What are the steps to complete the T-account for each transaction while making use of the each account balance provided in the first table? Problem#9. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the past. Received $9,590 cash for consulting services rendered. Issued 28 additional shares of common stock at a market price of $165 per share. Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note. Received $980 from clients for consulting services to be performed in the next year. Bought $560 of supplies on account. Incurred and paid $1,890 in utilities for the current year. Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year. Received $3,070 from clients paying on their accounts. Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year). Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year. Received $55 in interest revenue earned in the current year on short-term investments. Required: Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference. (Enter your answer in thousands, not in dollars. Round your final answer to nearest whole dollar) Cash Short-term Investments Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accounts Receivable Supplies Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Prepaid Expenses Office Equipment Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accumulated Depreciation Accounts Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Unearned Revenue Salaries Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Short-term Note Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Additional Paid-in Capital Retained Earnings Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Consulting Fees Revenue Interest Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Salaries Expense Utilites Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0

What are the steps to complete the T-account for each transaction while making use of the each account balance provided in the first table? Problem#9. Required information [The following information applies to the questions displayed below.] At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash $ 1,990 Accounts payable $ 300 Short-term investments 500 Unearned revenue 1,410 Accounts receivable 3,660 Salaries Payable 960 Supplies 240 Short-term note payable 870 Prepaid expenses 4,810 Common stock ($1 par value) 140 Office equipment 1,620 Additional paid-in capital 6,650 Accumulated depreciation-office equipment* (390) Retained earnings 2,100 *This account has a credit balance representing the portion of the cost of the equipment used in the past. Received $9,590 cash for consulting services rendered. Issued 28 additional shares of common stock at a market price of $165 per share. Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note. Received $980 from clients for consulting services to be performed in the next year. Bought $560 of supplies on account. Incurred and paid $1,890 in utilities for the current year. Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year. Received $3,070 from clients paying on their accounts. Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year). Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year. Received $55 in interest revenue earned in the current year on short-term investments. Required: Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference. (Enter your answer in thousands, not in dollars. Round your final answer to nearest whole dollar) Cash Short-term Investments Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accounts Receivable Supplies Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Prepaid Expenses Office Equipment Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accumulated Depreciation Accounts Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Unearned Revenue Salaries Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Short-term Note Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Additional Paid-in Capital Retained Earnings Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Consulting Fees Revenue Interest Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Salaries Expense Utilites Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

What are the steps to complete the T-account for each transaction while making use of the each account balance provided in the first table?

Problem#9. Required information

[The following information applies to the questions displayed below.]

At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share):


Cash	$	1,990	Accounts payable	$	300
Short-term investments		500	Unearned revenue		1,410
Accounts receivable		3,660	Salaries Payable		960
Supplies		240	Short-term note payable		870
Prepaid expenses		4,810	Common stock ($1 par value)		140
Office equipment		1,620	Additional paid-in capital		6,650
Accumulated depreciation-office equipment*		(390)	Retained earnings		2,100

*This account has a credit balance representing the portion of the cost of the equipment used in the past.

Received $9,590 cash for consulting services rendered.
Issued 28 additional shares of common stock at a market price of $165 per share.
Purchased $730 of office equipment, paying 40 percent in cash and owing the rest on a short-term note.
Received $980 from clients for consulting services to be performed in the next year.
Bought $560 of supplies on account.
Incurred and paid $1,890 in utilities for the current year.
Consulted for clients in the current year for fees totaling $1,710, due from clients in the next year.
Received $3,070 from clients paying on their accounts.
Incurred $6,300 in salaries in the current year, paying $5,390 and owing the rest (to be paid next year).
Purchased $1,320 in short-term investments and paid $890 for insurance coverage beginning in the next fiscal year.
Received $55 in interest revenue earned in the current year on short-term investments.

Required:

Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference. (Enter your answer in thousands, not in dollars. Round your final answer to nearest whole dollar)

Cash		Short-term Investments
Beg. Bal.			Beg. Bal.


			End. Bal.	0



End. Bal.	0

Accounts Receivable		Supplies
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Prepaid Expenses		Office Equipment
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Accumulated Depreciation		Accounts Payable
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Unearned Revenue		Salaries Payable
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Short-term Note Payable		Common Stock
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Additional Paid-in Capital		Retained Earnings
Beg. Bal.			Beg. Bal.


End. Bal.		0	End. Bal.		0

Consulting Fees Revenue		Interest Revenue
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Salaries Expense		Utilites Expense
Beg. Bal.			Beg. Bal.


End. Bal.	0		End. Bal.	0

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.