PHEEEEERRRRRAAAA
Honorary Poster
POSTING T-ACCOUNT AND GENERAL JOURNAL
For the past several years, Antonio Marquez has operated a part-time business from his home. As of April 1, 2021, Antonio decided to move to rented quarters and to operate the business, which was to be known as Marquez & Family Inc., on a full-time basis. Marquez & Family entered into the following transactions during April:
4-Apr The following assets were received from Antonio Marquez; cash, $10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were no liabilities received.
4-Apr ρáíd tree months' rent on a lease rental contract, $4,500.
4-Apr ρáíd the premium on property and casualty insurance policies for the year, $1,800.
6-Apr Received cash from clients as an advance payment for services to be provided, $3,000.
7-Apr Purchased additional office furniture on account from Polytechnic Company, $1,800.
8-Apr Received cash from clients on account, $800.
11-Apr ρáíd cash for newspaper advertisement, $120.
12-Apr ρáíd Polytechnic Company $800 for debt incurred on April 7.
15-Apr Recorded services provided on account for the period April 4-15, $2,250.
15-Apr ρáíd part-time receptionist for two weeks' salary, $400.
15-Apr Recorded cash from cash clients for fees earned April 4-15, $3,175.
18-Apr ρáíd cash for supplies, $740.
22-Apr Recorded services provided on account for April 18-22, $1,100.
22-Apr Recorded cash from cash clients for fees earned April 18-22, $1,850.
25-Apr Received cash from clients on account, $1,600.
27-Apr ρáíd part-time receptionist for two weeks' salary, $400.
28-Apr ρáíd telephone bill for April, $130.
29-Apr ρáíd electric bill for April, $200.
29-Apr Recorded cash from cash clients for fees earned April 25-29, $2,050.
29-Apr Recorded services provided on account for April 25-29, $1,000.
29-Apr John received $4,500 from the company as his salary.
A. Record the transactions stated above in good general journal form. (The first transaction has been recorded and posted for you).
B. Post the transactions to T-accounts.
C. Record and post the following adjustments:
a) Insurance expired in April, $150.
b) Supplies on hand April 29, $1,020.
c) Depreciation for the office equipment in April, $500.
d) Accrued receptionist salary on April 30, $20.
e) Rent expired in April, $1,500.
f) Earned $2,000 of services that were previously ρáíd for on April 6.
For the past several years, Antonio Marquez has operated a part-time business from his home. As of April 1, 2021, Antonio decided to move to rented quarters and to operate the business, which was to be known as Marquez & Family Inc., on a full-time basis. Marquez & Family entered into the following transactions during April:
4-Apr The following assets were received from Antonio Marquez; cash, $10,000; accounts receivable, $1,500; supplies, $1,250; and office equipment, $7,500. There were no liabilities received.
4-Apr ρáíd tree months' rent on a lease rental contract, $4,500.
4-Apr ρáíd the premium on property and casualty insurance policies for the year, $1,800.
6-Apr Received cash from clients as an advance payment for services to be provided, $3,000.
7-Apr Purchased additional office furniture on account from Polytechnic Company, $1,800.
8-Apr Received cash from clients on account, $800.
11-Apr ρáíd cash for newspaper advertisement, $120.
12-Apr ρáíd Polytechnic Company $800 for debt incurred on April 7.
15-Apr Recorded services provided on account for the period April 4-15, $2,250.
15-Apr ρáíd part-time receptionist for two weeks' salary, $400.
15-Apr Recorded cash from cash clients for fees earned April 4-15, $3,175.
18-Apr ρáíd cash for supplies, $740.
22-Apr Recorded services provided on account for April 18-22, $1,100.
22-Apr Recorded cash from cash clients for fees earned April 18-22, $1,850.
25-Apr Received cash from clients on account, $1,600.
27-Apr ρáíd part-time receptionist for two weeks' salary, $400.
28-Apr ρáíd telephone bill for April, $130.
29-Apr ρáíd electric bill for April, $200.
29-Apr Recorded cash from cash clients for fees earned April 25-29, $2,050.
29-Apr Recorded services provided on account for April 25-29, $1,000.
29-Apr John received $4,500 from the company as his salary.
A. Record the transactions stated above in good general journal form. (The first transaction has been recorded and posted for you).
B. Post the transactions to T-accounts.
C. Record and post the following adjustments:
a) Insurance expired in April, $150.
b) Supplies on hand April 29, $1,020.
c) Depreciation for the office equipment in April, $500.
d) Accrued receptionist salary on April 30, $20.
e) Rent expired in April, $1,500.
f) Earned $2,000 of services that were previously ρáíd for on April 6.