ACC - Hunter Marketing. Inc Problem Question # 00013393 Posted By: mac123 Updated on: 04/24/2014 03:23 PM Due on: 05/12/2014 Subject Accounting Topic Accounting Tutorials: 1 See full Answer Question Listed below are the transactions for Hunter Marketing. Inc. for the month of July:July 1 Hunter begins his marketing company and invests $50,000 cash.July 5 Purchases computers and office equipment on account from OfficeMax for $10,250.July 6 Pays rent for office space $800 for the month.July 6 Employs a secretary, XXXXX XXXXX.July 8 Purchases office supplies for cash $960.July 9 Receives $2,430 from customer for services performed.July 11 Pays miscellaneous office expenses $375.July 13 Bills customers $4,900 for serviced performed.July 15 Pays Office Max $3,500 on account.July 18 Withdraws $2,000 from business for personal use.July 20 Receives $1,900 from customers on account.July 23 Bills customers $6,320 for services performed.July 30 Pays the following expenses in cash: office salaries $2,300 and utilities $400.Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies on Hand, Office Equipment, Accumulated Depreciation, Accounts Payable, Hunter-Capital, Service Revenue, Rent Expense, Miscellaneous Office Expense, Office Salaries Expense, Supplies Expense, Utilities Expense, Depreciation Expense and Income Summary.Prepare an unadjusted trial balance.Record depreciation using a 5-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, record an adjustment for office supplies used in the amount of $510.Prepare an adjusted trial balance.Prepare an income statement, a statement of retained earnings, and an unclassified balance sheet.Close the ledger. Prepare a post-closing trial balance. Rating: 4.9/5
Solution: ACC - Hunter Marketing. Inc Problem