Question 1

Jerome Smith, Certified Public Accountant, operates as a professional corporation (P.C.).  The business completed these transactions during the first part of March, 20X6:

  Mar  2  Received $7,000 cash from Smith, and issued ordinary shares to him.

  2  Paid monthly office rent, $600.

    3  Paid cash for a Dell computer, $2,400, with the computer expected to remain in service for five years.

  4  Purchased office furniture on account, $7,500, with the furniture projected to last for five years.

  5  Purchased supplies on account, $500.

  9  Performed tax service for a client and received cash for the full amount of $1,200.

  12  Paid utility expenses, $300.

  18  Performed consulting service for a client on account, $2,100.

  21  Received $1,800 in advance for tax work to be performed over the next 30 days.

  21  Hired a secretary to be paid on the 15^th day of each month.

  26  Paid $500 for the supplies purchased on March 5.

  28  Collected $2,100 from the client on March 18.

  31  Declared and paid dividends of $1,400.

Requirements:

1.  Journalize the transactions.  Explanations are not required.

2.  Post to the T-accounts.  Key all items by date.

3.  Prepare a trial balance at March 31, 20X6.

4.  At March 31, gathers the following information for the adjusting entries:

  a.  Accrued service revenue, $1,600

  b.  Earned $600 of the service revenue collected in advance on March 21

  c.  Supplies on hand, $100

  d.  Depreciation expense equipment, $40; furniture, $125

  e.  Accrued expense for secretary’s salary, $600

  Make these adjustments in the adjustments columns and complete the adjusted trial balance at January 31.

5.  Journalize and post the adjusting entries.  Denote each adjusting amount as Adj and an account balance as Bal.

6.  Prepare the income statement and statement of changes in equity of Jerome Smith Certified Public Accountant, P.C., for the month ended March 31 and the classified balance sheet at that date.

7.  Journalize and post the closing entries at March 31.  Denote each closing amount as Clo and an account balance at Bal.

Notes to students:

Summary of Deliverables and marking guide:

Schedule  Description  Requirements  Marks

Schedule A  T-accounts  2 ,4, 5 and 7  18 marks

Schedule B  Journal entries  1  12 marks

Schedule C  Adjusted Trial Balance  3, 4  24 marks

Schedule D  Journal entries  5    6 marks

Schedule E  Financial Statements  6  34 marks

Schedule F  Journal entries  7    6 marks

    ——————–

    Total  100 marks

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This will be the format of the paper: https://1drv.ms/w/s!Atf7Vg4SaeoHihvEyneVRQhudzOi

Thank you very much. Appreciated!

If you buy a new computer and call the company for tech support, you shouldn’t be surprised if you end up talking to someone in Bangalore, India. Economist Gregory Mankiw (the author of your textbook), the economic advisor to President Bush, was asked about the movement of American jobs overseas; he replied that the trend was “probably a plus for the economy in the long run”. Most economists agreed, but some elected officials responded differently. The loss of American jobs is more serious in manufacturing sector. In the early 1940s, about one in three American workers worked in manufacturing. Today, that figure is about one in ten. According to former secretary of labor Robert Reich, the loss of manufacturing jobs is not a reason to worry. But it is a reason to study hard. What do you think about offshore job and production outsourcing? Is it going to hurt American economy? Do you have any policy recommendations to stop or slow down the offshore outsourcing problem? You should read several recent articles related to outsourcing and answer the above questions. You have a stronger position if you support your point of view with data. I want you to use and benefit from several sources and references; therefore, you should use three sources . You should use at least 400 words in your postings. It is required to use APA format.

BTW, I need two different work for this. one is for me one is for my friend, we r in same class.

There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, franchise, and corporation.

Part 1:

Write an 525-word response to the following:

• Select one of the forms of business identified above.
• Research and provide three advantages and three disadvantages for this business form.

Part 2:

Write six 175-word summaries, a total of 1,050 words, in which you provide the following:

• Choose an example business for each of the remaining forms of business listed above.
• Discuss at least one of the advantages, one of the disadvantages, and the potential legal forms that might be required for each of the remaining forms of business listed above.

Cite a minimum of 3 scholarly references.