Question : 219. On November 12th NetSolutions provides $1,900.00 in services to clients. : 1233832

 

219. On November 12th NetSolutions provides $1,900.00 in services to clients. At the time of service, the clients paid $500.00 in cash and put the balance on account.

(a)Journalize this event.

(b)On November 29th NetSolutions clients paid an additional $800.00 on their accounts due. Journalize this event.

(c)Calculate the amount on accounts receivable on November 30th.

220. Journalize the following selected transactions for August 2008 in a two-column journal. Journal entry explanations may be omitted. 

Aug 1Received cash from the investment in exchange for capital stock, $15,000.

2Received cash for providing accounting services, $8,000.

3Billed customers on account for providing services, $4,000.

4Paid advertising expense, $400.

5Received cash from customers on account, $3,500.

6Dividends paid, $1,000

7Received telephone bill, $100

8Paid telephone bill, $100.

Date

Description

Post Ref

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

221. Analyze the following transactions as to their effect on the accounting equation. 

(a)The company paid $225 to a vendor for supplies purchased previously on account.

(b)The company performed $1,050 of services and billed the customer.

(c)The company received a utility bill for $195 and will pay it next month.

(d)The stockholders were paid cash dividends of $50.

(e)The company paid $305 in salaries to its employees.

(f)The company collected $725 of cash from its customers on account.

Some of the possible effects of a transaction on the accounting equation are listed below: 

(1)Asset, dr.; Asset, cr.

(2)Asset, dr.; Stockholders’ Equity, cr.

(3)Asset, dr.; Liability, cr.

(4)Asset, dr.; Revenue, cr.

(5)Liability, dr.; Assets, cr.

(6)Dividends, dr.; Asset, cr.

(7)Expense, dr.; Assets, cr.

(8)Expense, dr.; Liability, cr.

Put the appropriate letter next to each transaction. 

222. Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Capital Stock; Dividends; Professional Fees; and Operating Expenses. 

(a)In the T accounts, record the following transactions of Wells Consultant Services for May, 2007, identifying each entry by number:

 (1)Wells invested $12,000 cash in the business in exchange for capital stock.

 (2)Purchased supplies on account, $5,750.

 (3)Paid operating expenses, $5,000.

 (4)Billed clients for fees, $6,940.

 (5)Received cash from cash clients, $4,200.

 (6)Paid creditors on account, $1,000.

 (7)Received $2,600 from clients on account.

 (8)Paid cash dividends $1,000.

(b)Prepare a trial balance as of May 31, 2007 for Wells Consultant Services.

(c)Assuming that supplies expense (which has not been recorded) amounts to $1,000 for May, determine the following:

 (1)Net income for the month.

 (2)Stockholders’ equity as of May 31.

(a)

Cash

 

Capital Stock

(1)

12,000 

(3)

5,000

 

 

 

(1)

12,000

(5)

4,200 

(6)

1,000

 

 

 

 

 

(7)

2,600 

(8)

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

Dividends

(4)

6,940 

(7)

2,600

 

(8)

1,000 

 

 

 

 

 

 

 

 

 

 

 

 

Supplies

 

Professional Fees

(2)

5,750 

 

 

 

 

 

(4)

6,940

 

 

 

 

 

 

 

(5)

4,200

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

Operating Expenses

(6)

1,000 

(2)

5,750

 

(3)

5,000

 

 

 

 

 

 

 

 

 

 

 

 

(b)

Wells Consultant ServicesTrial BalanceMay 31, 2007

Cash11,800 

Accounts Receivable4,340 

Supplies5,750 

Accounts Payable 4,750

Capital Stock 12,000

Dividends1,000 

Professional Fees 11,140

Operating Expenses  5,000              

 27,890  27,890

223. Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Jilson Consultants on June 30, 2008. 

Accounts Payable$ 2,100 Rent Expense$10,500

Accounts Receivable1,450 Salary Expense13,000

Cash5,375 Fees Earned46,600

Capital Stock15,800 Supplies1,125

Dividends13,500 Supplies Expense1,400

Equipment13,500 Utilities Expense4,400

Miscellaneous Expense250    

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more