& P2-63A (similar to During the irst month of operations, Thompson Services, Inc

Question

& P2-63A (similar to During the irst month of operations, Thompson Services, Inc., completed the following transactions Question Help (Click the loon to view the transaction data) . Record each transaction in the jourmal. Be sure to record 2. Post the transactions to the a. Prepare the Hial balence of Thompson Services, Inc, at October 31 of the 4. Timothy Thompson, the the date in each entry. Explanations are not required. T-accounts, using transaction dates as posting references. Label the anding balance of each account Bal current year manager, asks you how much in total rescurces the business hes to work with, how much it owes, and whether October was profitable (and by how much). 18 Cash 2.400 Accounts Receivable 2.400 More Info Oct 22: Reooives Odt 2 Thompson Services received $66,000 cash and issued common stook to the Aocounts Payable Accounts Receivable Advertising Expense stockholders 3 Purchased supplies, $800, and equipment, $11,500, on account. 4 Performed services for a customer and recelved cash, $5,500 7 Pald cash to acquire land, $39,000 11 Perfomed servioes for a customer and billed the customer, $4,500 Date Debit Credit Oct 22 Cash 370 Common Stock Dividends 370 Thompson expects to collect within one month 16 Paid for the equipment purchased October 3 on account. 17 Paid for newspaper advertising, $540 18 Recelved partial payment from customer on account, $2.400 22 Recelved and paid the water and eleotriclity bills, $370 29 Received $2.,000 cash for servicing the heating unit of a customer 31 Paid employee salaries, $2,500 31 Declared and paid dividends of $1,800. Oot 20: Recelive Salary Expense 1.4: Service Revenue Ulities Expense Debit Credit 2,000 7.29 Print Done Choose from any list or entor any number in the input Selds and then click Check Answer

Explanation / Answer

02-Oct Cash 66000            Common stock 66000 03-Oct Supplies 800 Equipment 11500             Accounts payable 12300 04-Oct Cash 5500           Service revenue 5500 07-Oct Land 39000         Cash 39000 11-Oct Accounts receivable 4500             Service revenue 4500 16-Oct Accounts payable 11500             Cash 11500 17-Oct Advertising expense 540            Cash 540 18-Oct Cash 2400         Accounts receivable 2400 22-Oct Utilities expense 370            Cash 370 29-Oct Cash 2000           Service revenue 2000 31-Oct Salaries expense 2500            Cash 2500 31-Oct Dividends 1800             Cash 1800

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