Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Please complete requirement 2, using two data tables and the
Transcribed Image Text:P2-34A (alt 3)
Data Table
The following amounts summarize the financial position of Haas Consulting, Inc. on May 31, 2020.
E (Click the icon to view the May 31, 2020, financial position.)
E (Click the icon to view the tra
Liabilities
Shareholders' Equity
+
Assets
Requirements
Accounts
Common
Retained
Accounts
Accounts
Debit
Credit
Cash
Receivable + Supplies
Land
Payable
Shares
Earnings
dan
Bal.
1,300
1,450
11,800
7,500
3,500
3,550
II
2,100
I3D
%3D
Print
Done
%3D
Requirement 2. Post the transactions to the T-accounts. Insert in each account its balance as given (example: Cash $1,300).
Begin by entering the appropriate beginning balances and posting transactions (a) through (c). Label each balance and transaction. (Leave any unused cells blank. Do not enter "0" beginning balances. Do not post
transactions (d) and beyond until after you have checked your work and then, move to the next step.)
Common Shares
Cash
Data Table
During June 2020, the business completed these transactions.
Received cash of $9,400 and issued common shares.
а.
Accounts Payable
b.
Performed services for a client and received cash of $6,300.
Service Revenue
с.
Paid $4,500 on accounts payable.
d.
Purchased supplies on account, $600.
е.
Collected cash from a customer on account, $500.
Consulted on the design of a business report, and billed the client for services
rendered, $2,900,
f.
Recorded the following business expenses for the month: paid office rent, $1,4003;
g.
paid advertising, $500.
Declared and paid a cash dividend of $2,100.
Choose from any list or enter any number in the input fields and then click Check Answer.
ver
h.
3 Parts
remaining
12:43 PM
Transcribed Image Text:Journal entries:
Debit ( $) Credit( $ )
Date Accounts
A)
Cash A/c
To Common shares A/c
( Being record of cash received on issue of shares)
9400
9400
B) Cash A/c
6300
To Service revenue A/c
6300
Being record of cash received)
C) Accounts payable A/c
To Cash A/c
4500
4500
( Being record of cash paid)
D) Supplies A/c
To Accounts payable A/c
600
600
Being record of supplies purchased
Cash A/c
To Accounts receivable A/c
E)
500
500
( Being record of cash received )
F )
Accounts receivable A/c
To Service revenue A/c
2900
2900
Being record of serice rendered)
G) Rent expense A/c
Advertising expense A/c
To Cash A/c
1400
500
1900
|( Being record of expenses paid)
H) Dividends A/c
To Cash A/c
( Being record of dividends paid)
2100
2100
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