Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

Comprehensive Problem Inc.

Trial Balance June 30, 2013

Cash                                  $ 26,470   
A/R                                   14,222                           
Office Supplies                    4,298
Prepaid Insurance                23,137
Equipment                          131,495
A/D – Equipment                                     $19,096
Accounts Payable                                   11,998
Unearned Service Revenue                       14,336
Notes Payable                                        60,679
Common Stock                                       63,546
Retained Earnings                                   29,967   
Totals                            $199,622          $199,622

All through the month of July 2013, the given occurred:

July 1    received $7,350 of the prior month’s receivables
July 2    paid $6,847 of the prior month’s accounts payable and paid $4,000 for July rent
July 3    paid $7,500 of the notes payable
July 5    provided a service and billed a client $4,087
July 8    bought office supplies for $3,120 cash
July 9    received $4,200 for a service to be provided
July 11  collected $8,028 of receivables
July 12  provided a service and billed a client $7,366
July 13  earned $5,500 of the prior month’s unearned revenue
July 15  bought office supplies for $2,433 on account
July 17  provided a service and billed a client $6,250
July 19  received $3,100 for a service to be provided later
July 22  paid $3,877 travel (all for July travel)
July 24  paid $4,089 of accounts payable
July 25  paid temporary employees $3,890 of wages (all for July work)
July 26  paid $6,000 of the notes payable
July 28  paid the shareholder a $2,500 dividend
July 30  provided a service fully earning the $4,200 from July 9
July 31  paid the shareholder a $3,800 dividend

REQUIRED:

problem 1: Give general journal entries in general journal form for the above transactions.

problem 2: Make a trial balance at July 31 fully taking into account the beginning balances and the general journal entries recorded in above problem (t-accounts are recommended for key, or all, accounts; don't hand in t-accounts)

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9578

Have any Question? 


Related Questions in Financial Accounting

You just bought a new jeep wrangler and secured dealer

You just bought a new Jeep Wrangler and secured dealer financing for $26,500 over 60 months at an interest rate of 1.0% per month (which is extremely high, but maybe your credit was bad, or you had no previous credit). H ...

Part a a company should accrue a loss contingency only if

Part A: A company should accrue a loss contingency only if the likelihood that a liability has been incurred is: A. At least reasonably possible and the amount of the loss is known. B. Probable and the amount of the loss ...

Using the 2015 cafr report washtenaw county michigan1 does

Using the 2015 CAFR report, Washtenaw County, Michigan: 1) Does the government have revenue bonds outstanding that are related to business-type activities? If so, for what activities? 2) Do the financial statements inclu ...

Ski valet provides materials that let people teach

Ski Valet provides materials that let people teach themselves how to snow ski. It has six different skill-level programs. Each one includes visual and audio learning aids along with a workbook that can be submitted to th ...

The masterson company accepted a 30000 120 day 11 interest

The Masterson Company accepted a $30,000, 120 day, 11% interest bearing note dated December 15, 2007 from one of their customers. The customer eventually paid the note at its maturity value. Based on a 360-day year, what ...

In 2016 amanda and jaxon stuart have a daughter who is one

In 2016, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before ...

In a 3 - 4 page word document address the

In a 3 - 4 page word document, address the following • Create a balanced score-card for a fictitious company. • Discuss the importance of a balanced scorecard as a measure for evaluating performance and strategizing for ...

Schaad corporation has entered into an 8 year lease for a

Schaad Corporation has entered into an 8 year lease for a piece of equipment. The annual payment under the lease will be $2,500, with payments being made at the beginning of each year. Required: If the discount rate is 1 ...

You have just made your first 4000 contribution to your

You have just made your first $4,000 contribution to your retirement account. Assuming you earn an 11 percent rate of return and make no additional contributions. Required: (a) What will your account be worth when you re ...

Select a company and determine its current stock price

Select a company and determine its current stock price. Compare the current price to its recent activity and to at least one other similar company in the same industry or line of business. Discuss possible reasons for in ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate