U2IP_PRINCIPLESOFACCOUNTING

MgjZfIu0

Main

Home >Homework Answsers >Business & Finance homework help >Accounting homework help

Choose only 1 assignment. You will be graded for only 1 assignment.

Choice 1:

Mary Ann Powers decided to go into business as a sole proprietor and established MAP Computer Consulting Services on October 01, 2010. Listed below are the transactions that took place during the month of October.

10/01    She opened a business checking account (bank) with a deposit of $25,000 from her personal account.
10/02    She purchased computer supplies for $1,500, paying for all of it by check from the business checking account.
10/03    She provided services to ABC Inc. and received payment of $795 for services rendered.
10/05    She paid rent for the company’s office space for the month ($900).
10/10    She paid office salaries ($2,100).
10/11    She billed customers for services provided on account ($17,000).
10/15    She purchased computer supplies for $3,000, paying $750 in cash and the rest on account.
10/16    She paid automobile expenses of $250 and miscellaneous expenses of $100.
10/20    She paid creditors on the account ($500).
10/25    She received a cash payment of $5,000 from customers previously billed (on account).
10/31    She determined that the cost of supplies available on hand at the end of the month is $2,500; therefore, the cost of supplies used was $2,000.
10/31    Mary Ann Powers withdrew cash for personal use ($1,000).

Instructions:

Journalize the transactions above using the form provided.

Click here to download the Unit 2 Template: Choice 1

Please submit your assignment.

-OR-

Choice 2:

Mary Ann Powers decided to go into business as a sole proprietor and established MAP Computer Consulting Services on October 01, 2010. Listed below are accounts to use for transactions (chart of accounts). Following this list are the transactions that occurred during the first month of operations. For each transaction, you are to indicate the accounts that should be debited and credited in the appropriate box.

Chart of Accounts

Cash

Accounts Receivable

Supplies

Accounts Payable

Mary Ann Powers, Capital

Mary Ann Powers, Drawing

Fees Earned

Rent Expense

Salaries Expense

Automobile Expense

Supplies Expense

Miscellaneous Expense

10/01    She opened a business checking account (bank) with a deposit of $25,000 from her personal account.
10/02    She purchased computer supplies for $1,500, paying for all of it by check from the business checking account.
10/03    She provided services to ABC Inc. and received payment of $795 for services rendered.
10/05    She paid rent for the company’s office space for the month, $900.
10/10    She paid office salaries, $2,100.
10/11    She billed customers for services provided on account ($17,000).
10/15    She purchased computer supplies for $3,000, paying $750 in cash and the rest on account.
10/16    She paid automobile expenses of $250 and miscellaneous expenses of $100.
10/20    She paid creditors on the account ($500).
10/25    She received a cash payment of $5,000 from customers previously billed (on account).
10/31    She determined the cost of supplies available on hand at the end of the month is $2,500; therefore, the cost of supplies used was $2,000.
10/31    Mary Ann Powers withdrew cash for personal use ($1,000).

Instructions: