Selected activity of Mason Consulting Services follow.
Question 1
DATE TRANSACTIONS
2019
Sept. 1 Zack Mason invested $48,000 in cash to start the firm.
4 Purchased office equipment for $5,300 on credit from Den, Inc.; received Invoice
9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for
$13,300 in full payment.
20 Purchased supplies for $400; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $110.
30 Issued Check 1003 for $3,000 to Den, Inc., as payment on account for Invoice
9823.
30 Withdrew $1,800 in cash for personal expenses.
30 Issued Check 1004 for $1,100 to pay the rent for September.
30 Performed services for $2,850 in cash.
30 Paid $375 for monthly telephone bill, Check 1005.
Prepare journal entries for the transactions incurred during September of 2019.
Journal entry worksheet
Note: Enter debits before credits.
Date
General Journal
Sep 01, 2019
Transaction list
•
1
Zack Mason invested $48,000 in cash to start the firm.
•
2
Debit
Credit
Purchased office equipment for $5,300 on credit from Den, Inc.; received Invoice 9823, payable in 30
days.
•
3
Purchased an automobile that will be used to visit clients; issued Check 1001 for $13,300 in full
payment.
•
4
Purchased supplies for $400; paid immediately with Check 1002.
•
5
Returned damaged supplies for a cash refund of $110.
•
6
Issued Check 1003 for $3,000 to Den, Inc., as payment on account for Invoice 9823.
•
7
Withdrew $1,800 in cash for personal expenses.
•
8
Issued Check 1004 for $1,100 to pay the rent for September.
•
9
Performed services for $2,850 in cash.
•
10
Paid $375 for monthly telephone bill, Check 1005.
•
Note :
= journal entry has been entered
Journal entry worksheet
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Sep 01, 2019
Question 2
DATE TRANSACTIONS
2019
Sept. 1 Zack Mason invested $44,000 in cash to start the firm.
4 Purchased office equipment for $4,900 on credit from Den, Inc.; received Invoice
9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for
$12,900 in full payment.
20 Purchased supplies for $360; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $90.
30 Issued Check 1003 for $2,900 to Den, Inc., as payment on account for Invoice
9823.
30 Withdrew $1,400 in cash for personal expenses.
30 Issued Check 1004 for $900 to pay the rent for September.
30 Performed services for $3,050 in cash.
30 Paid $355 for monthly telephone bill, Check 1005.
Post the above transactions into the appropriate Ledger accounts.
20191205
Cash
Date
Account No. 101
Debit
Credit
Balance
Accounts Receivable
Date
Debit
Credit
Balance
Supplies
Date
Account No. 121
Debit
Credit
Automobile
Date
Debit
Debit
Credit
Debit
Debit
Balance
Credit
Balance
Date
Debit
Balance
Balance
Credit
Balance
Zack Mason, Drawing
Date
Debit
Account No. 401
Credit
Credit
Accounts Payable
Account No. 301
Fees Income
Date
Date
Account No. 141
Zack Mason, Capital
Date
Balance
Equipment
Credit
Balance
Rent Expense
Date
Debit
Credit
Balance
Salaries Expense
Date
Debit
Account No. 514
Credit
Balance
Telephone Expense
Date
Debit
Credit
Question
Question 3
DATE TRANSACTIONS
Nov. 5 Performed services for Job Search, Inc., for $27,000; received $12,500 in cash and
the client promised to pay the balance in 60 days.
18 Purchased a graphing calculator for $360 and some supplies for $510 from Office
Supply; issued Check 1008 for the total.
23 Received Invoice 1602 for $1,450 from Automotive Technicians Repair for repairs
to the firm’s automobile; issued Check 1009 for half the amount and arranged to
pay the other half in 30 days.
Prepare journal entries for the above transactions.
Journal entry worksheet
Note: Enter debits before credits.
Date
Nov 05, 2019
TRANSACTION SHEET
General Journal
Debit
Credit
Balance
•
Performed services for Job Search, Inc., for $27,000; received $12,500 in cash and the
client promised to pay the balance in 60 days.
•
2
Purchased a graphing calculator for $360 and some supplies for $510 from Office Supply;
issued Check 1008 for the total.
•
3
Received Invoice 1602 for $1,450 from Automotive Technicians Repair for repairs to the
firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other
half in 30 days.
Question 4
On June 10, 2019, an employee of Williams Corporation mistakenly debited
Telephone Expense rather than Utilities Expense when recording a bill of $905 for the May utility
service. The error was discovered on June 30. Prepare a general journal entry to correct the error.
Journal entry worksheet
Note: Enter debits before credits.
Date
General Journal
June 30, 2019
TRANSACTION SHEET
•
1
Debit
Credit
Record the entry to correct the June 10 error.
QUESTION 5
On August 22, 2019, an employee of Bell Company mistakenly debited the Repair Expense account
rather than the Truck Expense account when recording a bill of $740 for repairs. The error was
discovered on October 1. Prepare a general journal entry to correct the error.
Journal entry worksheet
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Oct 01, 2019
TRANSACTION SHEET
•
1
Record the entry to correct the August 22 error.
QUESTION 6
The journal entry to record the purchase of equipment for a $250 cash down payment and a balance of
$700 due in 30 days would include
Multiple Choice
a debit to Equipment for $250 and a credit to Accounts Payable for $700.
a debit to Equipment for $950, a credit to Cash for $250, and a credit to Accounts Payable for $700.
debit to Equipment for $950 and a credit to Cash for $950.
a debit to Equipment for $250 and a credit to Cash for $250.
QUESTION 7
The Accounts Payable account has a $3,600 credit balance. An entry for the payment of
$1,300 on the amount owed is recorded and posted. The new balance of the Accounts
Payable account is
Multiple Choice
a $4,900 credit balance.
a $2,300 debit balance.
a $4,900 debit balance.
a $2,300 credit balance
QUESTION 8
Bertrand Inc. performed services for clients in the amount of $1,400 on credit. If this transaction
had been posted in error to the Cash account instead of the Accounts Receivable account, what
correcting entry would be necessary?
Multiple Choice
Debit Cash $1,400; credit Accounts Receivable $1,400
Debit Accounts Receivable $1,400; credit Fees Income $1,400
Debit Fees Income $1,400; credit Cash $1,400
Debit Accounts Receivable $1,400; credit Cash $1,400
QUESTION 9
Bertrand Inc. purchased some shop equipment for $4,900 in cash. By mistake, the journal entry
debited the Office Equipment account rather than the Shop Equipment account. What correcting
entry would be necessary?
Multiple Choice
Debit Cash $4,900; credit Shop Equipment $4,900
Debit Office Equipment $4,900; credit Cash $4,900
Debit Office Equipment $4,900; credit Shop Equipment $4,900
Debit Shop Equipment $4,900; credit Office Equipment $4,900
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