accounting…Part 1 Journalize the November transactions from Week 2 (also listed again below) and the December transactions listed below. Part 2 Post the journal transactions to the general ledger Comprehensive Chart of Accounts: 101 Cash 111 Accounts Receivable 121 Supplies 137 Prepaid Rent 141 Computer Equipment 143 Office Furniture 201 Accounts Payable 301 S. Smith, Capital 302 S. Smith, Drawing 401 Fees Income 511 Rent Expense 514 Utilities Expense 521 Salaries Expense November Business Transactions: 3rd: S. Smith visits her local bank and withdraws $70,000 from her personal savings account, depositing the cash into a new bank account in the name of the business, Smith Consultants. 5th: Smith Consultants issues check 1001 for $3,000 to purchase computer equipment from Digital Warehouse, Inc. 6th: Smith Consultants issues check 1002 to Property, Inc. to pay the current month’s rent due of $1,000 as well as prepay rent for the months of December, January and February. 10th: Smith Consultants issues check 1003 to purchase office furniture in the amount of $2,500 from Furniture Depot. 11th: Smith Consultants purchases $5,000 of computer equipment from Elite Computing on account due in 90 days. Elite Computing issues invoice 7964. 14th: Smith Consultants performs services to cash clients for $1,200. 17th: Smith Consultants performs services to charge account client, Speedy Freight, in the amount of $2,000. Invoice 101 is issued and is receivable in 30 days. 19th: Smith Consultants issues check 1004 to State Power Company for the November utility bill in the amount of $400. 20th: Smith Consultants performs services to cash clients for $4,000. 25th: Smith Consultants issues S. Smith check 1005 as a draw for her personal use in the amount of $5,000. December Business Transactions: 4th: Smith Consultants issues check 1006 for $600 to Office Land for supplies. 10th: Smith Consultants purchases $2,000 of computer equipment from Elite Computing. They issue check 1007 for $500 with the balance due in 90 days on invoice 8009. 15th: Smith Consultants receives a check from Speedy Freight for payment of invoice 101 from November for $2,000. 16th: Smith Consultants performs services for charge account client, Speedy Freight, issuing invoice 102 for $1,400. 17th: Smith Consultants performs services to cash clients for $1,700. 18th: Smith Consultants issues check 1008 for $1,000 to Elite Computing to pay invoice 7964. 19th: Smith Consultants issues check 1009 for $600 to State Power Company for the December utility bill. 20th: Smith Consultants issues check 1010 to pay salaries of $1,000 for December.
- Assignment status: Already Solved By Our Experts
- (USA, AUS, UK & CA PhD. Writers)
- CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS, GET A NON PLAGIARIZED PAPER FROM OUR EXPERTS
