Explore BrainMass

Financial transactions

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

I have attached the problems please view the attachment.

© BrainMass Inc. brainmass.com December 20, 2018, 4:36 am ad1c9bdddf


Solution Preview

For this discussion, imagine you are an accountant for J. Malone's Law Firm. The accounts and transactions of the firm are listed below. Analyze each transaction by identifying the account or accounts to be debited and credited and prepare a journal entry for each in the proper format.
Here is an example to record the owner's investment to start the business:
? Cash 54,000.
o Common stock 54,000.
Use the following account titles for this scenario:
? Accounts:
o Assets:
 Cash.
 Accounts Receivable.
 Prepaid Rent.
 Office Equipment.
 Automobiles.
o Liabilities:
 Accounts Payable.
 Interest Payable.
 Note Payable.
o Owner's Equity:
 Common stock.
o Expenses:
 Automobile Expense.
 Rent Expense.
 Utilities Expense.
 Salaries Expense.
 Interest Expense.
 Telephone ...

Solution Summary

Response helps in analyzing the financial transactions