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Tutorial Exercises

The document outlines financial transactions for two licensed professionals, Jane Kent (CPA) and Maria Juarez (dentist), during their first month of business operations. It includes details of investments, expenses, services provided, and accounts payable, along with instructions for journalizing transactions, posting to ledger accounts, and preparing trial balances. Each professional has a specific chart of accounts for recording their financial activities.

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9 views1 page

Tutorial Exercises

The document outlines financial transactions for two licensed professionals, Jane Kent (CPA) and Maria Juarez (dentist), during their first month of business operations. It includes details of investments, expenses, services provided, and accounts payable, along with instructions for journalizing transactions, posting to ledger accounts, and preparing trial balances. Each professional has a specific chart of accounts for recording their financial activities.

Uploaded by

Doaafathy3189
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Exercises

1- For tutorial
1- Jane Kent is a licensed CPA. During the first month of operations of her business,
the following events and transactions occurred.
May 1 Kent invested $25,000 cash.
2 Hired a secretary-receptionist at a salary of $2,000 per month.
3 Purchased $2,500 of supplies on account from Read Supply Company.
7 Paid office rent of $900 cash for the month.
11 Completed a tax assignment and billed client $2,100 for services provided.
12 Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services completed for H. Arnold Co.
31 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 40% of balance due Read Supply Company.
Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts
Receivable, No. 126, Supplies, No. 201 Accounts Payable, No. 205 Unearned
Revenue, No. 301 Jane Kent, Capital; No. 400 Service Revenue, No. 526 Salaries
Expense, and No. 529 Rent Expense.
Instructions
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on May 31, 2010.
2- Assignment to be delivered before Thursday lecture
Maria Juarez is a licensed dentist. During the first month of the operation of her
business, the following events and transactions occurred.
April 1 Invested $40,000 cash.
1 Hired a secretary-receptionist at a salary of $600 per week payable monthly.
2 Paid office rent for the month $1,000.
3 Purchased dental supplies on account from Smile Company $4,000.
10 Provided dental services and billed insurance companies $5,100.
11 Received $1,000 cash advance from Trudy Borke for an implant.
20 Received $2,100 cash for services completed and delivered to John Stanley.
30 Paid secretary-receptionist for the month $2,400.
30 Paid $1,600 to Smile Company for accounts payable due.
Maria uses the following chart of accounts: No. 101 Cash, No. 112 Accounts
Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned
Revenue, No. 301 Maria Juarez, Capital; No. 400 Service Revenue, No. 526 Salaries
Expense, and No. 529 Rent Expense.

Instructions
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on April 30, 2010.

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