User Account

All Pages

Define premiums on property and casualty insurance policies

Assignment Help Accounting Basics
Reference no: EM13504743

For the past several years, Abby Brown has operated a part-time consulting business from her home. As of June 1, 2012, Abby decided to move to rented quarters and to operate the business, which was to be known as Square One Consulting, on a full-time basis. Square One Consulting entered into the following transactions during June:

June 1. The following assets were received from Abby Brown: cash, $30,000; accounts receivable, $7,500; supplies, $2,000; and offi ce equipment, $15,000. There were no liabilities received.

1. Paid three months' rent on a lease rental contract, $6,000.

2. Paid the premiums on property and casualty insurance policies, $3,600.

4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,000.

5. Purchased additional offi ce equipment on account from Offi ce Depot Co., $6,000.

6. Received cash from clients on account, $4,000.

10. Paid cash for a newspaper advertisement, $200.

12. Paid Offi ce Depot Co. for part of the debt incurred on June 5, $1,200.

12. Recorded services provided on account for the period June 1-12, $13,000.

14. Paid part-time receptionist for two weeks' salary, $1,500.

17. Recorded cash from cash clients for fees earned during the period June 1-16, $9,000.

18. Paid cash for supplies, $1,400.

20. Recorded services provided on account for the period June 13-20, $8,500.

24. Recorded cash from cash clients for fees earned for the period June 17-24, $6,300.

26. Received cash from clients on account, $12,100.

27. Paid part-time receptionist for two weeks' salary, $1,500.

29. Paid telephone bill for June, $150.

30. Paid electricity bill for June, $400.

30. Recorded cash from cash clients for fees earned for the period June 25-30, $3,900.

30. Recorded services provided on account for the remainder of June, $2,500.

30. Abby withdrew $10,000 for personal use.

Reference no: EM13504743

Questions Cloud

Portion of the auditor''s work involves documentation : As discussed in class, a significant portion of the auditor's work involves documentation. The ability to document thought processes, testing procedures and conclusions clearly and concisely is required to meet the documentation standards of G..
Calculate the balance of each account as of march 31st : Cash, Accounts Receivable, Supplies, Prepaid Rent, Equipment, Accumulated Depreacition-Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings, Dividends, Service Expense, Depreciation Expense.
Find the change in the electric potential between two points : the potential energy of a +5x10-6C charge decrease from 0.17J when it is moved from point A to point B. What is the change in the electric potential between these two points
Compute hanson weighted : Compute Hanson weighted
Define premiums on property and casualty insurance policies : Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,000.
Determine the largest angle from the normal : An 18 mm wide diffraction grating has rulings of 710 lines per mm. Light is incident normally on the grating. What is the largest angle from the normal at which an intensity maximum is formed
Explain the specific heat capacity of aluminum of the sample : A sample of aluminum metal absorbs 9.86J of heat,upon which the temperature of the sample increases from 23.2 C to 39.5 C. SInce the specific heat capacity of aluminum is 0.90 J/g-K, the mass of the sample is what in grams
Prepare the journal entries for sales receivable : Prepare the journal entries for sales receivable
Explain the theoretical yield in moles for the reaction : Assume that an esterification reaction is done using 0.10 moles of a carboxylic acid and 1 moles of an alchohol. What is the theoretical yield (in moles) for the reaction. Explain.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discussing how measurement conventions

Write a paper in no more than 700 words in APA format discussing how measurement conventions (IASB and FASB) affect presentations. If your chosen company uses the cash basis of accounting, how would that differ from the accrual basis?

  Why taxpayer must include any amount in gross income

For each of the following items indicate, whether the individual taxpayer must include any amount in gross income.

  Maximum depreciation expense problem

Litman LLC placed in service on July 29, 2009 machinery and equipment (7 year property) with a basis of $400,000. Litmans income for the current year before expensing was $100,000. Calculate the maximum depreciation expense including section 179 (..

  Problem on non-deductible personal interest

To make the settlement equal, Donald agreed to pay Marla $600,000, payable over 10 years at 8% interest. For several years, Donald deducted the interest on his Federal income tax return as investment interest. Upon audit, the IRS disallowed the in..

  When auditing financial statements of a private company the

when auditing financial statements of a private company the minimum work an auditor must perform in connection with a

  Problem on spending variance for supply costs

The company's owner budgets for supply costs, a variable cost, at $2.10 per square foot. The actual supply cost last month was $3,260. In the company's flexible budget performance report for last month, what would have been the spending variance f..

  Clay mix in beginning inventory

Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Lester has 2,600 pounds of clay mix in beginning inventory and wants to have 3,000 pou..

  What will your equal monthly payment be

Suppose you take out a $15,000 loan at a 8% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for 5 years and then an additional balloon payment of $5,000 at the end of the last month. What wil..

  Reisner company assembled the following information in

reisner company assembled the following information in completing its march bank reconciliation balance per bank 11460

  When the fair market value of the assets acquired

When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill arises, GAAP requires that it be allocated to.

  Role of investment bankers

Is it true that the "flatter" or more nearly horizontal, the demand curve for a particular firm's stock, and the less important investors regard the signaling effect of the offering, the more important the role of investment bankers when the compa..

  Determine the bonds issue price

Stowers Research issues bonds dated Jan 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd