for cash, $2,575 1 Paid on account to Eastman Office Supply, $300 (Check #1005) 60 61 62 k. Paid the rent for the current month, $1,200 (Check #1006) 1 Paid salary of the receptionist, $880 (Check #1007) 54 55 m. Lydia withdrew cash for personal use, $800 (Check #1008) EGO n. Received $885 on account from patients who wvere previously billed 4 e Record Transactions.
Quick Print
Fint Preview
ice Document
Copy
Find
Go
To
Page
Print
Setup Area
Page Setup
Switch
Windows
Edit
Window
DEF
H
IJK
M
NCP
R.
STU
V.
W
AA
AB
EXPENSES
ASSETS
LIABILITIES
CAPITAL
DRAWING
REVENUE
个4
个业
个业
个业
个业
个业
个业
个业
个业
个业
个业
Balance:
Balance:
Balance:
Balance:
Balance:
Balance:
Lydia Lewis opens a Math Monkey Tutoring Center on 1/5/21.
Her accountant prepared the following chart of accounts:
Assets: Cash, Accounts Receivable, Office Equipment, Office Furniture
Liabilities: Accounts Payable
Owner's Equity: LLewis, Capital and LLewis, Drawing
Revenue: Professional Fees
Expenses: Salary Expense, Rent Expense, Utilities Expense, Miscellaneous Expense
个业
个业
个业
(1) Prepare the Taccounts
illabel each T account with the appropriate name, using the chart of accounts above
Balance:
ifor each account, remove one of the arrows from the left side of the T
Balance:
leave the appropriate arrow to indicate what happens on the left side of that particular account
in other words, is the left side the increase side or the decrease side of the account?
Irepeat for the ride side of the account
个4
Irepeat for each of the other accounts
个业
个业
(2) Record the transactions (a-n) listed below.
(3) Calculate the final balance in each account.
Ouestons Record Transactions
dy
O Type here to search
Transcribed Image Text:Quick Print Fint Preview ice Document Copy Find Go To Page Print Setup Area Page Setup Switch Windows Edit Window DEF H IJK M NCP R. STU V. W AA AB EXPENSES ASSETS LIABILITIES CAPITAL DRAWING REVENUE 个4 个业 个业 个业 个业 个业 个业 个业 个业 个业 个业 Balance: Balance: Balance: Balance: Balance: Balance: Lydia Lewis opens a Math Monkey Tutoring Center on 1/5/21. Her accountant prepared the following chart of accounts: Assets: Cash, Accounts Receivable, Office Equipment, Office Furniture Liabilities: Accounts Payable Owner's Equity: LLewis, Capital and LLewis, Drawing Revenue: Professional Fees Expenses: Salary Expense, Rent Expense, Utilities Expense, Miscellaneous Expense 个业 个业 个业 (1) Prepare the Taccounts illabel each T account with the appropriate name, using the chart of accounts above Balance: ifor each account, remove one of the arrows from the left side of the T Balance: leave the appropriate arrow to indicate what happens on the left side of that particular account in other words, is the left side the increase side or the decrease side of the account? Irepeat for the ride side of the account 个4 Irepeat for each of the other accounts 个业 个业 (2) Record the transactions (a-n) listed below. (3) Calculate the final balance in each account. Ouestons Record Transactions dy O Type here to search
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 8 images

Blurred answer
Knowledge Booster
Components of Money Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education