Journalizing transactions, posting to T-accounts, and preparing a trial balance

Problem P2-41 continues with the consulting business begun in Problem P1-54 in

Chapter 1. Here you will account for Daniels Consulting’s transactions as it is actually

done in practice.

Daniels Consulting completed the following transactions during December 2016:

Dec. 2 Daniels contributed $20,000 cash in exchange for capital.

2 Paid monthly office rent, $2,000.

3 Paid cash for a computer, $3,600. This equipment is expected to remain in service

for five years.

4 Purchased office furniture on account, $3,000. The furniture should last for

five years.

5 Purchased office supplies on account, $800.

9 Performed consulting service for a client on account, $2,500.

12 Paid utilities expenses, $150.

18 Performed service for a client and received cash of $2,100.

21 Received $2,400 in advance for client service to be performed in the future.

21 Hired an administrative assistant to be paid $2,055 on the 20th day of each

month. The secretary begins work immediately.

26 Paid $200 on account.

28 Collected $400 on account.

30 Daniels withdrew $1,000.

Requirements

1. Journalize the transactions, using the following accounts: Cash; Accounts

Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned

Revenue; Daniels, Capital; Daniels, Withdrawals; Service Revenue; Rent Expense;

and Utilities Expense. Explanations are not required.

2. Open a T-account for each of the accounts.

3. Post the journal entries to the T-accounts, and calculate account balances. Formal

posting references are not required.

4. Prepare trial balance as of December 31, 2016.

5. Prepare the income statement of Daniels Consulting for the month ended

December 31, 2016.

6. Prepare the statement of owner’s equity for the month ended December 31, 2016.

7. Prepare the balance sheet as of December 31, 2016.

8. Calculate the debt ratio for Daniels Consulting at December 31, 2016.

 

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Judge Richard Posner of the 7th Circuit was quoted as saying: “And on another note about academia and practical law, I see absolutely no value to a judge of spending decades, years, months, weeks, day, hours, minutes, or seconds studying the Constitution, the history of its enactment, its amendments, and its implementation (across the centuries—well, just a little more than two centuries, and of course less for many of the amendments). Eighteenth-century guys, however smart, could not foresee the culture, technology, etc., of the 21st century. Which means that the original Constitution, the Bill of Rights, and the post–Civil War amendments (including the 14th), do not speak to today.”

1)  Do you agree with Judge Posner that there is no value in studying the U.S. Constitution?  Explain your position.

NO LESS THAN 300 WORDS

References 

 

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Judaism is considered to be a monotheistic religion, yet the Hebrew Bible shows unmistakable traces of polytheism (e.g., Genesis 35:2, Exod. 15:11, Psalm 95:3). (1) How can it be explained that Judaism is a monotheistic religion but clearly acknowledges other gods?

Judaism is an “ethical monotheistic” religion – meaning that its conception of what counts as moral and ethical behavior is derived from a single deity. (2) What relation does Abraham play in understanding the nature of morality within Judaism?

 

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Julian, Berta, and Maria own 400 shares, 400 shares, and 200 shares, respectively, in JBM Corporation with earnings and profits of $750,000. Berta is Julian’s sister, and Maria is Julian’s aunt. JBM Corporation redeems all of Julian’s stock for $420,000. Julian paid $200 a share for the stock five years ago. Julian continued to serve on JBM Corporation’s board of directors after the redemption. With respect to the redemption:Answer A.

 

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Julia is in charge of buying clothing in bulk for a sporting goods store. The table shows the unit prices of the items she intends to buy.Unit Prices of Clothing Items for a Sporting Goods StoreItemUnit PriceT-shirts$7.50Shorts$9.00Windbreakers$12.25If she will buy 35 T-shirts, 45 pairs of shorts, and 25 windbreakers, what will be her total cost?$958.75$973.75$1,021.25$1,038.75

 

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