Call us 24/7: + 1(925)399 0085

Get your paper done by an expert

No matter what kind of academic paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcer. Save more time for yourself.

WhatsApp + 1(925)399 0085
$ 10
free
  • bibliography
  • title page
  • revisions
per page
19 k happy customers
4.7 out of 5 satisfaction rate
27 writers active

Accounting HELP!!!

 

6. Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.

 

 

 

Account number          Account name                                                 Debit                            Credit

 

110

Cash

$ 2,700

 

120

Accounts Receivable

12,100

 

130

Equipment and Supplies

2,800

 

140

Studio

45,000

 

210

Accounts Payable

 

$2,600

310

Lee Adkins, Capital

 

57,400

320

Lee Adkins, Drawing

30,000

 

410

Professional Fee Revenue

 

39,000

510

Advertising Expense

2,300

 

520

Salaries Expense

2,100

 

540

Utilities Expense

2,000

 

 

$99,000

$99,000

         

 

 

 

The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:

 

 

6/2

Collected $3,000 on account from customers

 

6/7

Sold 25% of the equipment and supplies to a young artist for $700 cash

 

6/10

 

Received a $300 invoice from the accountant for preparing last quarter’s financial Statements.

 

6/15

Paid $1,900 to creditors on account.

 

 

6/27

Adkins withdrew $2,000 cash for personal use.

 

6/30

Billed a customer $3,000 for a portrait painted this month.

 

 

 

           

 

a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)

 

b. Open running balance ledger “T” accounts by entering account titles, account num­bers, and May 31 balances. (See exhibit 2.3 and 2.4)

 

c. Post the journal entries to the “T” accounts.

 

d. Prepare a trial balance as of June 30. (See exhibit 2.9)

 

 

 

 

 

 

 

7. Journal entry preparation. On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company ac­quired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.

 

 

 

            During January, the company had additional cash outlays for the follow­ing items:

 

 

 

Purchases of store equipment

$4,600

Note payment

500

Salaries expense

2,300

Advertising expense

700

 

 

 

The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.  All customers have been billed; by month end, $3,700 had been received in settlement of account balances.

 

 

 

 

 

 

 

Instructions

 

a.       Present journal entries that reflect MuniServ’s January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)

 

b.      Compute the total debits, total credits, and ending balance that would befound in the company’s Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)

 

c.       Determine the amount that would be shown on the January 31 trial balance for Accounts

 

Payable. Is the balance a debit or a credit?

 

 

 

 

 

Our guarantees

Study Acers provides students with tutoring and help them save time, and excel in their courses. Students LOVE us!No matter what kind of essay paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcers. Save more time for yourself. Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Our Homework Writing Disciplines

With a highly diverse team in almost all academic fields including:


Warning: Invalid argument supplied for foreach() in /home/acemfljg/public_html/wp-content/themes/essay-writing/footer.php on line 12