Oct.     1     Invested $70,000 cash in the business.     2     Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15.     4     Paid one month of rent for building for $2,000.     7     Purchased equipment for $18,000, paying $4,000 cash and the balance on account.     8     Paid $500 for advertising.     10     Received bill for equipment repair cost of $390.     12     Provided security services for event for $3,200 on account.     16     Purchased supplies for $410 on account.     21     Paid balance due from October 7 purchase of equipment.     24     Received and paid utility bill for $148.     27     Received payment from customer for October 12 services performed.     31     Paid employee salaries and wages of $5,100.     31     Owner withdrew $2,000 for personal use. Instructions     a. Journalize the transactions.      b. Post the transactions to T-accounts.     c. Prepare a trial balance at October 31, 2020.

Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Prepare a trial balance for this business as of the end of May. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $890 cash. e. Purchased $12,900 of office equipment on credit (with accounts payable). f. Received $36,000 cash for engineering services provided in May. g. Y. Min withdrew $3,370 cash for personal use. Prepare a Cash T-account, enter the cash effects (if any) of each transaction, and compute the ending Cash balance. Code each entry in the T-account with one…

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Marion Molina rents out bicycles. During the month of April, Molina completed the following transactions for his bicycle rental business:   Apr.  2      Began business by placing P100,000 in a business checking account.         3      Purchased supplies on account for P1,500.         4      Purchased ten bicycles for P20,000, paying P10,000 down and agreed to pay the balance in thirty days.         6      Received P4,700 in cash for rentals during the first week of operations.         9      Hired a part-time assistant to help on weekends         13    Received P5,000 in cash for rentals during the second week of operations.         16    Paid the assistant P480 for a weekend’s work.         17    Paid for the supplies purchased on Apr. 3.         23    Billed an entity P1,100 for bicycle rentals for employees’ outing.         30    Transferred P5,000 to personal checking account.     Use the following account titles (follow the format on how it is typed): CASH; ACCOUNTS RECEIVABLE;…

Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.   April    1    Invested $20,000 cash in her business.1    Hired a secretary-receptionist at a salary of $700 per week payable monthly.2    Paid office rent for the month $1,500.3    Purchased dental supplies on account from Dazzle Company $4,000.10    Performed dental services and billed insurance companies $5,100.11    Received $1,000 cash advance from Leah Mataruka for an implant.20    Received $2,100 cash for services performed from Michael Santos.30    Paid secretary-receptionist for the month $2,800.30    Paid $2,600 to Dazzle for accounts payable due.Vera uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 301 Owner’s Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions A.…

Boilermaker House Painting Company incurs the following transactions for September.1. Paint houses in the current month for $15,000 on account.2. Purchase painting equipment for $16,000 cash.3. Purchase office supplies on account for $2,500.4. Pay employee salaries of $3,200 for the current month.5. Purchase advertising to appear in the current month, $1,200.6. Pay office rent of $4,400 for the current month.7. Receive $10,000 from customers in (1) above.8. Receive cash of $5,000 in advance from a customer who plans to have his house painted in the following month.Required:For each transaction, describe the dual effect on the accounting equation. For example, for the first transaction, (1) assets increase and (2) stockholders’ equity increases

Javier Jimenez operates a delivery service. During the month of April, the firm had the following transactions. April 1 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. April 2 Javier made an additional investment of cash in amount of $11,200. April 4 Performed services for $715 in cash. April 6 Sent a check in the amount of $410 to the utility company to pay the monthly bill. April 7 Purchased supplies in the amount of $870 on credit. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Date April 01 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. Note: Enter debits before credits. 5 General Journal Debit Credit >

Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office worker) $1,700 per month A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) $180 per week S. Egan (deliveryman) $220 per week B. Lin (cleaning and maintenance, part-time) $160 per week   Grady and Monroe are each paid a weekly salary allowance of $950. The doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals. The company is subject to state contributions at a rate of 3.1% for wages not in excess of $8,100. Compute each of the following amounts based upon the 41st weekly payroll period for the week ending October 11. Round your intermediate calculations and final answers to the nearest cent. Use rounded answers in subsequent computations. If an amount is zero, enter "0". a.  Amount of FICA taxes…

The following transactions were completed by the company:  The company completed consulting work for a client and immediately collected $5,500 cash. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. The company paid an assistant $1,400 cash as wages for the period. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. The company paid $700 cash for this period's cleaning services. Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $120,000 of cleaning services on account. 2. Collected $90,000 cash from accounts receivable. 3. Paid salaries of $40,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2,000. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1.