Financial Accounting Assignment Question -
Instructions: You must complete all requirements accurately to receive full credit (100 points). Good Luck!
Sept. 1- Howell, the owner, invests $130,000 cash along with office equipment valued at $31,200 in the business in exchange for its common stock.
Sept. 2 - The business prepaid $7,200 cash for twelve months rent for office space.
Sept. 4 - Made Credit purchases for $15,600 in office equipment and $3,120 in office supplies. Payment is due within 10 days.
Sept. 8 - Completed work for a client and immediately received $2,000 cash.
Sept. 12 - Completed a $10,400 project for a client and immediately received $2,000 cash.
Sept. 13 - Paid $18,720 cash to settle the payable created on Sept. 4.
Sept. 19 - Paid $6,000 cash for the premium on an 18- month insurance policy.
Sept. 22 - Received $8,320 cash as partial payment for the work completed on Sept. 12.
Sept. 24 - Completed work for another client for $2,640 on credit.
Sept. 28 - Paid $6,200 cash for dividends.
Sept. 29 - Purchased $1,040 of additional office supplies on credit.
Sept. 30 - Paid $700 cash for this month's utility bill.
Requirement 1 - Prepare journal entries for each transaction.
Requirement 2 - Prepare T-accounts for each transaction.
Requirement 3 - Prepare a trial balance as of the end of September.