Professional Writers
We assemble our team by selectively choosing highly skilled writers, each boasting specialized knowledge in specific subject areas and a robust background in academic writing
Order For Similar Custom Papers & Assignment Help Services
Fill the order form details - writing instructions guides, and get your paper done.
Posted:
Assignment Week 3 Tutorial Problem
Week 3 Tutorial Problem
Problem 1
The following events apply to Braxton Personnel Advisory Services Company (BPASC).
1. On January 1, Year 1 issued common stock for $5,000 cash.
2. Paid $1,800 cash to rent office space for one year beginning on February 1, Year 1.
3. Received a $2,400 cash advance as a retainer for services to be provided. Services were to be provided evenly for one year beginning on March 1, Year 1.
4. On December 1, Year 1, paid dividends of $200 to the stockholders.
Required
a. Record the events in ledger T-accounts and prepare an unadjusted trial balance.
b. Record necessary adjusting entries in ledger assignment writers T-accounts and prepare an adjusted trial balance.
c. Use the adjusted trial balance to prepare an income statement, a statement of retained earnings, a balance sheet, and a statement of cash flows.
d. Record the closing entries in ledger T-accounts and prepare a post-closing trial balance.
Problem -2 – General Journal Entries
Required
Record the following transactions in general journal entry form. Record the event number in the date column.
1. Issued common stock for $5,000 cash.
2. Borrowed $4,000 cash from a local bank.
3. Purchased $500 of supplies on account.
4. Recognized revenue of $8,000 for services provided on account.
5. Paid $3,900 cash for salaries expense.
6. Paid $2,400 cash in advance for a one-year lease to rent office space.
7. Purchased $3,500 of office furniture on account.
8. Received $1,800 cash for services to be performed in the future.
9. Collected $3,000 cash from accounts receivable.
10. Paid $1,200 cash for utilities.
11. Paid dividends of $1,000 cash to the stockholders.
12. Invested $2,000 cash in a certificate of deposit.
13. Repaid $1,600 of the bank loan described in Event No. 2.
14. Purchased land for $2,700 cash.
15. Recognized $400 of accrued interest expense.
16. Completed $1,800 of services on contract described in Event No. 8.
17. Counted supplies on hand at the end of the accounting period. Determined that $400 of supplies were used during the accounting period.
18. Recognized accrued salary expense of $2,300.
19. Recognized $150 of accrued interest revenue.
Why choose us
You Want Quality and That’s What We Deliver
Discounted Prices
Our service is committed to delivering the finest writers at the most competitive rates, ensuring that affordability is balanced with uncompromising quality. Our pricing strategy is designed to be both fair and reasonable, standing out favorably against other writing services in the market.
AI & Plagiarism-Free
Rest assured, you'll never receive a product tainted by plagiarism or AI-generated content. Each paper is research-written by human writers, followed by a rigorous scanning process of the final draft before it's delivered to you, ensuring the content is entirely original and maintaining our unwavering commitment to providing plagiarism-free work.
How it works
When you decide to place an order with Nurscola, here is what happens: