Prepare a trial balance for Mori Upholstery Cleaning, Inc., as of October 31, 20xx.

Transaction Analysis, T Accounts, and Trial Balances

Hiroshi Mori began an upholstery cleaning business on October 1 and engaged in the following transactions during the month:

Oct. 1 Began business by depositing $12,000 in a bank account in the name of the corporation in exchange for 12,000 shares of $1 par value common stock.

2 Ordered cleaning supplies, $1,000.

3 Purchased cleaning equipment for cash, $2,800.

4 Made two months’ van lease payment in advance, $1,200.

7 Received the cleaning supplies ordered on October 2 and agreed to pay half the amount in 10 days and the rest in 30 days.

9 Paid for repairs on the van with cash, $80.

12 Received cash for cleaning upholstery, $960. Oct. 17 Paid half the amount owed on supplies purchased on October 7, $500.

21 Billed customers for cleaning upholstery, $1,340.

24 Paid cash for additional repairs on the van, $80.

27 Received $600 from the customers billed on October 21.

31 Declared and paid a dividend of $700.

Required

1. Set up the following T accounts: Cash; Accounts Receivable; Cleaning Supplies; Prepaid Lease; Cleaning Equipment; Accounts Payable; Common Stock; Dividends; Cleaning Revenue; and Repair Expense.

2. Record transactions directly in the T accounts. Identify each entry by date.

3. Prepare a trial balance for Mori Upholstery Cleaning, Inc., as of October 31, 20xx.

4. User insight: Compare and contrast how the issues of recognition, valuation, and classification are settled in the transactions of October 7 and 9.

 

find the cost of your paper

Write a program that reads the name of an element from the user and uses a recursive function to find the longest sequence of elements that begins with that value

Some people like to play a game that constructs a sequence of chemical elements where each element in the sequence begins with the last letter of its predecessor. For example,….

What is the correct charge to the income statement for bad debts and bad debt provisions for the years to 31 December 20X1?

Trade receivables as at 31 December 20X1 were $25,000. The bad debt provision as at 1 January 20X1 was $812. During the year to 31 December 20X1 bad debts of….

Which of the following is an adjusting event?

IAS 10 – Events after the balance sheet date, distinguishes between adjusting and non-adjusting events. Which of the following is an adjusting event? (A) One month after the year end,….