Professional Documents
Culture Documents
month of January:
The company had the following transactions in the
1
Kimmel, Paul D., Weygandt, Jerry J., Kieso, Donald E., Trenholm, Barbara, Irvine, Wayne. Financial Accounting:
Tools for Business Decision Making, Fifth Canadian Edition; Wiley.
Copyright 2012 John Wiley & Sons Canada, Ltd. Posted with permission from John Wiley & Sons Canada, Ltd.
January 13 Paid for several advertising spots on the local radio station, $3,000.
16 Attended a local business fair. Paid $1,000 for promotional items and $500 for
booth rental.
17 Summarized and recorded the billings to clients for the first two weeks of
January. Billings totalled $15,000. These amounts are due by the 10th of the
next month.
18 Calculated and recorded amounts payable to consultants for their work.
Payments of $7,500 will be made to the consultants on the 18th of the next
month.
20 Paid $1,000 for the company's share of the current month's office administration
expenses.
23 Paid $4,000 cash for a client list from a graduate student who had a similar
business and is moving out of town.
24 Received $3,000 from clients in settlement of their accounts billed on the 17th.
30 Paid annual insurance policy with coverage up to February 1, 2018 for $6,000.
30 Summarized and recorded the billings to clients for the last two weeks of
January. Billings totalled $18,000. These amounts are due by the 28th of the
next month.
31 Calculated and recorded amounts payable to consultants for their work.
Payments of $10,000 will be made to the consultants on the 28th of the next
month.
31 Made a bank loan payment for $1,000 of which $300 related to interest and
$700 to the principal.
31 Paid $1,200 to the Canada Revenue Agency for an income tax instalment.
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