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Problem Expenses: General Journal M4 Engineering, Inc. Income Statement Total Expenses Problem General Journal Balances, January 1, 2020 Issued Common Stock 0 Common Stock 0 T Accounts M4 Engineering, Inc. Statement of Stockholders' Equity Shannon Macias: Statement Date T Accounts Retained Earnings Shannon Macias: Statement Date Total 0 0 0 AJES TB TB AdjTB AJES AdjTB IS IS Stmt of SE Stmt of S

Problem Expenses: General Journal M4 Engineering, Inc. Income Statement Total Expenses Problem General Journal Balances, January 1, 2020 Issued Common Stock 0 Common Stock 0 T Accounts M4 Engineering, Inc. Statement of Stockholders' Equity Shannon Macias: Statement Date T Accounts Retained Earnings Shannon Macias: Statement Date Total 0 0 0 AJES TB TB AdjTB AJES AdjTB IS IS Stmt of SE Stmt of S

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem Ch. 3 Classwork Cash Accounts 1 Supplies Inventory Prepaid In Prepaid Re Office Equ Accumulat Accounts 1 Notes Pay Unearned Problem General Journal Cash Accounts I Supplies Inventory Chart of Accounts M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. Ch. 3 Classwork Prepaid In Prepaid Re Office Equ Common Stock Retained Earnings Dividends c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1. d) On January 31, M4 Engineering bought $7,500 of office supplies on account. Accumulat Accounts I Notes Paya Unearned] e) On February 10, M4 Engineering paid the utility bills of $300. 1) On February 15, M4 Engineering bought computers and other Office Equipment on account for $20,000. g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin on April 1. Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense T Accounts General Journal Chart of Accounts Common Stock Retained Earnings Dividends TB T Accounts Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense On March 31, the CFO reviewed M4 Engineering's books and noted the following: h) Employees were owed $12,000 for hours work in March. TB AJES i) Only $1 200 of supplies were still on hand. i) Three months of rent had expired (been used). k) The March 31 utility bill had not been received. The CFO expects that $320 of utility services were used. I) $25,000 of the engineering work related to transactions (c) and (g) have been completed. Update the T-accounts and make Adjusting Journal Entries (AJEs) to reflect the needed adjustments. AJES AdjTB IS AdjTB Stmt of SE IS BS Stmt of SE BS
Transcribed Image Text:Problem Ch. 3 Classwork Cash Accounts 1 Supplies Inventory Prepaid In Prepaid Re Office Equ Accumulat Accounts 1 Notes Pay Unearned Problem General Journal Cash Accounts I Supplies Inventory Chart of Accounts M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. Ch. 3 Classwork Prepaid In Prepaid Re Office Equ Common Stock Retained Earnings Dividends c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1. d) On January 31, M4 Engineering bought $7,500 of office supplies on account. Accumulat Accounts I Notes Paya Unearned] e) On February 10, M4 Engineering paid the utility bills of $300. 1) On February 15, M4 Engineering bought computers and other Office Equipment on account for $20,000. g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin on April 1. Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense T Accounts General Journal Chart of Accounts Common Stock Retained Earnings Dividends TB T Accounts Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense On March 31, the CFO reviewed M4 Engineering's books and noted the following: h) Employees were owed $12,000 for hours work in March. TB AJES i) Only $1 200 of supplies were still on hand. i) Three months of rent had expired (been used). k) The March 31 utility bill had not been received. The CFO expects that $320 of utility services were used. I) $25,000 of the engineering work related to transactions (c) and (g) have been completed. Update the T-accounts and make Adjusting Journal Entries (AJEs) to reflect the needed adjustments. AJES AdjTB IS AdjTB Stmt of SE IS BS Stmt of SE BS
Problem Expenses: Total Expenses Problem General Journal M4 Engineering, Inc. Income Statement General Journal Balances, January 1, 2020 Issued Common Stock M4 Engineering, Inc. Statement of Stockholders' Equity Balances, March 31, 2020 T Accounts TB Common Stock Shannon Macias: Statement Date T Accounts Retained Earnings Shannon Macias: Statement Date Total TB AJES AdjTB AJES AdjTB IS IS Stmt of SE Stmt of SE E
Transcribed Image Text:Problem Expenses: Total Expenses Problem General Journal M4 Engineering, Inc. Income Statement General Journal Balances, January 1, 2020 Issued Common Stock M4 Engineering, Inc. Statement of Stockholders' Equity Balances, March 31, 2020 T Accounts TB Common Stock Shannon Macias: Statement Date T Accounts Retained Earnings Shannon Macias: Statement Date Total TB AJES AdjTB AJES AdjTB IS IS Stmt of SE Stmt of SE E
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