Assignment Choice #1: TrialBalance
Listed below are the transactions for Hunter Marketing, Inc. forthe month of July:
July 1 Hunter begins his marketing company and invests $50,000cash. July 5 Purchases computers and office equipment on account fromOfficeMax for $10,250. July 6 Pays rent for office space $800 for the month. July 6 Employs a secretary, Mary Jones. July 8 Purchases office supplies for cash at $960. July 9 Receives $2,430 from customer for services performed. July 11 Pays miscellaneous office expenses $375. July 13 Bills customers $4,900 for services performed. July 15 Pays Office Max $3,500 on account. July 18 Withdraws $2,000 from business for personal use. July 20 Hunter appeared on the cover of a local newsmagazine. Relatedarticle extolled Hunterâs expertise as well as the new companyâsvalues and customer service that it brings to companies in thecommunity. This exposure led to increased inquiries fromprospective clients, and Hunter hopes this will increase futuresales. July 20 Receives $1,900 from customers on account. July 23 Bills customers $6,320 for services performed. July 30 Pays the following expenses in cash: office salaries $2,300 andutilities $400.
Use the transactions to complete the following tasks:
Enter the transactions shown above in appropriate general ledgeraccounts (use T-accounts). Use the following ledger accounts: Cash,Accounts Receivable, Supplies on Hand, Office Equipment,Accumulated Depreciation, Accounts Payable, Hunter-Capital, ServiceRevenue, Rent Expense, Miscellaneous Office Expense, OfficeSalaries Expense, Supplies Expense, Utilities Expense, DepreciationExpense and Income Summary.
Prepare an unadjusted trial balance.
Record depreciation using a five-year life on the officeequipment, the straight-line method, and no salvage value. Round towhole numbers. Also, record an adjustment for office supplies usedin the amount of $510.
Prepare an adjusted trial balance.
Prepare an income statement, a statement of retained earnings,and an unclassified balance sheet.
Close the ledger.
Prepare a post-closing trial balance.
Which transaction do you think had the most significant economicimpact on the Company? Why are economically relevant events notrecorded in the financial records?
Assignment Choice #1: TrialBalance
Listed below are the transactions for Hunter Marketing, Inc. forthe month of July:
| July 1 | Hunter begins his marketing company and invests $50,000cash. | |
| July 5 | Purchases computers and office equipment on account fromOfficeMax for $10,250. | |
| July 6 | Pays rent for office space $800 for the month. | |
| July 6 | Employs a secretary, Mary Jones. | |
| July 8 | Purchases office supplies for cash at $960. | |
| July 9 | Receives $2,430 from customer for services performed. | |
| July 11 | Pays miscellaneous office expenses $375. | |
| July 13 | Bills customers $4,900 for services performed. | |
| July 15 | Pays Office Max $3,500 on account. | |
| July 18 | Withdraws $2,000 from business for personal use. | |
| July 20 | Hunter appeared on the cover of a local newsmagazine. Relatedarticle extolled Hunterâs expertise as well as the new companyâsvalues and customer service that it brings to companies in thecommunity. This exposure led to increased inquiries fromprospective clients, and Hunter hopes this will increase futuresales. | |
| July 20 | Receives $1,900 from customers on account. | |
| July 23 | Bills customers $6,320 for services performed. | |
| July 30 | Pays the following expenses in cash: office salaries $2,300 andutilities $400. |
Use the transactions to complete the following tasks:
Enter the transactions shown above in appropriate general ledgeraccounts (use T-accounts). Use the following ledger accounts: Cash,Accounts Receivable, Supplies on Hand, Office Equipment,Accumulated Depreciation, Accounts Payable, Hunter-Capital, ServiceRevenue, Rent Expense, Miscellaneous Office Expense, OfficeSalaries Expense, Supplies Expense, Utilities Expense, DepreciationExpense and Income Summary.
Prepare an unadjusted trial balance.
Record depreciation using a five-year life on the officeequipment, the straight-line method, and no salvage value. Round towhole numbers. Also, record an adjustment for office supplies usedin the amount of $510.
Prepare an adjusted trial balance.
Prepare an income statement, a statement of retained earnings,and an unclassified balance sheet.
Close the ledger.
Prepare a post-closing trial balance.
Which transaction do you think had the most significant economicimpact on the Company? Why are economically relevant events notrecorded in the financial records?
