ACC 103 Chapter 2 Analyzing and Recording Transactions1.Humble Management Services opens for...

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ACC 103 Chapter 2 Analyzing and Recording Transactions

1.Humble Management Services opens for business and completes the following transactions in September

Sept 1 Henry, the owner, invests $38,000 cash along with office equipment valued at $15,000 in the company
The company prepaid $ 9,000 cash for 12 months’ rent for office space
The company made credit purchases for $8,000 in office equipment and $2,400 in office supplies.

XXXXXXXXXXThe company completed work for a client and immediately received $10,000 cash

XXXXXXXXXXThe company completed a $15,000 project for a client who must pay within 30 days

XXXXXXXXXXThe company paid $ 10,400 to settle the payable created on Sept 4

XXXXXXXXXXThe company paid $1,900 cash for the premium on a 18-month insurance policy

XXXXXXXXXXThe company received $7,700 cash payment as a partial payment for the work completed on September 12

XXXXXXXXXXThe company completed work for another client for $2,100 on credit

XXXXXXXXXXHenry withdrew $5,300 cash from the company for personal use

XXXXXXXXXXThe company purchased $550 of additional office supplies on credit

XXXXXXXXXXThe company paid $ 860 cash for this month’s utility bill

Required: (a) Ledger Accounts

XXXXXXXXXXb) Prepare a Trial Balance

2. Nuncio Consulting completed the following transactions during June.

Armand Nuncio, the owner, invested $35,000 cash along with office equipment valued at $11,000 in the new company.
The company purchased land valued at $7,500 and a building valued at $40,000. The purchase is paid with $15,000 cash a long-term note payable for $32,500
The company purchased $500 pf office supplies on credit.
A Nuncio invested his personal automobile the company. The automobile has a value of $8,000 and is to be used exclusively in business
The company purchased $1,200 of additional office equipment on credit.
The company paid $1,000 cash salary to an assistant.
The company provided services to a client and collected $3,200 cash.
The company paid $540 cash for this month’s utilities
The company paid $500 cash to settle the payable created in transaction c.
The company purchased $3,400 of new office equipment by paying $3,400 cash.
The company completed $4,200 of services for a client, who must pay within 30 days.
The company paid $1,000 cash salary to an assistant.
The company received $2,200 cash in partial payment on the receivable created in transaction k.
A Nuncio withdrew $1,100 cash from the company for personal use.

Required

General Journal
Ledger Accounts
Trial Balance

Kiran · Accepted Answer

Ques_1 Humble Management
	Ques_1 Humble Management Service
	(A) - Ledger Accounts
	Account Name		Cash
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 1	Henry's Capital		$38,000		$38,000			 
	Sept. 2	Prepaid Rent			$9,000	$29,000
	Sept. 10	Service Revenue		$10,000		$39,000
	Sep. 13	Accounts Payable			$10,400	$28,600
	Sep. 14	Prepaid Insurance			$1,900	$26,700
	Sep. 15	Accounts Receivable		$7,700		$34,400
	Sep. 18	Henry's Drawing			$5,300	$29,100
	Sept. 30	Utilities Expense			$860	$28,240
	Account Name		Office Equipment
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 1	Henry's Capital		$15,000		$15,000
	Sept. 3	Accounts Payable		$8,000		$23,000
	Account Name		Henry's Capital
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 1	Cash & Equipment			$53,000	$53,000
	Account Name		Prepaid Rent
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 2	Cash		$9,000		$9,000
	Account Name		Office Supplies
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 3	Accounts Payable		$2,400		$2,400
	Sept. 20	Accounts Payable		$550		$2,950
	Account Name		Accounts Payable
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 3	Office Equipment			$8,000	$8,000
	Sept. 3	Office Supplies			$2,400	$10,400
	Sept. 13	Cash		$10,400		$0
	Sept. 20	Office Supplies			$550	$550
	Account Name		Service Revenue
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 10	Cash			$10,000	$10,000
	Sept. 12	Accounts Receivable			$15,000	$25,000
	Sep. 16	Accounts Receivable			$2,100	$27,100
	Account Name		Accounts Receivable
	Date	Explanation	PR	Debit	Credit	Balance
	Sept. 12	Service Revenue		$15,000		$15,000
	Sept. 15	Cash			$7,700	$7,300
	Sep. 16	Service Revenue		$2,100		$9,400
	Account Name		Prepaid Insurance
	Date	Explanation	PR	Debit	Credit	Balance
	Sep. 14	Cash		$1,900		$1,

ACC 103 Chapter 2 Analyzing and Recording Transactions 1.Humble Management Services opens for business and completes the following transactions in September Sept 1 Henry, the owner, invests $38,000...

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