Reference no: EM131298767
Desiree Clark is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred.
May 1 Clark invested 20,000 cash in her business
May 2 Hired a secretary-receptionist at a salary of $2,000 per month
May 3 Purchased $2,500 of supplies on account from Read Supply Company
May 7 Paid office rent $900 cash for the month
May 11 Completed tax assignment and billed client $3,200
May 12 Received $3,500 advance on management consulting engagement
May 17 Received cash of $1,200 for services completed of C. Desmond Co.
May 31 Paid Secretary-receptionist $2,000 salary for the month
May 31 paid 60% of balance due Read Supply Company
Desiree uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 301 Owner's Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
Instructions
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on May 31, 2012.
How do we apply the loanable funds market model
: How do we apply the loanable funds market model?
|
Global economy-national economies and competition
: Identify and read at least four peer-reviewed journal articles focused on macroeconomic factors in two selected countries. Use national statistical data or data from international institutions (World Economic Forum, World Bank, International Monet..
|
How are institutions related to economic growth
: What do economists mean by the term "institutions"? How are institutions related to economic growth?
|
Marginal utility and marginal utility over price
: Calculate the Average Utility, Marginal Utility and Marginal Utility over Price (MU/P) and find Consumer Optimum. How many drink(s) and chicken nugget(s) should you purchase to reach consumer optimum?
|
Prepare a trial balance on may 31
: Journalize the transactions - Post to the ledger accounts and Prepare a trial balance on May 31, 2012 - Desiree uses the following chart of accounts:
|
Explain leadership challenge facing twenty first century
: Explains each leadership challenge facing 21st century leader: adaptability, sustainability, innovation, knowledge management, and globalization and the relationship each has to developing a competitive edge in business today.
|
Identify one specific issue and defend a particular position
: Identify one specific issue and defend a particular position on the issue. Defend the same position as other members of your group.
|
Analyze the various types of bankruptcy options
: Analyze the various types of bankruptcy options available to an individual client - Based on your analysis, recommend the most advantageous bankruptcy option for your client. Support your recommendation with one (1) example of such a bankruptcy op..
|
Tobin portfolio selection model suers
: According to some economists, Tobin's portfolio selection model suers from the following defiencies: (a) it explains the allocation of wealth between assets, but it does not explain the demand for money;
|