Leonard Matson completed these transactions during December of the current year. Dec. 1 Began a financial services practice by investing $15,000
cash and office equipment having a $5,000 value.
2 Purchased $1,200 of office equipment on credit
3 Purchased $300 of office supplies on credit
4 Completed work for a dient and immediately received a
Payment of $900 cash.
8 Completed work for Acme Loan Co. on credit, $1,700
10 Paid for the supplies purchased on credit on December 3.
14 Paid for the annual $960 premium on an insurance policy.
18 Received payment in full from Acme Loan Co. for the work
Completed on December 8.
27. Leonard withdrew $650 cash from the practice to pay
personal expenses.
30 Paid $175 cash for the December utility bills.
30 Received $2,000 from a dient for financial services to be rendered
next year
1. Prepare general journal entries to record these transactions (30 points)
2. Prepare general ledger accounts (30 points)
3. Prepare a trial balance (10 points)
4. Prepare an income statement (5 points)
5. Prepare statement of owner's equity (10 points)
6. Prepare a balance sheet (15 points)

Price and efficiency variances, journal entries. the schuyler corporation manufactures lamps. it has set up the following standards per finished unit for direct materials and direct manufacturing labor: direct materials: 10 lb. at $4.50 per lb. $45.00 direct manufacturing labor: 0.5 hour at $30 per hour 15.00 the number of finished units budgeted for january 2017 was 10,000; 9,850 units were actually produced. actual results in january 2017 were as follows: direct materials: 98,055 lb. used direct manufacturing labor: 4,900 hours $154,350 assume that there was no beginning inventory of either direct materials or finished units. during the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. input price variances are isolated upon purchase. input-efficiency variances are isolated at the time of usage. 1. compute the january 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. prepare journal entries to record the variances in requirement 1. 3. comment on the january 2017 price and efficiency variances of schuyler corporation. 4. why might schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time

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