Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Aug 2017 My Price 13.00

Blitz Secretarial Training, Inc

Transaction Analysis, T Accounts, and Trial Balance

 

p8. B. Turner opened a school for administrative skills called Blitz Secretarial Training, Inc., and completed the following transactions:

 

a.     Turner contributed the following assets to the business in exchange for 27,200 shares of $1 par value common stock:

 

Cash                                        $11,400

 

Computers                                  8,600

 

Office Equipment                       7,200

 

b.     Found a location for his business and paid the first month’s rent, $520.

 

c.      Paid for an advertisement announcing the opening of the school, $380.

 

d.     Received applications from three students for a four-week secretarial program and two students for a ten-day keyboarding course. The students will be billed a total of $2,600.

 

e.      Purchased supplies on credit, $660.

 

f.      Billed the enrolled students, $3,480.

 

g.     Purchased a second-hand computer, $960, and office equipment, $760, on credit.

 

h.     Paid for the supplies purchased on credit in e, $660.

 

i.       Paid cash to repair a broken computer, $80.

 

j.       Received partial payment from students previously billed, $2,160.

 

k.     Paid the utility bill for the current month, $180.

 

l.       Paid an assistant one week’s salary, $880.

 

m.   Declared and paid a dividend of $600.

 

ReQUIReD

 

1.    Set up the following T accounts: Cash; Accounts Receivable; Supplies; Computers; Office Equipment; Accounts Payable; Common Stock; Dividends; Tuition Reve- nue; Salaries Expense; Utilities Expense; Rent Expense; Repair Expense; and Adver- tising Expense.

 

2.    Record the transactions directly in the T accounts, using the transaction letter to identify each debit and credit.

 

3.    Prepare a trial balance using today’s date.

4.    BusIness applICatIon ▶ Examine transactions f and j. What were the revenues and how much cash was received from the revenues? What business issues might you see arising from the differences in these numbers

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Aug 2017 10:08 PM My Price 13.00

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