Marjorie Knaus, an architect, organized Knaus Architects

Marjorie Knaus, an architect, organized Knaus Architects on January 1, 20Y4. During the month, Knaus Architects completed the following transactions:

  1. Issued common stock to Marjorie Knaus in exchange for $30,000.
  2. Paid January rent for office and workroom, $2,500.
  3. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder.
  4. Purchased office and computer equipment on account, $8,000.
  5. Paid cash for supplies, $2,100.
  6. Paid cash for annual insurance policies, $3,600.
  7. Received cash from the client for plans delivered, $9,000.
  8. Paid cash for miscellaneous expenses, $2,600.
  9. Paid cash to creditors on account, $4,000.
  10. Paid installment due on note payable, $1,875.
  11. Received an invoice for blueprint service, due in February, $5,500.
  12. Recorded fees earned on plans delivered, payment to be received in February, $31,400.
  13. Paid salary of assistants, $6,000.
  14. Paid gas, oil, and repairs on the automobile for January, $1,300.

Instructions

Don't use plagiarized sources. Get Your Custom Essay on
Marjorie Knaus, an architect, organized Knaus Architects
Get a plagiarism free paper Just from $13/Page
Order Essay
  1. Record these transactions directly in the following T accounts, without journalizing: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, Professional Fees, Salary Expense, Blueprint Expense, Rent Expense, Automobile Expense, Miscellaneous Expense. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction.
  2. Determine the account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance.
  3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 20Y4.
  4. Determine the net income or net loss for January.

 

On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

  • Fees accrued but unbilled at May 31 are $19,750.
  • The supplies account balance on May 31 is $12,300. The supplies on hand at May 31 are $4,150.
  • Wages accrued but not paid at May 31 are $2,700.
  • The unearned rent account balance at May 31 is $9,000, representing the receipt of an advance payment on May 1 of three months’ rent from tenants.
  • Depreciation of office equipment is $3,200.

Instructions

  1. Journalize the adjusting entries required at May 31.
  2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:

Instructions

  1. Prepare an income statement for the year ended December 31, 20Y5.
  2. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued.
  3. Prepare a balance sheet as of December 31, 20Y5.
  4. Based upon the end-of-period spreadsheet, journalize the closing entries.
  5. Prepare a post-closing trial balance.

 

 

 

Discussion,

Congratulations!  You have been chosen to lead the financial audit of a small retail store on Main Street in Bridgeport.  Based on your conversation with the owner, he has a basic journal with all the revenues and expenses listed. However, he does not keep an electronic accounting system and all prior financial statements are handwritten. He explains that he needs to get a 100,000 loan to expand his business.  Based upon your knowledge from this week’s work, how would you proceed with the audit?

Important: Remember your initial post is due by 11:59 PM on Wednesday.  Also, you must reply to one of your peers by Thursday by 11:59 PM then another by 11:59 PM on Sunday.

Please answer the question completely.  Incorporate the text and/or other outside sources to support your answer. Make sure all references follow the APA format.

 

Master Homework
Order Now And Get A 20% Discount!
Pages (550 words)
Approximate price: -

Advantages of using our writing services

Custom Writing From Scratch

All our custom papers are written by qualified writers according to your instructions, thus evading any case of plagiarism. Our team consists of native writers from the USA, Canada, and the Uk, making it convenient for us to find the best to handle your order.

Unlimited Free Revisions

If you feel your paper didn't meet all your requirements, we won't stop till it's perfect. You're entitled to request a free revision within 7 days after we submit your paper.

Quality Writing In Any Format

If you have issues with citing sources and referencing, you need not worry. Our writers are highly knowledgeable in referencing, including APA/MLA/Havard/Chicago/Turabian and all other formatting styles.

Fast Delivery And Adherence To The Deadline

All our custom papers are delivered on time, even the most urgent. If we need more time to perfect your paper, we may contact you via email or phone regarding the deadline extension.

Originality & Security

At Master Homework, your security and privacy is our greatest concern. For this reason, we never share your personal information with third parties. We use several writing tools to ensure your paper is original and free from plagiarism.

24/7 Customer Support

Our agents are online 24 hours a day, 7 days a week, and are always ready to serve you. Feel free to contact us through email or talk to our live agents whenever you need assistance with your order.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We work nonstop to see the best client experience.

Pricing

Flexible Pricing

We offer pocket-friendly prices that coincide with the preferred client's deadline.

Communication

Admission help & Client-Writer Contact

Our support team is always ready to ensure vital interaction between you and the writer whenever you need to elaborate on something.

Deadlines

Paper Submission

We deliver our papers early within the stipulated deadlines. We are glad to help you if there should be an occurrence of any alterations required.

Reviews

Customer Feedback

Your review, positive or negative, is of great concern to us and we take it very seriously. We are, consequently adjusting our policies to ensure the best customer/writer experience.