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For the past several years, Shane Banovich has operated a part-time consulting business from his home. As of October 1,2012 Shane decided to move to rented quarters and to operate business,which was to be known as Epic Consulting, on a full time basis. Epic consulting entered into the following transactions during October. Oct.
1.The following assets were received from Shane Banovich cash, $12000 accounts receivable $6000 supplies $1500 office equipment $9000. there were no liabilities received. Oct 1 Paid three months rent on a lease rental contract $4800 Oct 2 Paid the premiums on property and casualty insurance policies $3000 Oct 4 received cash from clients as an advance payment for services to be provided and recorded it as unearned fees. $4000 Oct 5 Purchased additional office equipment on account from office station Co. $2000 Oct 6 Received cash from clients on account $3500 Oct 10 Paid cash for a newspaper advertisement $400 Oct 12 Paid office Station Co for part of the debt incurred on Oct,5 $1000 Oct 12 Recorded services provided on account for the period October 1-12 $6000 Oct. 14 Paid part-time receptionist for two weeks salary $1000 Oct 17.
Recorded cash from cash clients for fees earned during the period Oct. 1-17 $7500 Oct 18 Paid cash for supplies $750 Oct. 20 Recorded services provided on account for the period Oct. 13-20 $5200 Oct. 24 Recorded cash from cash clients for fees earned for the period Oct.17-24 $3700 Oct. 26 Received cash from clients on accounts $5500 Oct 27 Paid part time receptionist for two week salary $1000 Oct. 29 Paid telephone bill for October $250 Oct. 31 Paid electricity bill for october $300 Oct.
A On January 1, 2012, Sather Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Sather Company prepares financial statements annually. During the year, the following selected transactions occurred.
On January 1, 2011, Sledge had common stock of $120,000 and retained earnings of $260,000. During that year, Sledge reported sales of $130,000, cost of goods sold of $70,000, and operating expenses of $40,000.
Evaluate the various accounting treatments for stock compensation and how do they relate to the practice of accounting and its uses in business.
emeril corporation encounters the following situations1. emeril collects 1000 from a customer in 2010 for servicesto be
Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 2009.
Farewell company purchased merchandise with an invoice price of $2000 and credit terms of 2/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?
Hanover Toy Store has budgeted sales of $48,000 for its electronics department in November. Management wants to have $11,000 in electronics inventory at the end of November. The beginning inventory of electronic toys is expected to be $9,000. What..
Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
prepare journal entries to record the following production activities for sherman manufacturing.a. dec. 28incurred
in the month of june davis computers paid three months rent in advance. the journal entry to record this transaction
in 2013 lisa and fred a married couple have taxable income of 545000. if they were to file separate tax returns lisa
the accounting records of georgia company revealed the following costs direct materials used 340000 direct labor 465000
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