Please help Chart of AccountsCommon StockCashAccounts ReceivableSuppliesPrepaid RentOffice EquipmentAccounts PayableNotes PayableUnearned FeesRetained EarningsDividendsFees EarnedSalary ExpenseRent ExpenseSupplies ExpenseInterest ExpenseUtility ExpenseDuring the month of June, Acme Inc. entered into the following transactions:1 Transferred cash from a personal bank account in exchange for stock, $100,0003 Recorded services provided on account, $9,1005 Received cash from clients as an advance payment for services to be provided in July, $12,5007 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder.9 Receive cash for services provided: $5,00010 Paid part-time receptionist for two weeks' salary $1,75012 Purchased office supplies from Staples on account, $1,20014 Billed clients for fees earned; $2,50016 Paid $1,000 for 3 months rent for the months of July - September18 Paid Staples, $60024 Received cash from clients on account, $8,500.26 Paid electricity bill for June, $810.28 Paid $50 interest on the Note30 Paid dividends, $7,500.Page Dr.Cash0Cr.0ASSETSAccounts ReceivableDr.SuppliesDr.CrCr.Prepaid RentDr.Cr.Office EquipmentDr.Cr.0LIABILITIESAccounts PayableDr.Cr.Notes PayableDr.Cr.Unearned FeesDr.Cr.000Account NameCashAccounts ReceivableSuppliesPrepaid RentOffice EquipmentAccounts PayableNotes PayableSalaries PayableUnearned FeesCommon StockDividendsFees EarnedSalary ExpenseRent ExpenseInterest ExpenseUtility ExpenseTotalsCommon StockDr.Cr.DividendsDr.DebitCr.Acme, Inc.Adjusted Trail BalanceFor the Month Ended June 30, 202000Fees EarnedDr.Cr.CrEQUITY0CreditSalary ExpenseDr.Cr.Rent ExpenseDr.Cr.0Interest ExpenseDr. Cr.Utility ExpenseDr.Cr.Pageof 7O- ZOOM+

Journal entries have been passed by following dual accounting concept. Ledgers have been classified…

Dr. Cash 0 Cr. 0 0 ASSETS Accounts Receivable Dr. Cr. Supplies Dr. Cr Cr. Prepaid Rent Dr. Cr. Office Equipment Dr. Cr. 01 LIABILITIES Accounts Payable Dr. Cr. Notes Payable Dr. Cr. Unearned Fees Dr. Cr. 0 0 0 Account Name Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Salaries Payable Unearned Fees Common Stock Dividends Fees Earned Salary Expense Rent Expense Interest Expense Utility Expense Totals Common Stock Dr. Cr. Dividends Dr. Debit Cr. Acme, Inc. Adjusted Trail Balance For the Month Ended June 30, 2020 0 0 Fees Earned Dr. Cr. EQUITY 0 Credit Salary Expense Dr. Cr. Rent Expense Dr. Cr. Interest Expense Dr. Cr. Utility Expense Dr. Cr. Page of 7 O -ZOOM +

Dr. Cash 0 Cr. 0 0 ASSETS Accounts Receivable Dr. Cr. Supplies Dr. Cr Cr. Prepaid Rent Dr. Cr. Office Equipment Dr. Cr. 01 LIABILITIES Accounts Payable Dr. Cr. Notes Payable Dr. Cr. Unearned Fees Dr. Cr. 0 0 0 Account Name Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Salaries Payable Unearned Fees Common Stock Dividends Fees Earned Salary Expense Rent Expense Interest Expense Utility Expense Totals Common Stock Dr. Cr. Dividends Dr. Debit Cr. Acme, Inc. Adjusted Trail Balance For the Month Ended June 30, 2020 0 0 Fees Earned Dr. Cr. EQUITY 0 Credit Salary Expense Dr. Cr. Rent Expense Dr. Cr. Interest Expense Dr. Cr. Utility Expense Dr. Cr. Page of 7 O -ZOOM +

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 36P

See similar textbooks

Similar questions

Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders equity. Additional common stock of 7,500 was issued during the year ended June 30, 20Y7. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4. Briefly explain how multiple and single-step income statements differ.
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders equity. Additional common stock of 75,000 was issued during the year ended May 31, 20Y2. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple and single-step income statements differ.
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Prepare journal entries to record the following transactions: A. December 1, collected balance due from customer account, $5,500 B. December 12, paid creditors for supplies purchased last month, $4,200 C. December 31, paid cash dividend to stockholders, $1,000
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000
Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
Prepare journal entries to record the following transactions. A. July 1, issued common stock for cash, $15,000 B. July 15, purchased supplies, on account, $1,800 C. July 25, billed customer for accounting services provided, $950
CASH DIVIDENDS AND INCOME TAXES During the year ended December 31, 20-2, Tatu Company completed the following selected transactions: REQUIRED Prepare journal entries for the transactions.
Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30. 20Y7. arc presented in Problem 5-5B. Instructions 1.Prepare a single-step income statement in the format shown in Exhibit 13. 2.Prepare a statement of stockholders equity. Additional common stock of 7.500 was issued during the year ended June 30. 20Y7. 3.Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4.Prepare closing entries as of June 30, 20Y7.
Prepare journal entries to record the following transactions: A. October 9, issued common stock in exchange for building, $40,000 B. October 12, purchased supplies on account, $3,600 C. October 24, paid cash dividend to stockholders, $2,500
Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Prepare a statement of stockholders’ equity. No common stock was issued during the year.