You own an independent CPA firm. One client had the following transactions in January 20×7.
Issued share capital for $5,000 cash
Purchased $3,000 of equipment on credit
Paid $600 cash for this month’s rent
Purchased on credit $3,000 of supplies to be used next month
Billed $3,500 to customers for repairs made to date
Paid cash for one-half of the amount owing in Transaction 4
Collected $400 cash of the amount billed in Transaction 5
Sold one-half of the equipment purchased in Transaction 2 for $1,500 in cash
Use the four steps in the accounting process to analyze business transactions, a) Identifying transactions and source documents, b) Analyzing transactions using the accounting equation, c) Recording the journal entry and d) Posting the entry to the ledger to complete the following:
Prepare journal entries for each of the above transactions.
Post the journal entries to T–accounts and total the accounts.
From the T–accounts, prepare an unadjusted trial balance. List expenses in alphabetical order.
Use the following chart of accounts names and the template:
Cash, Capital Stock, Equipment, Accounts Payable, Rent Expense, Supplies, Accounts Receivable, Revenue.
Each assignment must include a title page and reference page. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.
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.
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
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
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
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
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