Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the consulting firm of martin and associates uses

The consulting firm of Martin and Associates uses the accounts listed below. On a separate...

70.2K

Verified Solution

Question

Accounting

The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances as of December 1, 20X1 on the normal balance side of the accounts.

Cash $ 5,800 Joan Martin, Capital 19,200
Accounts receivable 9,500 Joan Martin, Drawing -0-
Prepaid rent -0- Fees income -0-
Office equipment 8,900 Utilities expense -0-
Accounts payable 5,000 Salaries expense -0-

The firm has the following transactions during the month of December 20X1.

  1. Paid $2,100 for one months rent.
  2. Collected $4,500 in cash from credit customers.
  3. Performed services for $8,300 in cash.
  4. Paid $5,300 for salaries.
  5. Issued a check for $2,750 to a creditor.
  6. Performed services for $11,650 on credit.
  7. Purchased office equipment for $3,200 on credit.
  8. The owner withdrew $2,800 in cash for personal expenses.
  9. Issued a check for $925 to pay the monthly utility bill.
  10. Post the above transactions into the appropriate T accounts.
  11. Using the information shown, prepare a trial balance for Martin and Associates at December 31, 20X1 before any adjusting entries are made.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Describe the embryological development of the kidney. Anatomy

Medical Sciences
Q

Obelia and Physalia are members of the cnidarian class A

Biology
Q

At what exact point on the curve y 8 2e x y Illustrate by graphing...

Calculus
Q

Find the equations of any vertical asymptotes for the function below x2 5x f x...

Calculus
Q

Reduce the following rational expression 48x 192 18x

Algebra
Q

Target Corporation holds assets with a fair market value of $4 million (adjusted basis of...

Accounting
Q

how many ways can iras auditor select 5

Accounting
Q

Holton Company makes three products in a single facility. Data concerning these products follow: ...

Accounting
Q

In the current year, a company entered into the treasury stock transactions described below. Two...

Accounting
Q

Problem 13-1(LO 4) Profit allocation based on various factors. Rockford, Skeeba, and Tapinski are partners...

Accounting
Q

TTC currently has common stock with a market value of $8 billion, along with their...

Finance
Q

HotFoot Shoes would like to maintain its cash account at a minimum level of $44,000,...

Accounting