@ 80% 4:00 PM T-Mobile K210 The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,

Question

@ 80% 4:00 PM T-Mobile K210 The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,000 to start his own consulting Nov. 1: Purchased Nov. 5: Acquired a computer for $1000, paying $3.500 down with balance due Nov. 6: Purchased office supplies on account from Taylor Supply, $1.500. Nov.9: Paid Taylor Supply $400 on account. Nov. 10: Billed Barkley Insurance for consulting services performed, $6,000 Nov. 12: Collected $1,500 from Barkley Insurance. Nov. 12: Hired secretary to be paid $600 per week Nov. 15: Collected $1,000 from Bryant Realty for consulting services to be performed Nov. 26: Paid the secretary two weeks' wages, $1,200. Nov. 29: Received and paid the November utility bill, $700. Nov. 30: Received (but did not pay) the November telephone bill, $100. Nov. 30: Performed consulting services for Bing Enterprises, $4,800, to be collected in December. Nov. 30: Ruiz withdrew $1,400 from the business for personal living expenses. a one-year fire Insurance policy, $960

Explanation / Answer

1. Journal Entries 01-Nov Cash a/c 20000 to Capital 20000 01-Nov Prepaid Insurance 960 to Cash 960 05-Nov Computer 10000 to cash 3500 to Payable 6500 06-Nov office Supply 1500 to Taylor supply 1500 09-Nov Taylor supply 400 to cash 400 10-Nov Barkley Insurance 6000 to Revenue 6000 12-Nov Cash 1500 to Barkley Insurance 1500 12-Nov Secretary exp 600 to cash 600 15-Nov Cash 1000 Advance from Bryant Realty 1000 26-Nov Secretary exp 1200 to cash 1200 29-Nov Utilities exp 700 to cash 700 30-Nov Telephone exp 100 to telephone Payable 100 30-Nov Bing Enterprises 4800 to Revenue 4800 30-Nov Capital A/c 1400 tp cash 1400 2. Trial Balance Debit Credit Cash 13740 Capital 18600 Prepaid Insurance 960 Computer 10000 Payable 6500 office Supply 1500 Taylor supply 1100 Barkley Insurance 4500 Revenue 10800 Secretary exp 1800 Advance from Brant Realty 1000 Utilities exp 700 Telephone exp 100 telephone Payable 100 Bing Enterprises 4800 38100 38100 3. Adjusting Entries 30-Nov Insurance exp 80 to prepaid insurance 80 30-Nov Supply expenses 600 to Office Supply 600 30-Nov Depreciation 250 to Computer 250 30-Nov Advance from Bryant Realty 200 to Revenue 200 30-Nov Secretary exp 360 to secretary exp payable 360 4. Adjusted Trial Balance Debit Credit Cash 13740 Capital 18600 Prepaid Insurance 880 Computer 9750 Payable 6500 office Supply 900 Taylor supply 1100 Barkley Insurance 4500 Revenue 11000 Secretary exp 2160 Advance from Brant Realty 800 Utilities exp 700 Telephone exp 100 telephone Payable 100 Supply expenses 600 Depreciation 250 secretary exp payable 360 Insurance exp 80 Bing Enterprises 4800 38460 38460

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