ACC Question

Part A (30 points)Record the following transactions in the basic accounting equation:a.Brian invests $10,000 cash to begin an accounting service.b.The company buys office furniture for cash, $600.c.The company buys additional office furniture on account, $300.d.The company makes a payment on the office furniture, $200.Brian’s Accounting Service ASSETS = LIABILITIES + OWNER’S EQUITY Cash + Office Furniture = Accounts Payable + Brian’s Capital Part B (40 points)The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form.Cash $1,370 Accounts Payable 770 Office Equipment 900 Benson, Capital 1,500 Benson, Withdrawals 500 Accounts Receivable 1,600 Service Fees 2,730 Salaries Expense 630 Part C (30 points)The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.a.Tyler invested $6,500 in the bike service from his personal savings account.b.Bought office equipment for cash, $900.c.Performed bike service for a customer on account, $1,000.d.Company cell phone bill received, but not paid, $80.e.Collected $500 from customer in transaction c.f.Tyler withdrew $300 for personal use.Part D (20 points)Prepare in proper form journal entries for the following transactions. Omit explanations.October 2 Owner made a cash investment into the company $5,000 8 Bought supplies on account $100. 10 Paid salaries, $700 15 Paid for supplies purchased on October 8 21 Received company telephone bill, to be paid later, $30 Part E (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter:a.Earned $7,000 fees; customer will pay later.b.Purchased equipment for $45,000, paying $20,000 in cash and the remainder on creditc.Paid $3,000 for rent for January.d.Purchased $2,500 of supplies on account.e.A. Allen $1,000 investment in the company.f.Received $7,000 in cash for fees earned previously.g.Paid $1,200 to creditors on account.h.Paid wages of $6,250.i.Received $7,150 from customers on account.j.A. Allen withdrawal of $1,750.Part F1.(10 points) From the following items in the income statement columns of the worksheet of Friend’s Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period. Income Statement Account Debit Credit Tutoring Fees 3,450 Wages Expense 700 Rent Expense 600 Supplies Expense 450 Insurance Expense 250 2,000 3,450 Net Income 1,450 $3,450 $3,450 2.(5 points each for a possible total of 20 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year. Answer the following questions.a.What was the total amount of withdrawals for the year?b.What was the net income?c.What was the total revenue?d.What were the total expenses?