Question

# On the job smith computer center chapter 1 The following problem continue from one chapter to...

On the job smith computer center chapter 1

The following problem continue from one chapter to the next, carrying the balances of each month forward.

1 Analyze and record each transaction in the expanded accounting equation.

2. Prepare the financial statements ending July 31 for Smith computer Center.

On July 1, 201x Thad Feldman decided to begin his own computer service business. He named the business Smith computer center. During the first month, Thad conducted the following business transactions.

A. Invested \$6000 of his savings into the business.

B. Paid \$1800 (Check #8095) for the Computer from A-Teach. Inc.

C. Paid \$3300 (Check #8096) for office Equipment from Bertha and Pac Furniture.

D. Set up a new account with The Staple Store and purchased \$ 200 in office supplies on credit.

E. Paid July rent, \$500(Check#8097

F. Repaired a system for a customer and collected \$800

G. Collected \$600 for a system upgrade labor charge from a customer.

H. Electric bill due but unpaid \$75

I. collected \$1800 for services performed on Phil’s Photography computers.

J. Withdrew \$175 (Check #8098) to take his wife out.

Continue problem Chapter 3. The following problem continues from Chapter 1.

1 Set up T accounts in a ledger and post the ending balances from chapter 1.

2 record transactions K through S in the appropriate T accounts.

3. Foot and take the balances of the T accounts where appropriate

4. Prepare a trial balance at the end of August.

 Chapter-1 Accounting Equation: ASSETS = LIABILITIES + Equity Bank Commuter Office equipment = Accounts Payable Electricity Bill Payable + Common stock Retained Earnings Invested capital \$6,000 = + \$6,000 Purchased computer -\$1,800 \$1,800 = + Purchased office equipment -\$3,300 \$3,300 = + Purchased office supplies = \$200 + -\$200 Rent paid -\$500 = + -\$500 Services Revenue \$800 = + \$800 Services Revenue \$600 = + \$600 Electricity bill due = \$75 + -\$75 Services Revenue \$1,800 = + \$1,800 Withdraw for personal use -\$175 = + -\$175 Total \$3,425 \$1,800 \$3,300 = \$200 \$75 + \$5,825 \$2,425
 Smith Computer Centre Balance Sheet for the month ended on July 31 Assets Current Asset Cash & Bank \$3,425.00 Total Current Asset \$3,425.00 Property, Plant & Equipment Computer 1800 Office Equipment 3300 \$5,100.00 Total Asset \$8,525.00 Liability & Equity Current Liabilities Electiricy bill Payable \$200.00 Salaries Payable \$75.00 \$275.00 Owner's Equity Common Stock \$5,825.00 Retained Eanring \$2,425.00 \$8,250.00 Total Liability & Equity \$8,525.00

For Problem Chapter-3 data not provided