2 Daniels contributed $20,000 cash in exchange for capital. 2 Paid monthly office rent, $2,000. 3 Paid cash for a computer, $3,600. This equipment…

Published by admin at October 19, 2023

Tags

30 Daniels withdrew $1,000.Requirements

1. Journalize the transactions, using the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned Revenue; Daniels, Capital; Daniels, Withdrawals; Service Revenue; Rent Expense; and Utilities Expense. Explanations are not required.

2. Open a T-account for each of the accounts.

3. Post the journal entries to the T-accounts, and calculate account balances. Formal posting references are not required.

4. Prepare a trial balance as of December 31, 2016.

5. Prepare the income statement of Daniels Consulting for the month ended December 31, 2016.

6. Prepare the statement of owner’s equity for the month ended December 31, 2016.

7. Prepare the balance sheet as of December 31, 2016.

8. Calculate the debt ratio for Daniels Consulting at December 31, 2016.

2 Daniels contributed $20,000 cash in exchange for capital. 2 Paid monthly office rent, $2,000. 3 Paid cash for a computer, $3,600. This equipment…

"Get 15% discount on your first 3 orders with us" Use the following coupon FIRST15

Related posts

a running track measures 1056 ft per lap. to run 15.0 km how many laps should you run? How do you break the equation down into a solution map?

A local magic shop has a monopoly on the production of magic wands. Each customer wants only one magic wand, and the table below shows each…

A machine produces pipes used in airplanes. The average length of the pipe is 16 inches. The acceptable variance for the length is .3 inches. A…

"Get 15% discount on your first 3 orders with us"
Use the following coupon
FIRST15