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Accounting

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In this case, you will record the effects of transactions using the accrual method of accounting.;Carl Crow is a licensed architect. During the first month of operation of his business, the events and transactions listed below occurred.;Prepare general journal entries using an Excel spreadsheet to record the transactions listed below for the Carl Crow Co.;Assignment Template - Template attached;Use the following chart of accounts;Cash;Accounts receivable;Supplies;Accounts payable;Unearned revenue;Carl Crow, capital;Service revenue;Salaries expense;Rent expense;Use the numbers beside each transaction to identify your entries;Invested $30,000 in cash.;Hired a secretary-receptionist at a salary of $500 per week payable monthly.;Paid office rent of $800 for the month.;Purchased architectural supplies on account from Halo Company for $1,500.;Completed blueprints on a carport and billed client $1,200 for services.;Received $500 cash advance from R. Welk for the design of a new home.;Received $1,500 cash for services completed and delivered to P. Donahue.;Paid the secretary-receptionist $2,000 for the month.;Paid $600 to the Halo Company for accounts payable due.;Instructions;In an Excel spreadsheet, prepare journal entries 1 through 9. Make sure that the debits equal the credits for each journal entry. Under each journal entry, be sure to include one sentence that explains the transaction.

 

Paper#74299 | Written in 18-Jul-2015

Price : $27
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