[andreyveritas]

Nov 1) Evan Hudson deposited $35,000 in the business account. Also on this date, Evan transferred his truck
Title, worth $8,000, to the business. Evan received 200 shares of no-par common stock in return.
2) Wrote a check for $2,000 to Pleasant Properties. In the “for” area of the check, it states “November
through February Rent.” (Debit Prepaid rent)
3) Purchased business insurance policy for $2,400 for the term November 1, 2012, through
October 31, 2013, and paid cash. (Debit Prepaid insurance)
4) Evan went to the Cleaning Supply Company and purchased $270 of cleaning supplies on account.
The invoice is due 20 days from the date of purchase.
5) Purchased on account an industrial vacuum cleaner from Penny Purchase costing $1,000. The invoice
Is payable on or before November 25.
7) Purchased a computer and printer costing a total of $1,200. A check for the same amount to the
Computer store was written on the same date.
9) Performed cleaning services on account for Pierre’s Wig Stand in the amount of $3,000.
10) Deposited Pierre’s check for $100 in the bank.
15) Wrote check payable to Eric Ryder for $500 for contract labor.
16) Received $3,600 for 1 year contract beginning November 16 for cleaning services to be provided to
The Sea Side Restaurant. Contract begins November 16, 2012, and ends November 15, 2013. (Credit
Unearned service revenue)
17) Provided cleaning services for Tip Top Solutions for $800. Tip Top paid with a check.
18) Received water and electric bill for $175 with due date of December 4, 2012.
20) Borrowed $40,000 from bank with interest at rate of 9% per year.
21) Deposited check from Pierre’s Wig Stand for $900, with the notation “on account.”
25) Wrote check to Penny Purchase for invoice #1035 in the amount of $500.
29) Wrote check payable to St. Petersburg News for $100 for advertising.
30) Paid dividends to Evan Hudson of $600.

Requirements
1. Journalize transactions as required from the activity data.
2. Post journal entries to T-accounts and calculate account balances.
3. Prepare the trial balance at November 30.

[andreyveritas]

Doris Stewart started her practice as a design consultant on September 1, 2012.
During the first month of operations, the business completed the following
Transactions:

Sep 1) Received $42,000 cash and issued common stock.
4) Purchased supplies, $700, and furniture, $1,900, on
Account.
6) Performed services for a law firm and received $1,400
Cash.
7) Paid $24,000 cash to acquire land for a future office site.
10) Performed service for a hotel and received its promise to
Pay the $1,000 within one week.
14) Paid for the furniture purchased September 4 on account.
15) Paid secretary’s bi-monthly salary, $490.
17) Received cash on account, $400.
20) Prepared a design for a school on account, $700.
28) Received $2,100 cash for consulting with Plummer & Gorden.
30) Paid secretary’s bi-monthly salary, $490.
30) Paid rent expense, $650.
30) Paid cash dividends of $3,000.

Requirements
1. Open the following T-accounts: Cash, Accounts receivable, Supplies, Furniture,
Land, Accounts payable, Common stock, Dividends, Service revenue, Salary
Expense, and Rent expense.
2. Record each transaction in the journal, using the account titles given. Key each
Transaction by date. Explanations are not required.
3. Post the transactions to the T-accounts, using transaction dates as posting references
In the ledger accounts. Label the balance of each account Bal, as shown in
The chapter.
4. Prepare the trial balance of Doris Stewart, Designer, P.C. at September 30, 2012.

[andreyveritas]

Doris Stewart started her practice as a design consultant on September 1, 2012.
During the first month of operations, the business completed the following
Transactions:

Sep 1) Received $42,000 cash and issued common stock.
4) Purchased supplies, $700, and furniture, $1,900, on
Account.
6) Performed services for a law firm and received $1,400
Cash.
7) Paid $24,000 cash to acquire land for a future office site.
10) Performed service for a hotel and received its promise to
Pay the $1,000 within one week.
14) Paid for the furniture purchased September 4 on account.
15) Paid secretary’s bi-monthly salary, $490.
17) Received cash on account, $400.
20) Prepared a design for a school on account, $700.
28) Received $2,100 cash for consulting with Plummer & Gorden.
30) Paid secretary’s bi-monthly salary, $490.
30) Paid rent expense, $650.
30) Paid cash dividends of $3,000.

[andreyveritas]

Trevor Moore opened a law office on September 2, 2012. During the first month of operations, the business completed the following transactions:

Sep 2 Moore deposited $39,000 cash in the business bank account Trevor
Moore, Attorney, P.C. The business issued common stock to Moore.

3 Purchased supplies, $600, and furniture, $2,000, on account.
4 Performed legal service for a client and received cash, $1,300.
7 Paid cash to acquire land for a future office site, $26,000.
11 Prepared legal documents for a client on account, $700.
15 Paid secretary’s bi-monthly salary, $590.
16 Paid for the supplies purchased September 3 on account.
18 Received $2,400 cash for helping a client sell real estate.
19 Defended a client in court and billed the client for $800.
29 Received cash on account, $700.
30 Paid secretary’s bi-monthly salary, $590.
30 Paid rent expense, $670.
30 Paid cash dividend of $2,400.

[JudyKayTee]

Seven homework questions today - do you understand anything you've been studying?

Ask Me Help Desk - Announcements in Forum : Homework Help
“Read this first - Expectations for the Homework Help Board:
Do not simply retype or paste a question from your book or study material

We won't do your homework questions for you. You were given the assignment for you to learn.

If you come up with your own answer and post it for us to critique that is within reason.

If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that. But this is your assignment, so show us you have at least attempted to complete it on your own.

Thank you.”

[andreyveritas]

Seven homework questions today - do you understand anything you've been studying?

Ask Me Help Desk - Announcements in Forum : Homework Help
“Read this first - Expectations for the Homework Help Board:
Do not simply retype or paste a question from your book or study material

We won't do your homework questions for you. You were given the assignment for you to learn.

If you come up with your own answer and post it for us to critique that is within reason.

If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that. But this is your assignment, so show us you have at least attempted to complete it on your own.

Thank you.”

As you can see most of the questions I asked are the same, or look the same. I understand some of It, I just need help with the beginning/start.

Thank you

[pready]

The beginning of these problems is doing the journal entries. The first journal entry on your first post contains two transactions, so I will show you how to do it.

The first part is the owner putting money into the business, so you will Debit Cash for the amount stated and Credit Even Hudson, Capital for the same amount.

The second part is the owner is donating a vehicle in the business en exchange for stock, so you will Debit Vehicle for the amount the vehicle is worth and Credit Common Stock for the same amount.

Now you can combine the two journal entries into one journal entry, but it is best to keep them sepearate.

The rest of your transactions are pretty simple and some of the accounts are given to you. You just have to figure out what accounts are being affected and whether to Debit or Credit that particular account. Your Debits must equal your credits, which means if you debit one account for a certain amount your credit entries must equal your debit amount, and vise versa.