ACC 103 Chapter 2 Analyzing and Recording Transactions 1.Humble Management Services opens for business and completes the following transactions in September Sept 1 Henry, the owner, invests $38,000...

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ACC 103 Chapter 2 Analyzing and Recording Transactions


1.Humble Management Services opens for business and completes the following transactions in September



  1. Sept 1 Henry, the owner, invests $38,000 cash along with office equipment valued at $15,000 in the company

  2. The company prepaid $ 9,000 cash for 12 months’ rent for office space

  3. The company made credit purchases for $8,000 in office equipment and $2,400 in office supplies.



8 . The company completed work for a client and immediately received $10,000 cash



12. The company completed a $15,000 project for a client who must pay within 30 days



13. The company paid $ 10,400 to settle the payable created on Sept 4



19. The company paid $1,900 cash for the premium on a 18-month insurance policy



22. The company received $7,700 cash payment as a partial payment for the work completed on September 12



24. The company completed work for another client for $2,100 on credit



28. Henry withdrew $5,300 cash from the company for personal use



29. The company purchased $550 of additional office supplies on credit



30. The company paid $ 860 cash for this month’s utility bill






Required: (a) Ledger Accounts



(b) Prepare a Trial Balance


2. Nuncio Consulting completed the following transactions during June.



  1. Armand Nuncio, the owner, invested $35,000 cash along with office equipment valued at $11,000 in the new company.

  2. The company purchased land valued at $7,500 and a building valued at $40,000. The purchase is paid with $15,000 cash a long-term note payable for $32,500

  3. The company purchased $500 pf office supplies on credit.

  4. A Nuncio invested his personal automobile the company. The automobile has a value of $8,000 and is to be used exclusively in business

  5. The company purchased $1,200 of additional office equipment on credit.

  6. The company paid $1,000 cash salary to an assistant.

  7. The company provided services to a client and collected $3,200 cash.

  8. The company paid $540 cash for this month’s utilities

  9. The company paid $500 cash to settle the payable created in transaction c.

  10. The company purchased $3,400 of new office equipment by paying $3,400 cash.

  11. The company completed $4,200 of services for a client, who must pay within 30 days.

  12. The company paid $1,000 cash salary to an assistant.

  13. The company received $2,200 cash in partial payment on the receivable created in transaction k.

  14. A Nuncio withdrew $1,100 cash from the company for personal use.






Required



  1. General Journal

  2. Ledger Accounts

  3. Trial Balance

Answered Same DayOct 11, 2021

Answer To: ACC 103 Chapter 2 Analyzing and Recording Transactions 1.Humble Management Services opens for...

Kiran answered on Oct 12 2021
148 Votes
Ques_1 Humble Management
    Ques_1 Humble Management Service
    (A) - Ledger Accounts
    Account Name        Cash
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 1    Henry's Capital        $38,000        $38,000            
    Sept. 2    Prepaid Rent            $9,000    $29,000
    Sept. 10    Service Revenue        $10,000        $39,000
    Sep. 13    Accounts Payable            $10,400    $28,600
    Sep. 14    Prepaid Insurance            $1,900    $26,700
    Sep. 15    Accounts Receivable        $7,700        $34,400
    Sep. 18    Henry's Drawing            $5,300    $29,100
    Sept. 30    Utilities Expense            $860    $28,240
    Account Name        Office Equipment
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 1    Henry's Capital        $15,000        $15,000
    Sept. 3    Accounts Payable        $8,000        $23,000
    Account Name        Henry's Capital
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 1    Cash & Equipment            $53,000    $53,000
    Account Name        Prepaid Rent
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 2    Cash        $9,000        $9,000
    Account Name        Office Supplies
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 3    Accounts Payable        $2,400        $2,400
    Sept. 20    Accounts Payable        $550        $2,950
    Account Name        Accounts Payable
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 3    Office Equipment            $8,000    $8,000
    Sept. 3    Office Supplies            $2,400    $10,400
    Sept. 13    Cash        $10,400        $0
    Sept. 20    Office Supplies            $550    $550
    Account Name        Service Revenue
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 10    Cash            $10,000    $10,000
    Sept. 12    Accounts Receivable            $15,000    $25,000
    Sep. 16    Accounts Receivable            $2,100    $27,100
    Account Name        Accounts Receivable
    Date    Explanation    PR    Debit    Credit    Balance
    Sept. 12    Service Revenue        $15,000        $15,000
    Sept. 15    Cash            $7,700    $7,300
    Sep. 16    Service Revenue        $2,100        $9,400
    Account Name        Prepaid Insurance
    Date    Explanation    PR    Debit    Credit    Balance
    Sep. 14    Cash        $1,900        $1,900
    Account Name        Henry's...
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