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Accounting
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Jennifer Lopez opened a school for administrative skills called Lopez Office Training and completed the following transactions:

a. Contributed the following assets to the business:

Cash $5,700
Computers 4,300
Office Equipment 3,600

b. Found a location for her business and paid the first month’s rent, $260.

c. Paid for an advertisement announcing the opening of the school, $190.

d. Received applications from three students for a four-week administrative program and two students for a ten-day keyboarding course. The students will be billed a total of $1,300.

e. Purchased supplies on credit, $330.

f. Billed the enrolled students, $1,740.

g. Purchased a second-hand computer, $480, and office equipment, $380, on credit.

h. Paid for the supplies purchased on credit in e, $330.

i. Paid cash to repair a broken computer, $40.

j. Received partial payment from students previously billed, $1,080.

k. Paid the utility bill for the current month, $90.

l. Paid an assistant one week’s salary, $440.

m. Made a cash withdrawal of $300.

Hint(s)

1. Record the transactions directly in the T accounts, using the transaction letter to identify each debit and credit. Enter in the order presented above.

Cash
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 1 of Item 1 Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 3 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 5 of Item 1 Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 7 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 9 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 11 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 13 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 15 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 17 of Item 1
Bal.
Accounts Receivable
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 22 of Item 1 Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 24 of Item 1
Bal.
Supplies
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 27 of Item 1
Computers
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 29 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 31 of Item 1
Bal.
Office Equipment
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 34 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 36 of Item 1
Bal.
Accounts Payable
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 39 of Item 1 Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 41 of Item 1
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 43 of Item 1
Bal.
J. Lopez, Capital
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 48 of Item 1
J. Lopez, Withdrawals
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 50 of Item 1
Tuition Revenue
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 52 of Item 1
Salaries Expense
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 54 of Item 1
Utilities Expense
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 56 of Item 1
Rent Expense
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 58 of Item 1
Repair Expense
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 60 of Item 1
Advertising Expense
Selecta.b.c.d.e.f.g.h.i.j.k.l.m.Correct 62 of Item 1

Hint(s)

Hide

2. Prepare a trial balance using today's date. List all the accounts, in the order the T accounts are given. If an amount box does not require an entry, enter "0".

Lopez Office Training

Trial Balance

(Current Date)

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019

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Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.

a.Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company.

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The company paid $805 cash to repair computer equipment damagedwhen moving it.

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22

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