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E3-4 A tabular analysis of the transactions made during August

Customer Question

E3-4 A tabular analysis of the transactions made during August 2012 by Nigel Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.


Instructions
(a) Describe each transaction.
(b) Determine how much stockholders’ equity increased for the month.
(c) Compute the net income for the month.
E3-9 The May transactions of StepAside Corporation were as follows.
May 4 Paid $700 due for supplies previously purchased on account.
7 Performed advisory services on account for $6,800.
8 Purchased supplies for $850 on account.
9 Purchased equipment for $1,000 in cash.
17 Paid employees $530 in cash.
22 Received bill for equipment repairs of $900.
29 Paid $1,200 for 12 months of insurance policy. Coverage begins June 1.
Instructions
Journalize the transactions. Do not provide explanations.
P3-5A Towne Architects incorporated as licensed architects on April 1, 2012. During
the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $18,000 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green Company $1,300.
10 Completed blueprints on a carport and billed client $1,900 for services.
11 Received $700 cash advance from J. Madison to design a new home.
20 Received $2,800 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,500.
30 Paid $300 to Spring Green Company for accounts payable due.
The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts Payable,
Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense,
and Rent Expense.
Instructions
(a) Journalize the transactions, including explanations.
(b) Post to the ledger T accounts.
(c) Prepare a trial balance on April 30, 2012.

P3-6A This is the trial balance of Mimosa Company on September 30.
MIMOSA COMPANY
Trial Balance
September 30, 2012
Debit Credit
Cash $ 8,200
Accounts Receivable 2,600
Supplies 2,100
Equipment 8,000
Accounts Payable $ 4,800
Unearned Service Revenue 1,100
Common Stock 15,000
$20,900 $20,900
The October transactions were as follows.
Oct.
5 Received $1,300 in cash from customers for accounts receivable due.
10 Billed customers for services performed $5,100.
15 Paid employee salaries $1,200.
17 Performed $600 of services for customers who paid in advance in August.
20 Paid $1,900 to creditors for accounts payable due.
29 Paid a $300 cash dividend.
31 Paid utilities $400.

Instructions
(a) Prepare a general ledger using T accounts. Enter the opening balances in the ledger
accounts as of October 1. Provision should be made for these additional accounts:
Dividends, Service Revenue, Salaries and Wages Expense, and Utilities Expense.
(b) Journalize the transactions, including explanations.
(c) Post to the ledger accounts.
(d) Prepare a trial balance on October 31, 2012.
Submitted: 3 years ago.
Category: Homework
Expert:  F. Naz replied 3 years ago.
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Expert:  Seanna replied 3 years ago.
Hello. I am afraid we can only lock questions after the answer has been accepted.
Customer: replied 3 years ago.
cand it be closed then

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