The Consulting Firm of Martin and Associates Uses the Accounts

question 54

Essay

The consulting firm of Martin and Associates uses the accounts listed below.On a separate sheet of paper,set up T accounts for each of the accounts listed and record the balances on the normal balance side of the accounts. The firm has the following transactions during the month of December 2016.Record the effects of these transactions in the T accounts.
a.Paid $1,300 for one month's rent
b.Collected $5,600 in cash from credit customers
c.Performed services for $7,500 in cash
d.Paid $4,800 for salaries
e.Issued a check for $3,400 to a creditor
f.Performed services for $10,200 on credit
g.Purchased office equipment for $1,800 on credit
h.The owner withdrew $3,500 in cash for personal expenses
i.Issued a check for $650 to pay the monthly utility bill
Determine the account balances after the transactions have been recorded Prepare a trial balance as of December 31,2016.

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Definitions:

Symbols

Characters or marks that are used to represent objects, quantities, or relations in mathematical expressions, equations, or in general notation.

Sample

A subset of individuals or observations selected from the population under study, intended to represent the population in statistical analyses.

Covariance

A measure of the joint variability of two random variables, indicating how the variables change together.

Positive Relation

A relationship between two variables where an increase in one variable is associated with an increase in the other variable.