Deb Sikes Started Her Practice As A Design Consultant On
Deb Sikes Started Her Practice As A Design Consultant On
Deb Sikes Started Her Practice As A Design Consultant On
#348
Deb Sikes started her practice as a design consultant on November 1, 2017. During the first
month of operations, the business completed the following transactions:Nov. 1 Received
$39,000 cash and issued common stock to Sikes.4 Purchased office supplies, $900, and
furniture, $1,800, on account.6 Performed services for a law firm and received $2,000 cash.7
Paid $24,000 cash to acquire land to be used in operations.10 Performed services for a hotel
and received its promise to pay the $1,200 within one week.14 Paid for the furniture purchased
on November 4 on account.15 Paid assistant's semimonthly salary, $1,410.17 Received cash
on account, $1,000.20 Prepared a design for a school on account, $900.25 Received $2,100
cash for design services to be performed in December.28 Received $2,800 cash for consulting
with Plummer & Gordon.29 Paid $1,080 cash for a 12-month insurance policy starting on
December 1.30 Paid assistant's semimonthly salary, $1,410.30 Paid monthly rent expense,
$800.30 Received a bill for utilities, $600. The bill will be paid next month.30 Paid cash
dividends of $4,000.Requirements1. Record each transaction in the journal using the following
account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Furniture; Land;
Accounts Payable; Utilities Payable; Unearned Revenue; Common Stock; Dividends; Service
Revenue; Salaries Expense; Rent Expense; Utilities Expense. Explanations are not required.2.
Open a T-account for each of the accounts.3. Post the journal entries to the T-accounts, using
transaction dates as posting references in the ledger accounts. Label the balance of each
account Bal.4. Prepare the trial balance of Deb Sikes, Designer, as of November 30, 2017.View
Solution:
Deb Sikes started her practice as a design consultant on
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