34/34
Points
100
%
[The following information applies to the questions displayed below.]
Gary Bauer opens a computer consulting business called Technology Consultants and completes the following transactions in April.
April 1 Bauer invested $160,000 cash along along with $20,000 in office equipment equipment in the company. 2 The company prepaid $8,500 cash for twelve months' rent for an office. office. (Hint: Debit Prepaid Rent for $8,500.) 3 The company made credit purchases of office office equipment for $3,900 and office supplies for $1,800. Payment is due within 10 days. 6 The company completed services for a client and immediately received received $4,000 cash. 9 The company completed an $12,200 $12,200 project for a client, who must pay within 30 days. 13 The company paid $5,700 cash cash to settle the account payable created on April 3. 19 The company paid $7,900 cash for the premium on a 12-month insurance policy. (Hint: Debit Debit Prepaid Insurance for $7,900.) 22 The company received $3,400 cash as partial payment for the work completed on April 9. 25 The company completed work for for another client for $4,800 $4,800 on credit. 28 Bauer withdrew $4,600 cash from the company for personal use. 29 The company purchased $700 of additional office supplies supplies on credit. 30 The company paid $900 cash for this month's utility bill.
1.
Award:
Cash Office equipment
G. Bauer, Capital
Prepaid rent Cash Office equipment Office supplies
180,000 8,500 8,500
Accounts payable
5,700
Cash Services revenue
4,000
Accounts receivable Services revenue
12,200
4,000
12,200
Accounts payable Cash
5,700
Prepaid insurance Cash
7,900
Cash Accounts receivable
3,400
Accounts receivable Services revenue
4,800
G. Bauer, Withdrawals Cash
4,600
5,700
7,900
3,400
4,800
4,600
Office supplies Accounts payable
700 70 0
Utilities expense Cash
900 90 0
700 70 0
900 90 0
2.
Award:
160,000
8,500 4,000 5,700 7,900 3,400 4,600 900
12,200 3,400 4,800
1,800 700
160,000 151,500 155,500 149,800 141,900 145,300 140,700 139,800
12,200 8,800 13,600
1,800 2,500
7,900
8,500
20,000 3,900
5,700
5,700 700
4,600
180,000
7,900
8,500
20,000 23,900
5,700 0 700
180,000
4,600
4,000 12,200 4,800
900
4,000 16,200 21,000
900
3.
Award:
Cash 139,800 Accounts receivable 13,600 Office supplies Prepaid insurance Prepaid rent Office equipment 23,900 Accounts payable G. Bauer, Capital G. Bauer, Withdrawals 4,600 Service revenue Utilities expense 900
201,700
700 180,000 21,000
201,700
4.
Award:
Cash M. Dexter, Capital
17,500
17,500
Office supplies Cash
508 508
Office equipment Accounts payable
9,678
Cash Fees earned
2,065
Accounts payable Cash
9,678
Accounts receivable Fees earned
3,710
9,678
2,065
9,678
3,710
Rent expense Cash
525 525
Cash Accounts receivable
1,558
M. Dexter, Withdrawals Cash
1,000
1,558
1,000
a. d. h.
17,500 2,065 1,558
b. e. g. i.
508 9,678 525 1,000
9,412
f.
3,710
h.
1,558
2,152
b.
508
508
c.
9,678
9,678
e.
9,678
c.
9,678 0
a.
17,500
17,500
i.
1,000
1,000
d. f.
2,065 3,710
5,775
g.
525
525
[The following information applies to the questions displayed below.]
Corbel Company experienced the following events and transactions during July. July
1 6 12 18 27 31
Received $2,000 cash in advance of performing work for Beth Oker. Received $7,900 cash in advance of performing work for Lisa Poe. Completed the job for Oker. Received $7,100 cash in advance of performing work for Henry Coe. Completed the job for Poe. None of the work for Coe has been performed.
5.
Award:
2,000
Cash Unearned fees
2,000
Cash Unearned fees
7,900
Unearned fees Fees earned
2,000
Cash Unearned fees
7,100
Unearned fees Fees earned
7,900
7,900
2,000
7,100
7,900
No journal entry required No journal entry required
0 0
6.
Award:
2,000
Cash Fees earned
2,000
Cash Fees earned
7,900 7,900
No journal entry required No journal entry required Cash Fees earned
0 0 7,100 7,100
No journal entry required No journal entry required Fees earned Unearned fees
0 0 7,100 7,100
7.
Award:
7,100 9,900
7,100 9,900
Explanation: