1
answer
0
watching
950
views
28 Sep 2019
On December 1, JumpStart Company provides $2,800 in services to clients.
Required:
(a) Journalize this event as if the clients had paid cash at the time the services were rendered.* (b)(1) Journalize this event as if the clients had been rendered the services on account.* (b)(2) Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.* *Refer to the Chart of Accounts for exact wording of account titles * The Journal should consist of 6 rows.
Chart of Accounts.
CHART OF ACCOUNTS JumpStart Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck
LIABILITIES 21 Accounts Payable 22 Unearned Revenue 23 Notes Payable
EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends
REVENUE 41 Fees Earned
EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense
On December 1, JumpStart Company provides $2,800 in services to clients.
Required:
| (a) | Journalize this event as if the clients had paid cash at the time the services were rendered.* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (b)(1) | Journalize this event as if the clients had been rendered the services on account.* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (b)(2) | Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| *Refer to the Chart of Accounts for exact wording of account titles * The Journal should consist of 6 rows. Chart of Accounts.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bunny GreenfelderLv2
29 Sep 2019
Related questions
On May 31, the following data were accumulated to assist theaccountant in preparing the adjusting entries for OceansideRealty:
| a. | Fees accrued but unbilled at May 31are $19,750. |
| b. | The supplies account balance on May31 is $12,300. The supplies on hand at May 31 are $4,150. |
| c. | Wages accrued but not paid at May31 are $2,700. |
| d. | The unearned rent account balanceat May 31 is $9,000, representing the receipt of an advance paymenton May 1 of three monthsâ rent from tenants. |
| e. | Depreciation of office equipment is$3,200. |
| Required: | |
| 1. | Journalize the adjustingentries required at May 31. Refer to the Chart of Accounts forexact wording of account titles. |
| 2. | What is the difference betweenadjusting entries and correcting entries? |
Chart of Accounts
| CHARTOF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oceanside Realty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
