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PROGRESS CONSULTING Balance Sheet December 31, 20X1 ccember: owing transactions during 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* 18th Paid $1,151 for supplies.* Billed clients for services performed on account, $1,100. 20th 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st IS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC e are three numbers in the project that you must fill in to complete the project. These num isplayed with underscore symbols (i.e. ) and have an asterisk symbol at the end of their r the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore- oli for anch of the numbers, For example, if your student id number is 123456, then you otudent's project will be

PROGRESS CONSULTING Balance Sheet December 31, 20X1 ccember: owing transactions during 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* 18th Paid $1,151 for supplies.* Billed clients for services performed on account, $1,100. 20th 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st IS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC e are three numbers in the project that you must fill in to complete the project. These num isplayed with underscore symbols (i.e. ) and have an asterisk symbol at the end of their r the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore- oli for anch of the numbers, For example, if your student id number is 123456, then you otudent's project will be

Accounting Information Systems
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter4: Documenting Information System
Section: Chapter Questions
Problem 9RQ: When is a set of DFDs balanced (i.e., leveled)?
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How do I set up a balance sheet from the information provided? 

PROGRESS CONSULTING Balance Sheet December 31, 20X1
Transcribed Image Text:PROGRESS CONSULTING Balance Sheet December 31, 20X1
ccember: owing transactions during 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* 18th Paid $1,151 for supplies.* Billed clients for services performed on account, $1,100. 20th 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st IS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC e are three numbers in the project that you must fill in to complete the project. These num isplayed with underscore symbols (i.e. ) and have an asterisk symbol at the end of their r the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore- oli for anch of the numbers, For example, if your student id number is 123456, then you otudent's project will be
Transcribed Image Text:ccember: owing transactions during 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3rd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 4th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* 18th Paid $1,151 for supplies.* Billed clients for services performed on account, $1,100. 20th 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. Paid cash dividend of $2,45).* 31st IS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC e are three numbers in the project that you must fill in to complete the project. These num isplayed with underscore symbols (i.e. ) and have an asterisk symbol at the end of their r the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore- oli for anch of the numbers, For example, if your student id number is 123456, then you otudent's project will be
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