P2-2A Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent,

XACC 280 Week 2 P2-2A Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent,
 
Financial Accounting Concepts and Principles: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
Axia College of University of Phoenix (UoP)

XACC 280 Week 2
2. Assignment: Journalizing, Posting and Preparing a Trial Balance
Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C.

P2-2A Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent, Inc., the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies,No. 201 Accounts Payable,No. 205 Unearned Revenue,No. 311 Common Stock,No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense 


SOLUTION PREVIEW  [EXCEL SHEET]
APPENDIX C - Posting the Accounts
 
Post the ledger accounts for Jane Kent, Inc. on this General Ledger. The first line of the cash account is completed for you. Complete the remaining lines in the cash account, and the other eight accounts. You have nine accounts altogether.
GENERAL LEDGER
 
 
 
 
 
 
 
 
 
 
Cash
 
 
 
 
 
 
 
 
No. 101
DATE
EXPLANATION
 
 
 
REF.
DEBIT
CREDIT
BALANCE
1-May-2008
 
J1
     25,000
 
       25,000
7
 
J2
 
        900
       24,100
12
 
J3
       3,500
 
       27,600
17
 
J4
       1,200
 
       28,800
31
 
J5
 
    2,000
       26,800
31
 
 
 
 
 
J6
 
    1,000
       25,800

 

 
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