Can You Help Me??? 5 Star Work ONLY!!!
Can You Help Me??? 5 Star Work ONLY!!!
At the end of each module, you will apply the module’s concepts by completing a comprehensive assignment from the textbook.
Complete these problems from your text book: (P1-44B page 47 & P2-46B page 111) related to transaction analysis, journal entries for typical business transactions, adjusting entries and preparation of the trial balance and adjusted trial balance.
Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes
Preparing financial statements and evaluating busniess performance
Accent photography works weddings and prom-type parties. the balance of captial was $20,000 at December 31, 2010. At December 31, 2011, thw busniess’s accounting records show balances:
insurance expense $8,000
cash $31,000
accounts payable $6,000
advertisting expense $1,000
service revenue $81,000
owner withdrawals $15,000
accounts receivable $10,000
note payable $12,000
onwer’s equity ?
salary expense $27,000
equipment $60,000
onwer investment $33,000
requirement #1. – prepare the following financial statement for accent phototgraphy for the year ended December 31, 2011:
a. income statement
b. statement of owner’s equity
c. balance sheet
Analyzing and journalizing transactions, posting and preparing a trial balance
Warren Smith practices medicine under the business title Warren Smith M.D. During April, the medical practice completed the following transactions:
April 1- Smith deposited $78,000 cash in the business bank account. the business gave capital to Smith
April 5- paid monthly rent on medical equipment, $780.
April 9- paid $18,000 cash to purchase land for an office site.
April 10- purchase supplies on account, $1,200
April 19- borrowed $20,000 from the bank for business use. Smith signed a note payable to the bank in the name of the business
April 22- paid $800 on account
April 30- revenues earned during the month included $5,900 cash and $4,900 on account
April 30- paid employees’ salaries $2,000, office rent $1,800 and utilities $420. Make a single compound entry.
April 30- ownerwithdrew $9,000
This business uses the following accounts: cash, accounts receivables, supplies, lan, accounts payable, note payable, Warren Smith Capital, Warren Smith Withdrawals, service revenue, salary expense, rent expense, utilities expense.
requirements
#1. journalize each transaction, as shown for April 1. Explanations are not required
– April 1….Cash (Warren Smith, Capital)…$78,000 ($78,000)
#2 post the transactions to the t-accounts, using transaction dates as posting references in the ledger accounts. Lable the balance of each account Bal as shown in the chapter.
#3. Prepare thr trial balance of Warren Smith, M.D., at April 30, 2010