Reference no: EM131527517
Question: On January 2, 2006, Lela Peterson established Acadia Realty, which completed the following transactions during the month:
a. Lela Peterson transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $9,000.
b. Paid rent on office and equipment for the month, $2,000.
c. Purchased supplies on account, $700.
d. Paid creditor on account, $290.
e. Earned sales commissions, receiving cash, $10,750.
f. Paid automobile expenses (including rental charge) for month, $1,400, and miscellaneous expenses, $480.
g. Paid office salaries, $2,500.
h. Determined that the cost of supplies used was $575.
i. Paid dividends, $1,000.
Instructions: 1. Journalize entries for transactions (a) through (i), using the following accounts: Cash; Supplies; Accounts Payable; Capital Stock; Dividends; Sales Commissions Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Show the effects of each transaction on the financial statements using the margin notation illustrated in this chapter.
2. Post the journal entries to T accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete.
3. Prepare a trial balance as of January 31, 2006.
4. Determine the following:
a. Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
c. Assuming that no adjustments are necessary, what is the amount of net income for January?
|
Congress passing laws that are beyond its jurisdiction
: Write a report on "Congress Passing Laws That Are Beyond Its Jurisdiction". Provide atleast 3 examples as well coherent this scenario.
|
|
Requires an initial fixed asset investment
: Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.85 million.
|
|
Discuss and critique their methodology result and discussion
: Discuss and critique their methodology, results, and discussion. For example, was an appropriate sampling method used to support their results?
|
|
Compute the incremental net income of the investment
: The Best Manufacturing Company is considering a new investment. Compute the incremental net income of the investment for each year.
|
|
What is the amount of net income for january
: On January 2, 2006, Lela Peterson established Acadia Realty, which completed the following transactions during the month.
|
|
Common for criminals
: It is becoming more common for criminals to use mobile computing devices in their criminal activities.
|
|
Create a timeline for each of the civilizations
: Create a timeline for each of the following civilizations, listing any major events in the civilization's history.
|
|
What is the projects year zero net cash flow
: Down Under Boomerang, Inc., is considering a new three-year expansion project. What is the project's Year 0 net cash flow?
|
|
What sorts of people should be on a sirt
: What sorts of people should be on a SIRT? and what actions should a SIRT be responsible for?
|