Question

The following are Amena Consulting June 2007 transactions: June 1       Amena Ali, owner, invested $13,325 cash into...

The following are Amena Consulting June 2007 transactions:

June 1       Amena Ali, owner, invested $13,325 cash into the business

June 2       Purchased office supplies for $475 cash

June 5       Purchased $6,235 of office equipment on credit

June 7       Received $2000 cash as fees for services provided to a customer

June 10     Paid $6,235 cash to settle the payable for the office equipment purchased on June 5

June 12     Billed a customer $3,300 as fees for services provided

June 14     Paid $775 cash for monthly rent

June 20     Collected $2,300 cash toward the account receivable created above

June 30     Amena Ali withdrew $800 cash for personal use

Included in one of the requirements from last week’s discussion, you were asked to prepare and balance off the T accounts for Amena Consulting. Review this requirement and complete the following:

  1. Prepare the trail balance for the company as at June 30, 2007.

  2. Prepare the income statement and the statement of owner’s equity for the company for the month ended June 30, 2004.

  3. Prepare the balance sheet for the Company as at June 30, 2007.

Question # 2

Quality Services Inc. made the following accounting errors during a recent month.

Requirement:

Prepare the necessary adjusting journal entries to correct these errors.

  1. The company recorded a $450 purchase of supplies on account by debiting Supplies and crediting Accounts payable for $540.

   2. In journalizing a receipt of cash for service revenue, cash was debited for $120 instead of the correct amount of $1200. The credit was correct.

3. In recording an $800 payment on account, Accounts receivable was credited instead of cash.

   4. A $600 salary expense was posted $6000. The credit to accounts payable was correct.

Homework Answers

Answer #1

please up-vote the answer. for second question re-post the question. thanks

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