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Assignment Steps 1
Resources: Financial Accounting: Tools for Business Decision Making
Write a minimum 35-word response to each of the following
scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing
the effect of each transaction on assets, liabilities, and stockholder’s
·Selected transactions for Thyme Advertising Company, Inc.
oIssued common stock to investors in exchange for cash
received from investors.
oPaid monthly rent.
oReceived cash from customers when service was performed.
oBilled customers for services performed.
oPaid dividend to stockholders.
oIncurred advertising expense on account.
oReceived cash from customers billed in (4).
oPurchased additional equipment for cash.
oPurchased equipment on account.
After completing your analysis of each transaction, complete a
journal entry for each of the above transactions.
Use the Excel® spreadsheet to record your
answers and submit with your responses.
Assignment 2 Complete Problem 3-5A in Financial Accounting
(p. 140) in the Excel
spreadsheet. Use Excel formulas to calculate results.
Use the Excel spreadsheet 35A
Architects incorporated as licensed architects on April 1, 2017. During the
first month of the operation of the business, these events and transactions
occurred: Apr. 1 Stockholders invested $18,000 cash in exchange for common
stock of the corporation. 1 Hired a secretary‐receptionist at a salary of $375
per week, payable monthly. 2 Paid office rent for the month $900. 3 Purchased
architectural supplies on account from Burmingham Company $1,300. 10 Completed
blueprints on a carport and billed client $1,900 for services. 11 Received $700
cash advance from M. Jason to design a new home. 20 Received $2,800 cash for
services completed and delivered to S. Melvin. 30 Paid secretary‐receptionist
for the month $1,500. 30 Paid $300 to Burmingham Company for accounts payable
due. The company uses these accounts: Cash, Accounts Receivable, Supplies,
Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue,
Salaries and Wages Expense, and Rent Expense. Instructions (a) Journalize the
transactions, including explanations. (b) Post to the ledger T‐accounts. (c)
Prepare a trial balance on April 30, 2017. (a) Cash $18,800 Tot. trial balance