Question : Short Answer Questions 83. The consulting firm of Martin and Associates uses : 1197794

 

Short Answer Questions

 

83. The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances on the normal balance side of the accounts.

 

  

 

The firm has the following transactions during the month of December 2013. Record the effects of these transactions in the T accounts.

 

a. Paid $1,300 for one month’s rent

b. Collected $5,600 in cash from credit customers

c. Performed services for $7,500 in cash

d. Paid $4,800 for salaries

e. Issued a check for $3,400 to a creditor

f. Performed services for $10,200 on credit

g. Purchased office equipment for $1,800 on credit

h. The owner withdrew $3,500 in cash for personal expenses

i. Issued a check for $650 to pay the monthly utility bill

 

Determine the account balances after the transactions have been recorded. Prepare a trial balance as of December 31, 2013. 

 

 

 

 

 

 

 

 The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.

 

  

 

The following transactions occurred during the month of November.

 

a. Collected $350 from credit customers

b. Issued a check for $700 for rent

c. Paid $1,900 for salaries

d. The owner withdrew $500 in cash for personal expenses

e. Issued a check for $200 to pay the monthly utility bill

f. Received $2,845 in cash for services performed

g. Purchased office equipment for $1,350 on credit

 

84. Using the information shown, set up T accounts for all accounts. Determine the balance for each account after all transactions have been recorded. 

 

 

 

 

 

 

 

 The accounts with their respective balances for Dom’s Delivery Service as of June 1 are given below. All accounts have normal balances.

 

  

 

Dom’s had the following transactions during the month of June.

 

a. Paid rent for June, $1,000

b. Dominic Goggin withdrew $4,500 from the business for personal use

c. Performed services for $4,000 in cash

d. Performed services for $22,750 on credit

e. Received $12,000 from credit customers on account

f. Paid the administrative assistant salary of $2,000 and delivery service messenger/driver salary of $3,000 for the month by check

g. Paid the electric and phone bills by check for a total of $600

h. Paid creditors $6,000 on account

i. Purchased $7,500 in supplies on account.

j. Paid $1,800 cash for advertising in the local newspaper in June

 

85. Using the information above, set up T accounts and enter transactions a-j. Foot each account as of June 30, 2013. Prepare a Trial Balance. 

 

 

 

 

 

 

 

 Cash

Accounts Receivable

Office Equipment

Office Supplies

Accounts Payable

Brandon Phipps, Capital

Brandon Phipps, Drawing

Fees Income

Rent Expense

Salaries Expense

Utilities Expense

 

Read each of the following transactions. Determine the accounts to be debited and credited.

 

86. Purchased office equipment on credit 

 

 

 

 

 

 

 

87. Issued a check to a creditor