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Principles of Acct I ACCT1010 Mary Smith opened an architectural firm called Creative Architecture and recorded the following transactions. Use the Accounting Equation grid to record the following transactions and T-accounts. Include your fee. Prepare financial statements for a bonus. July 1 Invested $15,000 in the business. July 1 Paid $4,000 for July rent. July 3 Paid $400 for July's janitorial services July 3 Bought office supplies for $870 using a company credit card which is recorded as Accounts Payable. July 5 Bought 2 computers and printers on account for $2,500. July 6 Paid a Certified Public Accountant $200 to balance the books. July 6 Signed up for a monthly internet connection to the computers & immediately paid $25 for July. July 9 Completed plans for a home & quickly collected $6,000 architectural fee. July 12 Completed plans for a commercial building but did not immediately collect the fee of $15,000 due to financing problems with the builder. July 14 Purchased stamps at the U. S. Post Office for $250 using a credit card. July 16 Charged on account an advertisement announcing the opening of the architectural firm at the Commercial Appeal, $175. July 17 Completed plans for a home, and the builder, Angel Builders, asked for a month's extension to pay the bill $2,500. July 22 Collected the fee of July 12 as the complications have been resolved. July 23 Paid the month's telephone bill, $250. July 24 Paid the month's utility bill of $450. July 31 Mary withdrew $2,500 of business cash for personal use. July 31 Paid $2,400 to a secretary-receptionist.
Which of the following approaches is most suitable for auditing the finance and investment cycle?
You are visiting with a friend, Mark Adams, who wants to start a new business. During discussions on forming the business, Mark makes this statement: "Our business will have accounts receivable and accounts payable.
Shifting the focus slightly, think about this. How would you allocate the cost of a dinner among a group of your friends when you go out for an evening?
Class, the textbook describes the consolidating entries that are entered on a work sheet as S A I D E and P. What do these letters represent and what are the entries accomplishing in the consolidation.
Draw an Entity-Relationships Diagram. A commercial bakery makes many different products. these products include breads, dessert, specialty cakes, and many other baked goods.
Accounting essay Please select only ONE of the 3 essays to pick. No minimum wording as long as its correct and can be explained in a essay formate. SELECT ONLY ONE.
If a company uses the periodic inventory system, what is the impact on the current ratio of including goods in transit f.o.b. shipping point in the Purchases account and not in the Inventory account?
Strikes in the mills that purchase the bulk of the MJ-7 glue have caused Hallas Company's sales to temporarily drop to only 11,000 gallons per month. Hallas Company's management estimates that the strikes will last for two months, after which sale..
What is the concept of current rate method of translation and temporal method of translation? How does balance sheet exposure differ under these two methods and the 2010 financial statement of Child Co.
At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 10% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2011. What is the dollar amount that is to be report..
Employees earn $5,000 per day, work five days per week, Monday through Friday, and get paid every Friday. If the previous payday was January 26 and the accounting period ends on January 31, what amount is the ending balance in the wages payable ac..
In each of the following independent situation, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2011.
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