Scribd Logo
Upload

Welcome to Scribd!

  • 69 views

    FA I Mid Assignment Moellim

    Uploaded by

    Memes Creator
    The document provides a mid-term assignment for a Financial Accounting course that involves recording various business transactions for a computer consulting company into journal entries, posting them to ledger accounts, preparing a trial balance, and using the trial balance to make 3 basic financial statements. Students are instructed to show their work by hand and then scan and submit their assignment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    FA I Mid Assignment Moellim

    Uploaded by

    Memes Creator
    69 views2 pages
    The document provides a mid-term assignment for a Financial Accounting course that involves recording various business transactions for a computer consulting company into journal entries, posting them to ledger accounts, preparing a trial balance, and using the trial balance to make 3 basic financial statements. Students are instructed to show their work by hand and then scan and submit their assignment.

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document provides a mid-term assignment for a Financial Accounting course that involves recording various business transactions for a computer consulting company into journal entries, posting them to ledger accounts, preparing a trial balance, and using the trial balance to make 3 basic financial statements. Students are instructed to show their work by hand and then scan and submit their assignment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views2 pages

    FA I Mid Assignment Moellim

    Uploaded by

    Memes Creator
    The document provides a mid-term assignment for a Financial Accounting course that involves recording various business transactions for a computer consulting company into journal entries, posting them to ledger accounts, preparing a trial balance, and using the trial balance to make 3 basic financial statements. Students are instructed to show their work by hand and then scan and submit their assignment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    FINANCIAL ACCOUNTING-I

    MID-TERM ASSIGNMENT
    Instructions

    Prepare handwritten assignment on simple white page without lines. After completing your
    assignment, scan it according to instructions given you during class and upload a pdf file (1 file) for
    grading.
    Question 1

    Gary Bauer opens a computer consulting business called “Consultants” and completes the
    following transactions

    i. Bauer invested $100,000 cash along with $24,000 in office equipment in the
    company.
    ii. The owner invested again $105,000 cash, office equipment with a value of $6,000,
    and $45,000 of drafting equipment to launch the company.
    iii. The company prepaid $7,200 cash for twelve months’ rent for an office. (Hint: Debit
    Prepaid Rent for $7,200.)
    iv. The company made credit purchases of office equipment for $12,000 and office
    supplies for $2,400.
    v. The company completed services for a client and immediately received $2,000 cash.
    vi. The company completed an $8,000 project for a client, who must pay within 30
    days.
    vii. The company paid $14,400 cash to settle the account payable.
    viii. The company paid $6,000 cash for the premium on a 12-month insurance policy.
    (Hint: Debit Prepaid Insurance for $6,000.)
    ix. The company received $6,400 cash as partial payment for the work completed.
    x. The company completed work for another client for $2,640 on credit.
    xi. Bauer withdrew $6,200 cash from the company for personal use.
    xii. The company purchased $800 of additional office supplies on credit.
    xiii. The company paid $700 cash for this month’s utility bill.
    xiv. The company purchased land worth $54,000 for an office by paying $5,400 cash and
    signing a long-term note payable for $48,600.
    xv. The company purchased a portable building with $75,000 cash and moved it onto
    the land acquired.
    xvi. The company paid $6,000 cash for the premium on an 18-month insurance policy.
    xvii. The company completed and delivered a set of plans for a client and collected
    $5,700 cash.
    xviii. The company purchased $22,500 of additional drafting equipment by paying
    $10,500 cash and signing a long-term note payable for $12,000.
    xix. The company completed $12,000 of engineering services for a client. This amount is
    to be received in 30 days.
    xx. The company purchased $2,250 of additional office equipment on credit.
    xxi. The company completed engineering services for $18,000 on credit.
    xxii. The company received a bill for rent of equipment that was used on a recently
    completed job. The $1,200 rent cost must be paid within 30 days.
    xxiii. The company collected $7,200 cash in partial payment from the client.
    xxiv. The company paid $1,500 cash for wages to a drafting assistant.
    xxv. The company paid $2,250 cash to settle the account payable.
    xxvi. The company paid $675 cash for minor maintenance of its drafting equipment.
    xxvii. Owner withdrew $9,360 cash from the company for personal use.
    xxviii. The company paid $1,500 cash for wages to a drafting assistant.
    xxix. The company paid $3,000 cash for advertisements in the local newspaper during
    June.

    Required

    i. Prepare accounting equation.


    ii. Prepare general journal entries to record these transactions.
    iii. Open the ledger accounts and calculate the ledger balances.
    iv. Prepare a trial balance.
    v. Prepare any 3 financial statements with the help of trial balance created under
    requirement iii.

    You might also like