accounting 2301


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accounting 2301 1 answer below » View complete question » 1) Following are the transactions for Valdez Services. a. The company paid $12,200 cash for payment on a 16-month old liability for office supplies. b. The company paid $1,233 cash for the just completed two-week salary of the receptionist. c. The company paid $39,200 cash for equipment purchased. d. The company paid $870 cash for this month’s utilities. e. Owner (Valdez) withdrew $4,500 cash from the company for personal use. Examine the above transactions and 1) Following are the transactions for Valdez Services. a. The company paid $12,200 cash for payment on a 16-month old liability for office supplies. b. The company paid $1,233 cash for the just completed two-week salary of the receptionist. c. The company paid $39,200 cash for equipment purchased. d. The company paid $870 cash for this month’s utilities. e. Owner (Valdez) withdrew $4,500 cash from the company for personal use. Examine the above transactions and identify those that create expenses for Valdez Services. (You
may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong
answers.) Transaction a. Transaction b. Transaction c. Transaction d. Transaction e. Prepare general journal entries to record those transactions that created expenses in the above given order. 2) Carmen Camry operates a consulting firm called Help Today. On August 31, the company’s records show the following accounts and
amounts for the month of August. Use this information to prepare an August income statement for the business. Cash $ 25,360 C. Camry, Withdrawals $ 6,000 Accounts receivable 22,360 Consulting fees earned 27,000 Office supplies 5,250 Rent expense 9,550 Land 44,000 Salaries expense 5,600 Office equipment 20,000 Telephone expense 860 Accounts payable 10,500 Miscellaneous expense 520 C. Camry, Capital, July 31 2,000 Owner investment made on August 4 100,000 3) Carmen Camry operates a consulting firm called Help Today. On August 31, the company’s records show the following accounts and
amounts for the month of August. Use this information to prepare an August statement of owner’s equity for Help Today. Cash $ 25,360 C. Camry, Withdrawals $ 6,000 Accounts receivable 22,360 Consulting fees earned 27,000 Office supplies 5,250 Rent expense 9,550 Land 44,000 Salaries expense 5,600 Office equipment 20,000 Telephone expense 860 Accounts payable 10,500 Miscellaneous expense 520 C. Camry, Capital, July 31 2,000 Owner investment made on August 4 100,000 4) Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a new sole proprietorship named HV Consulting. b. The company purchased land valued at $40,000 and a building valued at $160,000. The purchase is paid with $30,000 cash and a long-term note
payable for $170,000. c. The company purchased $2,000 of office supplies on credit. d. Venedict invested her personal automobile in the company. The automobile has a value of $16,500 and is to be used exclusively in the business. e. The company purchased $5,600 of additional office equipment on credit. f. The company paid $1,800 cash salary to an assistant. g. The company provided services to a client and collected $8,000 cash. h. The company paid $635 cash for this month’s utilities. i. The company paid $2,000 cash to settle the account payable created in transaction c. j. The company purchased $20,300 of new office equipment by paying $20,300 cash. k. The company completed $6,250 of services for a client, who must pay within 30 days. l. The company paid $1,800 cash salary to an assistant. m. The company received $4,000 cash in partial payment on the receivable created in transaction k. n. Venedict withdrew $2,800 cash from the company for personal use. Required: 1. Prepare general journal entries to record these transactions using the…

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