Question :
191.Larry Matt, Inc. completed these transactions during December of the : 1258624
191.Larry Matt, Inc. completed these transactions during December of the current year:
Dec. 1 Began a financial services practice by investing $15,000 cash and office equipment having a $5,000 value.
2 Purchased $1,200 of office equipment on credit.
3 Purchased $300 of office supplies on credit.
4 Completed work for a client and immediately received a payment of $900 cash.
8 Completed work for Precept Paper Co. on credit, $1,700.
10 Paid for the supplies purchased on credit on December 3.
14 Paid for the annual $960 premium on an insurance policy.
18 Received payment in full from Precept Paper Co. for the work completed on December 8.
27 The company paid $650 cash in dividends to the owner. (sole shareholder)
30 Paid $175 cash for the December utility bills.
30 Received $2,000 from a client for financial services to be rendered next year.
Prepare general journal entries to record these transactions.
192.Mary Sunny began business as Sunny Law Firm, Inc. on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Then, prepare a trial balance, as of November 30. a) Mary invested $15,000 cash and a law library valued at $6,000. b) Purchased $7,500 of office equipment from John Bronx on credit. c) Completed legal work for a client and received $1,500 cash in full payment. d) Paid John Bronx. $3,500 cash in partial settlement of the amount owed. e) Completed $4,000 of legal work for a client on credit. f) The company paid $2,000 cash in dividends to the owner. (sole shareholder) g) Received $2,500 cash as partial payment for the legal work completed for the client in (e). h) Paid $2,500 cash for the legal secretary’s salary.
CashOffice Equipment Dividends
Accounts ReceivableAccounts PayableLegal Fees Earned
Law Library Common StockSalaries Expense
193.Jerry’s Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of the current year:
AssetsLiabilities
Beginning of the year$114,000$68,000
End of the year135,00073,000
If Jerry made no investments in the business and withdrew no assets during the year, what was the amount of net income earned by Jerry’s Butcher Shop, Inc.?
194.Jerry’s Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of the current year:
AssetsLiabilities
Beginning of the year$114,000$68,000
End of the year135,00073,000
If Jerry invested an additional $12,000 in the business during the year, but withdrew no assets during the year, what was the amount of net income earned by Jerry’s Butcher Shop, Inc.?
195.Jerry’s Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of the current year:
AssetsLiabilities
Beginning of the year$114,000$68,000
End of the year135,00073,000
If Jerry made no investments in the business but withdrew $5,000 during the year, what was the amount of net income earned by Jerry’s Butcher Shop, Inc.?
