Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 5.00

Open T-accounts

Help please....

Nickie Hern started and operated a small family consulting firm in 2013. The firm was affected by two events. (1) Hern provided $36,000 of services on account, and (2) she purchased $10,000 of office supplies on account. There was $1,800 of supplies on hand of December 31, 2013.

Required:

A. Open T-accounts and record the two transactions in accounts.

B. Record the required year-end adjusting entry to reflect the use o supplies.

C. Record the above transactions in a horizontal statements model like the following one:

             Assets                         =     Liab.              + Equity                     Rev. - Exp.    = Net Inc.              Cash Flow

Accts. Rec.    + Supplies           = Accts Pay.         +Ret. Earn.

D. Expain why the amounts of net income and net cash flow from operating activities differ.

E. Record and post the required closing entries, and prepare a post-closing trial balances.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 08:09 PM My Price 5.00

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