Unless Otherwise Stated, Answer In Complete Sentences 262761

Unless Otherwise Stated Answer In Complete Sentences And Be Sure To

Unless Otherwise Stated Answer In Complete Sentences And Be Sure To

Answer the following accounting and securities responsibilities questions based on the given scenarios. Ensure your responses are complete sentences, written in correct English with proper spelling and grammar. The assignment covers journal entries, trial balances, T accounts, closing entries, ledger analysis, and responsibilities in securities offerings.

Paper For Above instruction

Part A: Record the following transactions in the basic accounting equation:

  • a. Brian invests $10,000 cash to begin an accounting service.
  • b. The company buys office furniture for cash, $600.
  • c. The company buys additional office furniture on account, $300.
  • d. The company makes a payment on the office furniture, $200.

Assuming the layout: Assets = Liabilities + Owner's Equity

Initially, Cash + Office Furniture = Accounts Payable + Brian's Capital

Part B: Prepare a trial balance for Benson Company as of June 30, 20xx, using the following account balances:

  • Cash: $1,370
  • Benson, Withdrawals: $500
  • Accounts Payable: $770
  • Accounts Receivable: $1,600
  • Office Equipment: $900
  • Service Fees: $2,730
  • Benson, Capital: $1,500
  • Salaries Expense: $630

Part C: Record the following transactions during June for Campus Cycle Shop in T accounts, noting the transaction letter:

  • a. Tyler invested $6,500 from his personal savings.
  • b. Bought office equipment for cash, $900.
  • c. Performed bike service for a customer on account, $1,000.
  • d. Cell phone bill received, unpaid, $80.
  • e. Collected $500 from the customer in transaction c.
  • f. Tyler withdrew $300 for personal use.

Calculate the ending balances of the T accounts where appropriate.

Part D: Prepare proper journal entries for the following transactions (omit explanations):

  • October 2: Owner made a cash investment, $5.
  • October 2: Bought supplies on account, $100.
  • October 10: Paid salaries, $.
  • October 10: Paid for supplies purchased on October 2.
  • October 21: Received telephone bill, to be paid later, $30.

Part E: Record in a two-column journal (identify each with a letter):

  • (a) Earned $7,000 in fees; customer will pay later.
  • (b) Purchased equipment for $45,000, paying $20,000 in cash, remainder on credit.
  • (c) Paid $3,000 rent for January.
  • (d) Purchased $2,500 of supplies on account.
  • (e) A. Allen invested $1,000 in the company.
  • (f) Received $7,000 cash for fees earned previously.
  • (g) Paid $1,200 to creditors on account.
  • (h) Paid wages of $6,250.
  • (i) Received $7,150 from customers on account.
  • (j) A. Allen withdrew $1,750.

Part F: Prepare closing entries from the income statement columns of Friends' Tutoring worksheet at December 31, assuming a $1,000 withdrawal during the period. The income statement accounts are:

  • Tutoring Fees: $3,450
  • Wages Expense: $700
  • Rent Expense: $600
  • Supplies Expense: $450
  • Insurance Expense: $250
  • Total Expenses: $2,000 (total of expenses above)
  • Net Income: $1,450

Part G: Using selected ledger accounts for S. Ball for the current year, answer:

  • a. What was the total amount of withdrawals?
  • b. What was the net income?
  • c. What was the total revenue?
  • d. What were the total expenses?

Responsibilities in Securities Offerings

Discuss the responsibilities of:

  • Managers and directors of the issuing company
  • Investment bankers
  • Securities lawyers

Identify which party bears the most responsibility. Consider whether parties should engage independent companies to oversee securities offerings, at whose expense, and justify your reasoning.

Write a 2-3 page Microsoft Word document with your well-reasoned responses.

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