Helen started a computer programming business (12/2016), Helen’s Programming Service. The following transactions occurred during December, 2016: 1/12: Helen invested $120,000. 1/12: Paid the rent for the next 12 months $24,000. 1/12: Purchased equipment for $15,000 on credit 2/12: Purchased supplies on credit for $1,500. 3/12: Purchased a computer for $8,500 in cash. 5/12: Received cash for programming services performed, $3,100. 6/12: Received cash for programming services to be performed, $2,300. 10/12: Billed a customer for programming services performed, $1, 600. 10/12: Paid 50% of purchased supplies on credit on 2/12 15/12: Paid 60% of purchased equipment on credit on 1/12 Required: Record the transactions in the general journal for 2017. Post the transactions to the ledger (T accounts) and calculate closing balances of the accounts Prepare a trial balance on 31, December
Helen started a computer programming business (12/2016), Helen’s Programming Service. The following transactions occurred during December, 2016: 1/12: Helen invested $120,000. 1/12: Paid the rent for the next 12 months $24,000. 1/12: Purchased equipment for $15,000 on credit 2/12: Purchased supplies on credit for $1,500. 3/12: Purchased a computer for $8,500 in cash. 5/12: Received cash for programming services performed, $3,100. 6/12: Received cash for programming services to be performed, $2,300. 10/12: Billed a customer for programming services performed, $1, 600. 10/12: Paid 50% of purchased supplies on credit on 2/12 15/12: Paid 60% of purchased equipment on credit on 1/12 Required: Record the transactions in the general journal for 2017. Post the transactions to the ledger (T accounts) and calculate closing balances of the accounts Prepare a trial balance on 31, December
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 2PA: B. Kelso established Computer Wizards during November of this year. The accountant prepared the...
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Helen started a computer programming business (12/2016), Helen’s Programming Service. The following transactions occurred during December, 2016:
- 1/12: Helen invested $120,000.
- 1/12: Paid the rent for the next 12 months $24,000.
- 1/12: Purchased equipment for $15,000 on credit
- 2/12: Purchased supplies on credit for $1,500.
- 3/12: Purchased a computer for $8,500 in cash.
- 5/12: Received cash for programming services performed, $3,100.
- 6/12: Received cash for programming services to be performed, $2,300.
- 10/12: Billed a customer for programming services performed, $1, 600.
- 10/12: Paid 50% of purchased supplies on credit on 2/12
- 15/12: Paid 60% of purchased equipment on credit on 1/12
Required:
- Record the transactions in the general journal for 2017.
Post the transactions to the ledger (T accounts) and calculate closing balances of the accounts- Prepare a
trial balance on 31, December
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