Use of help desk on this quiz is not allowed

Acct 2010(Berg)

Quiz 3 – Journalize using T accounts

Due on September 11th, 11:30 p.m.(Tuesday/Thursday Class)

Due on September 15th, 11:30 p.m.(Monday/Wednesday Class)

To be submitted via D2L dropbox

  • FAILURE to follow directions will result in Grade of ZERO
  • Download the Excel spreadsheet files (xlsx) that you will use for this quiz from the class web site at Failure to use the files and/or failure to follow directions will result in a grade of zero.
  • This assignment is not a group project. Students should work independently. Sharing/Copying/plagiarism will result in a grade of 0 for all parties involved
  • The quiz is to be submitted electronically using the D2L drop box. (hardcopy printout will not be accepted)
  • Files not received in Excel format will receive a grade of ZERO.
  • Submission to the wrong drop box will result in grade of ZERO
  • Make sure your file uploads correctly. Corrupt uploads will receive a grade of ZERO
  • Remember, file must be virus free.
  • Any assignment received containing a Virus receives a grade of 0.

Post the following Transactions to the T-accounts. Transaction 1 has been done for you

Transactions for April 2018

1On April 1, 2018, Redmond Corporation, an information technology (IT) consulting company, received $650,000 cash from Ron Larson, and the business issued common stock to him.

2On April 3, Redmond paid $225,000 cash for land.

3Redmond purchased $1,250 of office supplies on account on April 5.

4On April 6, Redmond provided IT consulting services for a client and collected $12,000 cash.

5Redmond provided IT consulting services of $14,000 for clients on April 7. The clients will pay Redmond in the future.

6Redmond paid cash expenses on April 10: salaries of $8,000 and office rent of $5,000.

7On April 12, Redmond paid $750 on the accounts payable created in Transaction #3.

8Redmond collected $3,000 cash on April 14 from a client in transaction #5.

9On April 16, Redmond paid $2,500 for dividends.

10On April 18, Redmond prepaid office rent of $15,000 for the months of May, June and July.

11Redmond paid $8,000 salaries to employees on April 20.

12Redmond purchased a building for $520,000 on April 25. A note payable was issued for the entire amount.

13On April 26, Redmond received a contribution of furniture with a fair market value of $25,000 from Ron Larson, who received common stock in exchange.

14Redmond received a cell phone bill for $1,100 on April 28, and will pay this amount in May. Use Utilities Payable.

15On April 30, Redmond paid employee salaries of $8,000.

16Redmond meets with a client on April 30, who pays $22,000 in advance for consulting services to be performed during May and June.

17On April 30, Redmond performed consulting services for clients and received $16,000 in cash.