Acc3010 Project 1 ome Insert Page Layout Formulas Data Revie

Acc3010 Project 1 ome Insert Page Layout Formulas Data Review View You have been hired as an accountant for NFT Consalting Inc. This business was created when some friends decided to make use of their newly minted college degres and go into business together. The business was created on November 1, 2017. The company will have a fiscal year Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet, (see the worksheet tab) end of October 31st. The initial formation transactions and early parchases for NFT During November, the first month of operations, the folloning transactions occurred Date Event -Nov Paid $7,200 for 12 months rent on office space 6 2-Nov Purchased office furniture for $8,950 1 3-Nov Purchased $1 1,354 of additional office supplies on account. Borrowed 20,000 from the bank for operating cash. The note has a 3% interest rate (sample interest) and is to be paid back in 4 188-Nov years 915-Nov Received $10,800 from Fortuna Inc. for work to be performed over the next 12 months 20 20-Nov Paid $1,560 for utilities 21 21-Nov Performed services for various customers for $13,200 cash and another $18, 100 on account 2225-Nov Paid $8,650 for purchases of supplies previously made on account 23 27-Nov Paid salaries to employes totaling $5,200 for 1 week 2430-Nov Collected $12,300 as payment for amounts previously billed. 25 30-Nov Dividends of $3,000 were declared and paid. At the end of November, the following additional information is available to help determine what adjustments are 27 29 30-Nov One month of the prepaid rent has been used up 30 30-Nox Supplies on hand are S8,150 31 30-Nov One month of interest has accrued on the mote payable for the bank loan 32 30-Nov Ore month of the services for the Fortuna Inc. has been performed (see above) 33 30-Nov Salaries of $5,200 are paid every Friday (for a 5 day work week). November 30, 2017 was a Thursday 34 30-Now Additional work for customers of $9,5s0 has been performed during the last weck of November but not yet billad 30 Nox Derosiation epas for the soryuter eipment is 5.40 amd for the office ferniture is $120 6 ADJUSTING JE CLOSING JE Worksheet statements woksheet formulas 3 4 5

Solution

The Nov.30 entry for receipt of cash from customers is wrong. Since it is stated that the payment is for the services prevously billed the credit shall be to Accounts Receivable and not Unearned Revenue.

All other journal entries entries are recorded correctly.

Date	Accounts Title	Debit	Credit
Nov.30	Cash	12,300
	Accounts Receivable		12,300