Problem Ch. 3 Classwork Chart of Accounts Cash Common Stock Accounts Receivable Retained Earnings Supplies Dividends Inventory Fees Earned Prepaid Insurance Sales Prepaid Rent Cost of Goods Sold...

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Problem Ch. 3 Classwork Chart of Accounts CashCommon Stock Accounts ReceivableRetained Earnings SuppliesDividends InventoryFees Earned Prepaid InsuranceSales Prepaid RentCost of Goods Sold Office EquipmentDepreciation Expense Accumulated DepreciationInsurance Expense Accounts PayableRent Expense Notes PayableSupplies Expense Unearned RevenueUtility Expense Wages Expense M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1. d) On January 31, M4 Engineering bought $7,500 of office supplies on account. e) On February 10, M4 Engineering paid the utility bills of $300. f) On February 15, M4 Engineering bought computers and other Office Equipment on account for $20,000. g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin on April 1. General Journal Journalize the transactions. Proper journal formatting is required: List all Debits of each transaction first with the Account Name left-aligned. List Credits of each transaction next with the Account Name indented. Skip lines between transactions. Don't include descriptions. Don't use $. GENERAL JOURNALPage DateDescriptionPost refDebitCredit 11 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 2222 2323 2424 2525 2626 2727 2828 2929 3030 3131 3232 3333 3434 3535 3636 3737 3838 3939 4040 4141 4242 4343 4444 4545 4646 4747 4848 T Accounts - 0=- 0 ASSETS=LIABILITIES+EQUITY CashPrepaid InsuranceAccounts PayableCommon StockFees EarnedDepreciation Exp.Supplies Expense Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr. - 0- 0- 0- 0- 0- 0 Prepaid RentWages PayableDividendsSalesInsurance ExpenseUtility Expense Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr. - 0- 0- 0- 0- 0- 0- 0 Accounts ReceivableOffice EquipmentUnearned RevenueCost of Goods SoldRent ExpenseWages Expense Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr. - 0- 0- 0- 0- 0- 0 SuppliesAccum. Depreciation Dr.Cr.Dr.Cr. - 0- 0 Inventory Dr.Cr. - 0 TB Please type in the amounts. Don't link these to the T-accounts. M4 Engineering, Inc. Unadjusted Trail Balance For the Quarter Ended March 31, 2020 Account NameDebitCredit Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accum. Depreciation Accounts Payable Wages Payable Unearned Revenue Common Stock Dividends Fees Earned Sales Cost of Good Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense Totals- 0- 0 AJEs Ch. 3 Classwork Chart of Accounts CashCommon Stock Accounts ReceivableRetained Earnings SuppliesDividends InventoryFees Earned Prepaid InsuranceSales Prepaid RentCost of Goods Sold Office EquipmentDepreciation Expense Accumulated DepreciationInsurance Expense Accounts PayableRent Expense Notes PayableSupplies Expense Unearned RevenueUtility Expense Wages Expense On March 31, the CFO reviewed M4 Engineering’s books and noted the following: h) Employees were owed $12,000 for hours work in March. i) Only $1 200 of supplies were still on hand. j) Three months of rent had expired (been used). k) The March 31 utility bill had not been received. The CFO expects that $320 of utility services were used. l) $25,000 of the engineering work related to transactions (c) and (g) have been completed. Update the T-accounts and make Adjusting Journal Entries (AJEs) to reflect the needed adjustments. AdjTB M4 Engineering, Inc. Adjusted Trail Balance For the Quarter Ended March 31, 2020 Account NameDebitCredit Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accum. Depreciation Accounts Payable Wages Payable Unearned Revenue Common Stock Dividends Fees Earned Sales Cost of Good Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense Totals- 0- 0 IS M4 Engineering, Inc. Income Statement shannon macias: Shannon Macias: Statement DateExpenses: Total Expenses- 0 - 0 Stmt of SE M4 Engineering, Inc. Statement of Stockholders' Equity shannon macias: Shannon Macias: Statement DateCommon StockRetained EarningsTotal Balances, January 1, 2020- 0 Issued Common Stock- 0 - 0 - 0 Balances, March 31, 2020- 0- 0- 0 BS M4 Engineering, Inc. Balance Sheet shannon macias: Shannon Macias: Statement DateASSETSLIABILITIES Current Assets:Current Liabilities: Total Current Assets- 0Total Current Liabilities- 0 Property, Plant & EquipmentStockholders' Equity Total Stockholders' Equity- 0 Total Property, Plant & Equipment- 0 Total Assets- 0Total Liabilities & Stockholders' Equity- 0
Answered Same DayJun 27, 2021

Answer To: Problem Ch. 3 Classwork Chart of Accounts Cash Common Stock Accounts Receivable Retained Earnings...

Khushboo answered on Jun 28 2021
140 Votes
Problem
    Ch. 3 Classwork
        
        Chart of Accounts
        Cash        Common Stock
        Accounts Receivable        Retained Earnings
        Supplies        Dividends
        Inventory        Fees Earned
        Prepaid Insurance        Sales
        Prepaid Rent        Cost of Goods Sold
        Office
Equipment        Depreciation Expense
        Accumulated Depreciation        Insurance Expense
        Accounts Payable        Rent Expense
        Notes Payable        Supplies Expense
        Unearned Revenue        Utility Expense
                Wages Expense
    M4 Engineering began operations in January of 2020. M4 Engineering provides
    structural engineering services to local these parks.
    Listed below are some transaction from the first quarter of 2020.
    a) On January 1, the owners deposited $200,000 into the business bank account in exchange for
    Common Stock.
    b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The
    owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check
     for $30,000.
    c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning
    on April 1.
    d) On January 31, M4 Engineering bought $7,500 of office supplies on account.
    e) On February 10, M4 Engineering paid the utility bills of $300.
    f) On February 15, M4 Engineering bought computers and other Office Equipment on account for
    $20,000.
    g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin
     on April 1.
General Journal
    Journalize the transactions.
    Proper journal formatting is required:
        List all Debits of each transaction first with the Account Name left-aligned.
        List Credits of each transaction next with the Account Name indented.
        Skip lines between transactions.
        Don't include descriptions.
        Don't use $.
    GENERAL JOURNAL                        Page
        Date        Description    Post ref    Debit    Credit
    1    Jan    1    Cash        200,000        1
    2            Common Stock            200,000    2
    3            (To record issuance of stock)                3
    4                            4
    5    Jan    2    Prepaid rent        30,000        5
    6            Cash            30,000    6
    7            (To record payment of prepaid rent)                7
    8                            8
    9    Jan    5    No entry                9
    10                            10
    11    Jan    31    Supplies        7,500        11
    12            Accounts payable            7,500    12
    13            (To record office supplies)                13
    14                            14
    15    Feb    10    Utilities expenses        300        15
    16            Cash            300    16
    17            (To record payment of utilities expenses)                17
    18                            18
    19    Feb    15    Office...
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