complete-2-accounting-tasks-tha
TASK 4:
Assignment Instructions
Mary Sunny began business as Sunny Law Firm on November 1. Record the following November transactions by making entries directly to the T-accounts provided. Next, prepare a trial balance as of November 30.
Part A | Mary invested $15,000 cash and a law library valued at $6,000. |
Part B | Purchased $7,500 of office equipment from John Bronx on credit. |
Part C | Completed legal work for a client and received $1,500 cash in full payment. |
Part D | Paid John Bronx $3,500 cash in partial payment of the amount owed. |
Part E | Completed $4,000 of legal work for a client on credit. |
Part F | Mary withdrew $2,000 cash from the business for personal use. |
Part G | Received $2,500 cash as partial payment for the legal work completed for the client in (e). |
Part H | Paid $2,500 cash for the secretary’s salary. |
Task 7:
Assignment Instructions
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.
Feb 2 | Write a $400 check to establish a petty cash fund. |
Feb 5 | Purchased paper for the copier for $14.15 that is immediately used. |
Feb 9 | Paid $32.50 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. |
Feb 12 | Paid $7.95 postage to deliver a contract to a client |
Feb 14 | Reimbursed Adina Sharon, the manager, $68 for mileage on her car. |
Feb 20 | Purchased office paper for $67.77 that is immediately used. |
Feb 23 | Paid a courier $20 to deliver merchandise sold to a customer, terms FOB destination. |
Feb 25 | Paid $13.10 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These cost are added to merchandise inventory. |
Feb 27 | Paid $54 for postage expenses |
Feb 28 | The fund had $120.42 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. |
Feb 28 | The petty cash fund amount is increased by $100 to a total of $500 |