Jennifer Lopez opened a school for administrative skills

called Lopez
Jennifer Lopez opened a school for administrative skills called Lopez Office Training and
completed the following transactions:a. Contributed the following assets to the business:Cash
........ $5,700Computers..... 4,300Office Equipment.. 3,600b. Found a location for her business
and paid the first month’s rent, $260.c. Paid for an advertisement announcing the opening of
the school, $190.d. Received applications from three students for a four-week secretarial
program and two students for a ten-day keyboarding course. The students will be billed a total
of $1,300.e. Purchased supplies on credit, $330.f. Billed the enrolled students, $1,740.g.
Purchased a second-hand computer, $480, and office equipment, $380, on credit.h. Paid for the
supplies purchased on credit in e, $330.i. Paid cash to repair a broken computer, $40.j.
Received partial payment from students previously billed, $1,080.k. Paid the utility bill for the
current month, $90.l. Paid an assistant one week’s salary, $440.m. Made a cash withdrawal of
$300.Required1. Set up the following T accounts: Cash; Accounts Receivable; Supplies;
Computers; Office Equipment; Accounts Payable; J. Lopez, Capital; J. Lopez, Withdrawals;
Tuition Revenue; Salaries Expense; Utilities Expense; Rent Expense; Repair Expense; and
Advertising Expense.2. Record the transactions directly in the T accounts, using the transaction
letter to identify each debit and credit.3. Prepare a trial balance using today’s date.4. Examine
transactions f and j. What were the revenues, and how much cash was received from the
revenues? What business issues might you see arising from the differences in these
numbers?View Solution:
Jennifer Lopez opened a school for administrative skills called Lopez
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