Reference no: EM13512541
Harold Long started a business in May 20-- called Harold's Home Repair. Long hired a part-time college student as an assistant. Long has decided to use the following accounts for recording transactions:
Assets Owner's Equity
Cash Harold Long, Capital
Accounts Receivable Harold Long, Drawing
Office Supplies Revenue
Prepaid Insurance Service Fees
Equipment Expenses
Van Rent Expense
Liabilities Wages Expense
Accounts Payable Telephone Expense
Gas and Oil Expense
The following transactions occurred during May:
(a) Invested cash in the business, $20,000.
(b) Purchased a used van for cash, $7,000.
(c) Purchased equipment on account, $5,000.
(d) Received cash for services rendered, $6,000.
(e) Paid cash on account owed from transaction (c), $2,000.
(f) Paid rent for the month, $900.
(g) Paid telephone bill, $200.
(h) Earned revenue on account, $4,000.
(i) Purchased office supplies for cash, $120.
(j) Paid wages to student, $600.
(k) Purchased a one-year insurance policy, $1,200.
(l) Received cash from services performed in transaction (h), $3,000.
(m) Paid cash for gas and oil expense on the van, $160.
(n) Purchased additional equipment for $3,000, paying $1,000 cash and spreading the remaining payments over the next 10 months.
(o) Earned service fees for the remainder of the month of $3,200: $1,800 in cash and $1,400 on account.
(p) Withdrew cash at the end of the month, $2,800.
REQUIRED
1. Enter the transactions in T accounts, identifying each transaction with its corresponding letter.
2. Foot and balance the accounts where necessary.
3. Prepare a trial balance as of May 31, 20
|
Find the dollar amount on the debit or credit side
: Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side.
|
|
What is the accounting treatment if the foreign entity
: What is the accounting treatment if the foreign entity’s currency is the functional currency?
|
|
By what factor does the average intensity of the wave change
: If the rms value of the electric field in an electromagnetic wave is doubled, by what factor does the average intensity of the wave change
|
|
Explain what will be the percent ionization
: For a 0.25M solution of HF: a) Write the ionization equation, b) What will be the concentration of all species present, excluding water, when the reaction is at equilibrium?, c) What will be the pH, d) what will be the percent ionization
|
|
Identifying each transaction with its corresponding letter
: Harold Long started a business in May 20-- called Harold's Home Repair. Long hired a part-time college student as an assistant. Long has decided to use the following accounts for recording transactions.
|
|
Issues in international accounting
: The developments surrounding the agreement have heightened the importance of how translation of foreign-based operations should be handled.
|
|
Explain the logic behind this performance standard
: In several companies, a performance standard for maintenance technicians is to have relatively few demands for service from the manufacturing department. Explain the logic behind this performance standard.
|
|
What is the rms speed of the carbon dioxide molecules
: On a particular afternoon in Houston, the nitrogen (N2) molecules in the air have an rms speed of 515 m/s. What is the rms speed of the carbon dioxide (CO2) molecules
|
|
Journalize the adjusting entry required
: Journalize the adjusting entry required at June 30, the end of the first month of the current fiscal year, to record the accrued product warranty.
|