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SERIES A PROBLEMS JOURNALIZING AND POSTING TRANSACTIONS Annette Creighton opened Creighton Consulting. She rented a small office and paid a part-time worker to answer the phone and make deliveries. Her chart of accounts is as follows: Creighton’s transactions for the first month of business are as follows: Jan. 1 Creighton invested cash in the business, $10,000. 1 Paid rent, $500. 2 Purchased office supplies on account, $300. 4 Purchased office equipment on account, $1,500. 6 Received cash for services rendered, $580. 7 Paid phone bill, $42. 8 Paid utilities bill, $38. 10 Received cash for services rendered, $360. 12 Made payment on account, $50. 13 Paid for car rental while visiting an out-of-town client (transportation expense), $150. 15 Paid part-time worker, $360. 17 Received cash for services rendered, $420. 18 Creighton withdrew cash for personal use, $100. 20 Paid for a newspaper ad, $26. 22 Reimbursed part-time employee for cab fare incurred delivering Materials to clients (transportation expense), $35. 24 Paid for books on consulting practices (miscellaneous expense), $28. 25 Received cash for services rendered, $320. 27 Made payment on account for office equipment purchased, $150. 29 Paid part-time worker, $360. 30 Received cash for services rendered, $180. REQUIRED 1. Set up general ledger accounts from the chart of accounts. 2. Journalize the transactions for January in a two-column general journal. Use the following journal page numbers: January 1–10, page 1; January 12–24, page 2; January 25–30, page 3. 3. Post the transactions to the general ledger. 4. Prepare a trial balance. 5. Prepare an income statement and a statement of owner’s equity for the month of January and a balance sheet as of January 31, 20--.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 4, Problem 9SPA
Textbook Problem

SERIES A PROBLEMS

JOURNALIZING AND POSTING TRANSACTIONS Annette Creighton opened Creighton Consulting. She rented a small office and paid a part-time worker to answer the phone and make deliveries. Her chart of accounts is as follows:

Chapter 4, Problem 9SPA, SERIES A PROBLEMS JOURNALIZING AND POSTING TRANSACTIONS Annette Creighton opened Creighton

Creighton’s transactions for the first month of business are as follows:

Jan. 1 Creighton invested cash in the business, $10,000.

1 Paid rent, $500.

2 Purchased office supplies on account, $300.

4 Purchased office equipment on account, $1,500.

6 Received cash for services rendered, $580.

7 Paid phone bill, $42.

8 Paid utilities bill, $38.

10 Received cash for services rendered, $360.

12 Made payment on account, $50.

13 Paid for car rental while visiting an out-of-town client (transportation expense), $150.

15 Paid part-time worker, $360.

17 Received cash for services rendered, $420.

18 Creighton withdrew cash for personal use, $100.

20 Paid for a newspaper ad, $26.

22 Reimbursed part-time employee for cab fare incurred delivering Materials to clients (transportation expense), $35.

24 Paid for books on consulting practices (miscellaneous expense), $28.

25 Received cash for services rendered, $320.

27 Made payment on account for office equipment purchased, $150.

29 Paid part-time worker, $360.

30 Received cash for services rendered, $180.

REQUIRED

1. Set up general ledger accounts from the chart of accounts.

2. Journalize the transactions for January in a two-column general journal. Use the following journal page numbers: January 1–10, page 1; January 12–24, page 2; January 25–30, page 3.

3. Post the transactions to the general ledger.

4. Prepare a trial balance.

5. Prepare an income statement and a statement of owner’s equity for the month of January and a balance sheet as of January 31, 20--.

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Chapter 4 Solutions

College Accounting, Chapters 1-27
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Ch. 4 - A check stub serves as a source document for what...Ch. 4 - Indicate the information that would be entered for...Ch. 4 - Indicate the information that would be entered for...Ch. 4 - Dunkin Company made the following entry for the...Ch. 4 - Trace the flow of accounting information through...Ch. 4 - Name a source document that provides information...Ch. 4 - Explain the purpose of a chart of accounts.Ch. 4 - Name the five types of financial statement...Ch. 4 - Where is the first formal accounting record of a...Ch. 4 - Describe the four steps required to journalize a...Ch. 4 - In what order are the accounts customarily placed...Ch. 4 - Explain the primary advantage of a general ledger...Ch. 4 - Explain the five steps required when posting the...Ch. 4 - What information is entered in the Posting...Ch. 4 - Explain why the ledger can still contain errors...Ch. 4 - What is a slide error?Ch. 4 - What is a transposition error?Ch. 4 - What is a correcting entry?Ch. 4 - SERIES A EXERCISES SOURCE DOCUMENTS Source...Ch. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Diane Bernick has opened...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - FINANCIAL STATEMENTS From the following trial...Ch. 4 - FINDING AND CORRECTING ERRORS On May 25, after the...Ch. 4 - SERIES A PROBLEMS JOURNALIZING AND POSTING...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - SOURCE DOCUMENTS What type of information is found...Ch. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Sengel Moon opened The...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - FINANCIAL STATEMENTS From the following trial...Ch. 4 - FINDING AND CORRECTING ERRORS On April 25, after...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Benito...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Ann Taylor...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - MANAGING YOUR WRITING You are a public accountant...Ch. 4 - MASTERY PROBLEM Barry Bird opened the Barry Bird...Ch. 4 - CHALLENGE PROBLEM Journal entries and a trial...

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