COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 3, Problem 4PB
To determine

Identify the amount of accounts receivable owed by credit customers to the company after recording all the transactions.

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Use T-accounts to record all business transactions: The accounts and transactions of Conner McAllister, Counselor and Attorney at Law, follow.   Instructions Analyze the transactions a - c (typed here) and d - s (in the image).  Record each in the appropriate T accounts.  Use plus and minus signs in front of the amounts to show the increases and decreases.  Indentify each entry in the T accounts by writing the letter of the transaction next to the entry. Assets Cash Accounts Receivable Office Furniture Office Equipment Automobile Liabilities Accounts Payable Owner's Equity Conner McAllister, Capital  Conner McAllister, Drawing Revenue Fees Income Expenses Automobile Expense Rent Expense Utilities Expense Salaries Expense Telephone Expense   a.  Conner McAllister invested $140,000 in cash to start the business. b.  Paid $7,800 for the current month's rent c.     Bought a used automobile for the firm for $38,500 in cash d. -  s. in the image All of the transactions (typed a. - c.    andâ€Ĥ
Prepare general journal entries to record the transactions below for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. After recording the transactions, post them to T-accounts, which serve as the general ledger for this assignment. Determine the ending balance of each T-account. a. Kacy Spade, owner, invested $100,750 cash in the company. b. The company purchased office supplies for $1,250 cash. c. The company purchased $10,050 of office equipment on credit. d. The company received $15,500 cash as fees for services provided to a customer. e. The company paid $10,050 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,700 as fees for services provided. g. The company paid $1,225 cash for the monthly rent. h. Theâ€Ĥ
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