Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 3-1 the joan macadore agency began busines

Problem 3-1 The Joan Macadore Agency began business in September of 20XX. Listed below are...

70.2K

Verified Solution

Question

Accounting

imageimage

Problem 3-1 The Joan Macadore Agency began business in September of 20XX. Listed below are the transactions that took place. Omit explanations. Sept. 1 Sept. 3 Owner, Joan Macadore, invested $80,000 in the business. Purchased $1500 of office supplies and $5,500 of office equipment on account. Provided services to client on account, $3,300. Paid three months rent, $2,100 | Sept. 4 Sept. 5 payroll salaries, Sex & Son 10 personal use. for 15 Provided services and collected, $3,900. Paid $2,000 on outstanding account payable. Owner, Joan Macadore, withdrew $500 from the agency for Received utility bill, $425, which is due next month. Received $2,500 from the outstanding accounts receivable. Open the following ledger accounts: J. Macadore, Capital - 310 J. Macadore, Withdrawals 320 Using the ledger account titles in requirement "a.," prepare the Service Revenue - 410 Salaries Expense 512 Utilities Expense - 515 Serx220 Sort 35 Reguimd P Cash-110 Accounts Receivable - 113 Office Supplies - 117 Prepaid Rent - 118 Office Equipment - 120 Accounts Payable - 210 b. c d entries for the transactions. Post the entries to the General Ledger. Prepare a trial balance

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The following data give the family size x and number of pets per family y...

Basic Math
Q

Using the graphic organizer below, compare and contrast Type I, Type II, and Type III diabetes....

Medical Sciences
Q

What is an Expert Witness? What is the purpose of an Expert Witness? Who can be...

Civil Engineering
Q

If it is important to have a \"standard\" language or dialect in the U.S., who gets...

Psychology
Q

In the figure shown a cone of density p and total height floats in a...

Physics
Q

Use tangent line approximation to estimate 2390 to seven decimal places recognizing that 7 2401...

Calculus
Q

2. Recording Adjusting Entris (Aecruel Accouns) In each of the following transactions (a) through (c)...

Accounting
Q

White Company has two departments, Cutting and Finishing. The company uses job-order costing and computes...

Accounting
Q

Concord Corporation's accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 $...

Accounting
Q

Multiple Choice Questions (Select an appropriate choice) (Marks 10) Holders of Shirakah Sukuk (a) (b)...

Finance
Q

What is the .5 year zero rate (also known as "spot rate") give that the...

Finance
Q

Manny Gill is an entrepreneur who started West Secure, a business that provides a number...

Accounting