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ACCT100 - J.Miller Design Studio Ch4 Comprehensive Problem Solution




Question;Chart of AccountsCash111Accounts Receivable113Office Supplies115Prepaid Rent117Office Equipment145Accumulated Depreciation - Office Equipment146Accounts Payable212Unearned Design Revenue213Wages Payable214J. Miller, Capital311J. Miller, Withdrawals312Income Summary313Design Revenue411Wages Expense511Utilities Expense512Rent Expense514Office Supplies Expense517Depreciation Expense - Office Equipment519Cash investment by J. MillerFor design services performed for Rave Department StoresPaid amount due for utility bill received and recorded in JulyPaid assistant four weeks' wagesPaid for office equipment purchased in JulyPaid September rent in advancePaid utilities bill for AugustPurchased office equipmentPurchased office suppliesReceived advance fee for design servicesReceived cash payment for design servicesReceived payment for design services performed last monthTo accrue unrecorded wagesTo close the expense accounts into the income summary accountTo close the income summary accountTo close the revenue account into the income summary accountTo close the withdrawals accountTo recognize expiration of one month's rentTo recognize office supplies used during the monthTo recognize performance of services paid for in advanceTo record depreciation of equipment for the monthTo record revenue earned, but not billed until SeptemberTo reverse the adjusting entry for accrued design revenue earnedTo reverse the adjusting entry for accrued wagesWithdrawal of cash by J. Miller


Paper#42595 | Written in 18-Jul-2015

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