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Accounting Homework

I have this assignment that I would like someone to figure out using the Kooster & Allen General Ledger Software.

Needed ASAP!

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On July 1, 2012, Kim Wheeler established an interior decorating business, Aztec Designs.

During the month, Kim completed the following transactions related to the business:

July 1. Kim transferred cash from a personal bank account to an account to be used

for the business, $21,000.

4. Paid rent for period of July 4 to end of month, $2,750.

10. Purchased a used truck for $18,000, paying $4,000 cash and giving a note pay-

able for the remainder.

13. Purchased equipment on account, $9,000.

14. Purchased supplies for cash, $1,500.

15. Paid annual premiums on property and casualty insurance, $3,600.

15. Received cash for job completed, $12,000.

Enter the following transactions on Page 2 of the two-column journal.

21. Paid creditor a portion of the amount owed for equipment purchased on July 13,

$2,000.

24. Recorded jobs completed on account and sent invoices to customers, $9,800.

26. Received an invoice for truck expenses, to be paid in August, $700.

27. Paid utilities expense, $1,000.

27. Paid miscellaneous expenses, $300.

29. Received cash from customers on account, $4,600.

30. Paid wages of employees, $2,800.

31. Withdrew cash for personal use, $2,500.

Instructions

1. Journalize each transaction in a two-column journal beginning on Page 1, referring to

the following chart of accounts in selecting the accounts to be debited and credited.

(Do not insert the account numbers in the journal at this time.) Journal entry explana-

tions may be omitted.

1 1 Cash 31 Kim Wheeler, Capital

1 2 Accounts Receivable 32 Kim Wheeler, Drawing

1 3 Supplies 41 Fees Earned

1 4 Prepaid Insurance 51 Wages Expense

1 6 Equipment 53 Rent Expense

1 8 Truck 54 Utilities Expense

21 Notes Payable 55 Truck Expense

22 Accounts Payable 59 Miscellaneous Expense

2. Post the journal to a ledger of four-column accounts, inserting appropriate posting

references as each item is posted. Extend the balances to the appropriate balance

columns after each transaction is posted.

3. Prepare an unadjusted trial balance for Aztec Designs as of July 31, 2012.

4. Determine the excess of revenues over expenses for July.

5. Can you think of any reason why the amount determined in (4) might not be the net

income for July?

Compétences : Comptabilité, Saisie de Données, Excel, Finance

Voir plus : kim transferred cash personal account used business, aztec designs unadjusted trial balance july 2012, recorded, july 2012 kim wheeler established interior decorating business, prepare unadjusted trial balance aztec designs july 2012, enter following transactions page column journal, july 2012 kim wheeler established, paid creditor portion amount owed equipment purchased, kim wheeler established interior, accounting withdrew cash personal use, purchased supplies cash, accounting entry wheeler, determine excess revenues expenses unadjusted trial balance, determine excess revenues expenses july, received invoice truck expenses paid august, recorded jobs completed account, received, wages in accounting, truck jobs, trial balances in accounting, trial balance in accounting, trial balance accounting, receivable and payable in accounting, posting in accounting, personal capital

Concernant l'employeur :
( 3 commentaires ) Catonsville, United States

N° du projet : #1663403

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