Homework Answers
| a) Journal entries: | |||
| Date | Account Titles | Debit $ | Credit $ |
| 1 | Cash | 41000 | |
| Common Stock | 41000 | ||
| (common stock issued) | |||
| 2 | Acc. Receivable | 36000 | |
| Service revenue | 36000 | ||
| (service revenue recorded) | |||
| 3 | Operating exp. | 15500 | |
| Acc. Payable | 15500 | ||
| (operating exp. Incurred) | |||
| 4 | Cash | 25500 | |
| Service revenue | 25500 | ||
| (cash service revenue recorded) | |||
| 5 | Land | 13500 | |
| Cash | 13500 | ||
| (land purchased of cash) | |||
| 6 | Cash | 27500 | |
| Acc. Receivable | 27500 | ||
| (cash collected from debtors) | |||
| 7 | Cash | 7100 | |
| Unearned revenue | 7100 | ||
| (advance received for services) | |||
| 8 | Supplies | 1450 | |
| Acc. Payable | 1450 | ||
| (supplies on account purchased) | |||
| 9 | Acc. Payable | 13000 | |
| Cash | 13000 | ||
| (creditors paid) | |||
| 10 | Dividend | 6100 | |
| Cash | 6100 | ||
| (dividend paid) | |||
| 11 | supplies exp. | 940 | |
| Supplies | 940 | ||
| (supplies exp. Recorded) | |||
| 12 | Unearned revenue | 5550 | |
| Service revenue | 5550 | ||
| (earned revenues recorded) | |||
| b) T-Accounts: | |||
| DEBIT | AMT $ | CREDIT | AMT $ |
| Cash | |||
| 1 | 41000 | 5 | 13500 |
| 4 | 25500 | 9 | 13000 |
| 6 | 27500 | CB | 74600 |
| 7 | 7100 | ||
| Common Stock | |||
| 1 | 41000 | ||
| Account Receivable | |||
| 2 | 36000 | 6 | 27500 |
| CB | 8500 | ||
| Service Revenue | |||
| CB | 67050 | 2 | 36000 |
| 4 | 25500 | ||
| 12 | 5550 | ||
| Operating Exp. | |||
| 3 | 15500 | ||
| Account Payable | |||
| 9 | 13000 | 3 | 15500 |
| CB | 3950 | 8 | 1450 |
| Land | |||
| 5 | 13500 | ||
| Unearned revenue | |||
| 12 | 5550 | 7 | 7100 |
| CB | 1550 | ||
| Supplies | |||
| 8 | 1450 | 11 | 940 |
| CB | 510 | ||
| Dividend | |||
| 10 | 6100 | ||
| Supplies Exp. | |||
| 11 | 940 | ||
Add Answer to:
The following events apply to Complete Business Service in 2018, its first year of op 1....
T accounts? Trial Balance? The following events apply to Complete Business Service in 2018, its first...
T
accounts? Trial Balance?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the...
The following events apply to Complete Business Service in 2018, its first year of operations: Received...
The following events apply to Complete Business Service in 2018, its first year of operations: Received $30,000 cash from the issue of common stock. Earned $25,000 of service revenue on account. Incurred $10,000 of operating expenses on account. Received $20,000 cash for performing services. Paid $8,000 cash to purchase land. Collected $22,000 of cash from accounts receivable. Received a $6,000 cash advance for services to be provided in the future. Purchased $900 of supplies on account. Made a $7,500 payment...
journal entry worksheet for 1-12? The following events apply to Complete Business Service in 2018, its...
journal entry worksheet for 1-12?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in...
The following events apply to Equipment Services Inc. in its first year of operation: Acquired $60,000...
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
The following events apply to Pearson Service Co. for 2018, its first year of operation: Received...
The following events apply to Pearson Service Co. for 2018, its
first year of operation:
Received cash of $60,000 from the issue of common stock.
Performed $115,000 worth of services on account.
Paid $79,000 cash for salaries expense.
Purchased supplies for $17,000 on account.
Collected $93,000 of accounts receivable.
Paid $12,500 of the accounts payable.
Paid a $6,000 dividend to the stockholders.
Had $2,000 of supplies on hand at the end of the period.
Required
Record these events in general...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1....
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...
The following events apply to Pearson Service Co. for 2018, its first year of operation: Received...
The following events apply to Pearson Service Co. for 2018, its first year of operation: Received cash of $50,000 from the issue of common stock. Performed $90,000 worth of services on account. Paid $64,000 cash for salaries expense. Purchased supplies for $12,000 on account. Collected $78,000 of accounts receivable. Paid $8,500 of the accounts payable. Paid a $5,000 dividend to the stockholders. Had $1,500 of supplies on hand at the end of the period. Required Record these events in general...
Exercise 3-21A Recording events in the general journal, posting to T-accounts, and preparing a trial balance...
Exercise 3-21A Recording events in the general journal, posting to T-accounts, and preparing a trial balance The following events apply to Davis Dry Cleaners in 2013, its first year of operations: 1. Received $45,000 cash from the issue of common stock. 2. Earned $37,500 of service revenue on account. 3. Incurred $15,000 of operating expenses on account. 4. Received $30,000 cash for performing services. 5. Paid $12,000 cash to purchase land. 6. Collected $33,000 of cash from accounts receivable. 7....
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1....
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $74,000 cash from the issue of common stock. 2. Purchased $4,000 of supplies on account. 3. Purchased land that cost $46,000 cash. 4. Paid $4,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $70,000. 6. Paid $35.000 cash for other operating expenses. 7. Collected $52.000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized...
Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting...
Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $79,000 cash from the issue of common stock. 2. Purchased $5,000 of supplies on account. 3. Purchased land that cost $56,000 cash. 4. Paid $5,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $80,000. 6. Paid $40,000 cash for other operating expenses. 7. Collected $57,000 cash from accounts receivable. Information for Year 1 Adjusting...
T
accounts? Trial Balance?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the...
journal entry worksheet for 1-12?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in...
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
The following events apply to Pearson Service Co. for 2018, its
first year of operation:
Received cash of $60,000 from the issue of common stock.
Performed $115,000 worth of services on account.
Paid $79,000 cash for salaries expense.
Purchased supplies for $17,000 on account.
Collected $93,000 of accounts receivable.
Paid $12,500 of the accounts payable.
Paid a $6,000 dividend to the stockholders.
Had $2,000 of supplies on hand at the end of the period.
Required
Record these events in general...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...
Exercise 3-21A Recording events in the general journal, posting to T-accounts, and preparing a trial balance The following events apply to Davis Dry Cleaners in 2013, its first year of operations: 1. Received $45,000 cash from the issue of common stock. 2. Earned $37,500 of service revenue on account. 3. Incurred $15,000 of operating expenses on account. 4. Received $30,000 cash for performing services. 5. Paid $12,000 cash to purchase land. 6. Collected $33,000 of cash from accounts receivable. 7....
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $74,000 cash from the issue of common stock. 2. Purchased $4,000 of supplies on account. 3. Purchased land that cost $46,000 cash. 4. Paid $4,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $70,000. 6. Paid $35.000 cash for other operating expenses. 7. Collected $52.000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized...
Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $79,000 cash from the issue of common stock. 2. Purchased $5,000 of supplies on account. 3. Purchased land that cost $56,000 cash. 4. Paid $5,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $80,000. 6. Paid $40,000 cash for other operating expenses. 7. Collected $57,000 cash from accounts receivable. Information for Year 1 Adjusting...
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