Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 19 Aug 2017 My Price 7.00

Epler Consulting Services, Inc

Epler Consulting Services, Inc., opened for business on January 25, 2011. The company maintains the following ledger accounts:

 

Cash                                   Capital Stock

 

Accounts Receivable      Retained Earnings Office Supplies                             Consulting Revenue

 

Office Equipment            Rent Expense Accounts Payable                             Utilities Expense

 

The company engaged in the following business activity in January:

 

Jan. 20     Issued 5,000 shares of capital stock for $50,000.

 

Jan. 20     Paid $400 office rent for the remainder of January.

 

Jan. 21     Purchased office supplies for $200. The supplies will last for several months, and payment is not due until February 15.

 

Jan. 22     Purchased office equipment for $15,000 cash.

 

Jan. 26     Performed consulting services and billed clients $2,000. The entire amount will not be collected until February.

 

Jan. 31     Recorded $100 utilities expense. Payment is not due until February 20.

 

 

 

Instructions

 

a.       Record each of the above transactions in general journal form.

 

b.       Post each entry to the appropriate ledger accounts.

 

c.        Prepare a trial balance dated January 31, 2011.

 

d.       Explain why the Retained Earnings account has a zero balance in the trial balance.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 05:08 PM My Price 7.00

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