please answer all parts Humble Management Services opened for business and compl

ID: 2332174 • Letter: P

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please answer all parts

Humble Management Services opened for business and completed these transactions in September. Sept. 1 Henry Humble, the owner, invested $38,000 cash along with office equipment valued at PROBLEM SET B $15,000 in the company 2 The company prepaid $9,000 cash for 12 months' rent for office space. (Hint: Debit Prepaid Preparing and posting Problem 2-1B Rent for $9,000.) journal entries; preparing a trial balance C3 C4 A1 P1 P2 4 The company made credit purchases for $8,000 in office equipment and $2,400 in office sup- plies. Payment is due within 10 days. 8 The company completed work for a client and immediately received $3,.280 cash. The company completed a $15,400 project for a client, who must pay within 30 days. The company paid $10,400 cash to settle the payable created on September 4, The company paid $1,900 cash for the premium on an 18-month insurance policy. (Hint: Debit Prepaid Insurance for $1,900.) The company received $7,700 cash as partial payment for the work completed on September 12. The company completed work for another client for $2,100 on credit. Henry Humble withdrew S5,300 cash from the company for personal use. The company purchased $550 of additional office supplies on credit. The company paid $860 cash for this month's utility bill. 12 13 19 22 24 28 29 30

Explanation / Answer

Henry Humble Journal Entries Date Particular Amt(DR) Amt(CR) 01-Sep Cash $ 38,000.00 Office Equipment $ 15,000.00 To Henry Humble's Capital $ 53,000.00 (Being amount invested in business by Henry Humble ) 02-Sep Prepaid Rent $ 9,000.00 To Cash $ 9,000.00 (Being amount of Prepaid expenses) 04-Sep Office Equipment $ 8,000.00 Office Supplies $ 2,400.00 To Accounts Payable $ 10,400.00 (Being amount of Office Equipment & Office Supplies Purchased on credit) 08-Sep Cash $ 3,280.00 To Service Revenue $ 3,280.00 (Being amount of cash received from customers for Service renderd) 12-Sep Accounts Receivable $ 15,400.00 To Servie Revenue $ 15,400.00 (Being amount of service provided) 13-Sep Accounts Payable $ 10,400.00 To Cash $ 10,400.00 (Being amount paid to creditors) 19-Sep Prepaid Insurance $ 1,900.00 To Cash $ 1,900.00 (Being amount of Insurance paid for 18 months) 22-Sep Cash $ 7,700.00 To Accounts Receivable $ 7,700.00 (Being amount of cash received from customer) 24-Sep Accounts Receivable $ 2,100.00 To Service Revenue $ 2,100.00 (Being amount of Service Provided to client on credit) 28-Sep Henry Huble's drawings $ 5,300.00 To Cash $ 5,300.00 (Being amount withdraw for personal use) 29-Sep Office Supplies $ 550.00 To Accounts Payable $ 550.00 (Being amount of Office Supplies purchased on credit) 30-Sep Utiltiy Expenses $ 860.00 To Cash $ 860.00 (Being amount of utility expenses paid) Cash Date Particular Amt (DR) Amount (Cr) Balance 01-Sep Common Stock $ 38,000.00 $ 38,000.00 02-Sep Prepaid Rent $ 9,000.00 $ 29,000.00 08-Sep Service Revenue $ 3,280.00 $ 32,280.00 13-Sep Accounts Payable $ 10,400.00 $ 21,880.00 19-Sep Prepaid Insurance $ 1,900.00 $ 19,980.00 22-Sep Accounts Receivable $ 7,700.00 $ 27,680.00 28-Sep Henry Humble's drawings $ 5,300.00 $ 22,380.00 30-Sep Utiltiy Expenses $ 860.00 $ 21,520.00 Henry Humble's Capital Date Particular Amt (DR) Amount (Cr) Balance 01-Sep Cash $ 38,000.00 $ 38,000.00 Office Equipment $ 15,000.00 53,000.00 Prepaid Rent Date Particular Amt (DR) Amount (Cr) Balance 02-Sep Cash $ 9,000.00 $ 9,000.00 Office Equipment Date Particular Amt (DR) Amount (Cr) Balance 01-Sep Common Stock $ 15,000.00 $ 15,000.00 04-Sep Accounts Payable $ 8,000.00 23,000.00 Office Supplies Date Particular Amt (DR) Amount (Cr) Balance 04-Sep Accounts Payable $ 2,400.00 $ 2,400.00 29-Sep Accounts Payable $ 550.00 $ 2,950.00 Henry Humble's Drawings Date Particular Amt (DR) Amount (Cr) Balance 28-Sep Cash $ 5,300.00 $ 5,300.00 Accounts Receivable Date Particular Amt (DR) Amount (Cr) Balance 12-Sep Service Revenue $ 15,400.00 $ 15,400.00 22-Sep Cash $ 7,700.00 $ 7,700.00 24-Sep Service Revenue $ 2,100.00 $ 9,800.00 Accounts Payable Date Particualr Amt (DR) Amount (Cr) Balance 04-Sep Office Equipment $ 8,000.00 8000 Office Supplies $ 2,400.00 10400 13-Sep Cash $ 10,400.00 29-Sep Office Supplies $ 550.00 $ 550.00 Service Revenue Date Particular Amt (DR) Amount (Cr) Balance 08-Sep Cash $ 3,280.00 $ 3,280.00 12-Sep Accounts Receivable $ 15,400.00 $ 18,680.00 24-Sep Accounts Receivable $ 2,100.00 $ 20,780.00 Prepaid Insurance Date Particular Amt (DR) Amount (Cr) Balance 19-Sep Cash $ 1,900.00 $ 1,900.00 Utitlity Expenses Date Particular Amt (DR) Amount (Cr) Balance 30-Sep Cash $ 860.00 $ 860.00 Trial Balance September 30th Account Title & Explaination Amt (Dr) Amt (Cr) Cash $ 21,520.00 Accounts Receivable $ 9,800.00 Office Supplies $ 2,950.00 Prepaid Rent $ 9,000.00 Prepaid Insurance $ 1,900.00 Office Equipment $ 23,000.00 Accounts Payable $ 550.00 Service Revenue $ 20,780.00 Henry Humble's Capital $ 53,000.00 Henry Humble's Drawings $ 5,300.00 Utiltiy Expenses $ 860.00 Total $ 74,330.00 $ 74,330.00

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