Transaction Analysis, T Accounts, and Trial Balance p3. Jennifer Polk opened a school for… 1 answer below »

Ace your studies with our custom writing services! We've got your back for top grades and timely submissions, so you can say goodbye to the stress. Trust us to get you there!


Order a Similar Paper Order a Different Paper

Transaction Analysis, T Accounts, and Trial Balance

p3. Jennifer Polk opened a school for administrative skills called Polk Office Training, Inc., and completed the following transactions:

a.     Contributed the following assets to the business in exchange for 13,600 shares of $1 par value common stock:

 

 

 

b.     Found a location for her business and paid the first month’s rent, $260.

c.     Paid for an advertisement announcing the opening of the school, $190.

d.    Received applications from three students for a four-week secretarial program and two students for a ten-day keyboarding course. The students will be billed a total of $1,300.

e.     Purchased supplies on credit, $330.

f.      Billed the enrolled students, $1,740.

g.     Purchased a second-hand computer, $480, and office equipment, $380, on credit.

h.     Paid for the supplies purchased on credit in e, $330.

i.      Paid cash to repair a broken computer, $40.

j.      Received partial payment from students previously billed, $1,080.

k.     Paid the utility bill for the current month, $90.

l.      Paid an assistant one week’s salary, $440.

m.   Declared and paid a dividend of $200.

 

 

 

 

 

 

ReQUIReD

1.    Set up the following T accounts: Cash; Accounts Receivable; Supplies; Computers; Office Equipment; Accounts Payable; Common Stock; Dividends; Tuition Reve- nue; Salaries Expense; Utilities Expense; Rent Expense; Repair Expense; and Adver- tising Expense.

2.    Record the transactions directly in the T accounts, using the transaction letter to identify each debit and credit.

3.    Prepare a trial balance using today’s date.

4.    BusIness applICatIon ▶ Examine transactions f and j. What were the revenues, and how much cash was received from the revenues? What business issues might you see arising from the differences in these numbers?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Writerbay.net

Looking for top-notch essay writing services? We've got you covered! Connect with our writing experts today. Placing your order is easy, taking less than 5 minutes. Click below to get started.


Order a Similar Paper Order a Different Paper