服务型企业业务题答案.doc

Sep. 1 Friedman began a business by investing $50000 in cash, $3000 in supplies and $25000 in equipment Sep. 1 Bought supplies for cash, $540 Sep.2 Prepaid the rent for six month, $7200 Sep. 3 Purchased additional supplies on credit, $320 Sep. 5 Prepaid the insurance premium for three month $3000 Sep. 9 Performed services and immediately collected $3200 cash for the work. Sep. 13 Paid for the supplies purchased on September 3 Sep. 15 Purchased equipment on account $5800 Sep. 16 Performed services for Adam on account $850 Sep. 23 Completed professional work for Vat on credit, $6800 Sep. 26 Received $850 from Adam for the work completed on Nov.16. Sep. 28 Friedman withdrew $100 from the business to pay his home utility bill Sep. 29 Withdrew $2500 for personal use Sep. 30 Paid the September telephone bill of the office, $380 Sep. 30 Made additional cash investment in the business $2000 Additional information for adjustment at the end of the month: Rent expense for September $1200 Insurance expense expired $1000 Medical supplies used in November $750 The accumulated depreciation for equipment $ 860 Accrued salary of the receptionist and assistant $2570 Accrued service revenue $3250 Required: Journalize the transactions; Post the journal entries to the ledger accounts; Complete the work sheet. Prepare the financial statements. Make the journal entry and post them to the ledger. Close the accounts. General Journal Page 1 Date Accounts and Explanation P.R. Debit Credit Step1 investing in cash and $50000 Cash Capital Step1 investing in supplies $3000 Supplies Capital Step1 investing in equipment $25000 equipment Capital Step1 Bought supplies for cash, $540 supplies Cash Sep.2 Prepaid the rent for six month, $7200 Prepaid rent Cash Sep. 3 Purchased additional supplies on credit, $320 supplies Accounts Payable Sep.