Brian invests $10,000 cash to begin an accounting service.

part A (30 points)

Record the following transactions in the basic accounting equation:

a.Brian invests $10,000 cash to begin an accounting service.
b.The company buys office furniture for cash, $600.
c.The company buys additional office furniture on account, $300.
d.The company makes a payment on the office furniture, $200.

Brian’s Accounting Service

Cash + Office Furniture = Accounts Payable + Brian’s Capital

Part B (40 points)
The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form.
Cash $1,370
Accounts Payable 770
Office Equipment 900
Benson, Capital 1,500
Benson, Withdrawals 500
Accounts Receivable 1,600
Service Fees 2,730
Salaries Expense 630

Part C (30 points)

The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.

a.Tyler invested $6,500 in the bike service from his personal savings account.
b.Bought office equipment for cash, $900.
c.Performed bike service for a customer on account, $1,000.
d.Company cell phone bill received, but not paid, $80.
e.Collected $500 from customer in transaction c.
f.Tyler withdrew $300 for personal use.

Part D (20 points)
Prepare in proper form journal entries for the following transactions. Omit explanations.

2 Owner made a cash investment into the company $5,000
8 Bought supplies on account $100.
10 Paid salaries, $700
15 Paid for supplies purchased on October 8
21 Received company telephone bill, to be paid later, $30

Part E (5 points each for a possible total of 50 points)
Record the following selected transactions for January in a two-column journal, identifying each entry by letter:
a.Earned $7,000 fees; customer will pay later.
b.Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit
c.Paid $3,000 for rent for January.
d.Purchased $2,500 of supplies on account.
e.A. Allen $1,000 investment in the company.
f.Received $7,000 in cash for fees earned previously.
g.Paid $1,200 to creditors on account.
h.Paid wages of $6,250.
i.Received $7,150 from customers on account.
j.A. Allen withdrawal of $1,750.

Part F
1.(10 points) From the following items in the income statement columns of the worksheet of Friend’s Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period.

Income Statement
Account Debit Credit
Tutoring Fees 3,450
Wages Expense 700
Rent Expense 600
Supplies Expense 450
Insurance Expense 250
2,000 3,450
Net Income 1,450
$3,450 $3,450

2.(5 points each for a possible total of 20 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year.
Answer the following questions.

a.What was the total amount of withdrawals for the year?
b.What was the net income?
c.What was the total revenue?
d.What were the total expenses?

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Thanks for pulling this together!!
Customer 463875, April 29th, 2023
Military science
Some of the paper did not tie into the topic, and was used to fill space. Overall, happy with the end result.
Customer 462263, November 29th, 2021
Political science
Great work thank you
Customer 453983, February 4th, 2020
IT, Web
The new writer was amazing and followed the instructions perfectly! Thank you so much for tackling all requirements on short notice and a HUGE thank you to the support team for remaining in contact with me until a resolution was received.
Customer 452455, January 13th, 2023
Nice job.
Customer 452441, April 6th, 2022
Excellent work.
Customer 459155, June 7th, 2022
Business and administrative studies
I had to make some updates but overall the paper was great. Will need to use this writer again for the next part.
Customer 453721, October 29th, 2022
Good work.
Customer 463001, May 27th, 2022
English 101
Good. However, always manually proofread,
Customer 460547, April 25th, 2022
Good job
Customer 456821, November 28th, 2022
Good Job!
Customer 454777, July 8th, 2020
Thank you!!!
Customer 454087, June 19th, 2020
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat