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Journalizing, Posting, and Preparing a Trial Balance Complete

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Journalizing, Posting, and Preparing a Trial Balance

• Complete P2-2A of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C.

P2-2A Jane Kent is a licensed CPA. During the first month of operations of her business, Jane
Kent, Inc., the following events and transactions occurred.
May 1 Stockholders invested $25,000 cash in exchange for common stock.
2 Hired a secretary-receptionist at a salary of $2,000 per month.
3 Purchased $2,500 of supplies on account from Read Supply Company.
7 Paid office rent of $900 cash for the month.
11 Completed a tax assignment and billed client $2,100 for services provided.
12 Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services completed for H. Arnold Co.
31 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 40% of balance due Read Supply Company.
Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126
Supplies,No. 201 Accounts Payable,No. 205 Unearned Revenue,No. 311 Common Stock,No. 400
Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.

Appendix C
Journalizing, Posting, and Preparing a Trial Balance
Preparing a Trial Balance
Prepare a trial balance dated May 31, 2008 for Jane Kent, Inc. Debit and Credit totals are double-underlined. You can place summation formulas in F17 and G17 to compute debit and credit totals. Otherwise, you can compute totals using a calculator, then enter totals directly.


Trial Balance
Accounts Receivable
Accounts Payable
Unearned Revenue
Common Stock
Service Revenue
Salaries Expense
Rent Expense

• Write a message of 250 to 400 words in the body of your posting that justifies what you did in Appendix C. This message constitutes part d of the assignment. Address your message to your creditors and explain:

o The general goals of financial reporting
o The steps you took in the recording process
o How the steps you took support the principles of accounting

• Post your message and the completed Appendix C as an attachment.
Submitted: 7 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 7 years ago.

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Customer: replied 7 years ago.
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Expert:  Manal Elkhoshkhany replied 7 years ago.

You are not supposed to take the solution and present is as your own. We are not here to do your homework for you, but rather to help you do your HW. I have also clearly stated at the beginning of the solution that I sometimes provide solutions from the book's solutions manual and although this time the solution is purely mine, other students might have purchased it before and there is a chance that others would purchase it in the future so you always need to reword the answers


Thank you

Customer: replied 7 years ago.

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Expert:  Manal Elkhoshkhany replied 7 years ago.

Thank you but I am not sure what you mean by your message