Solution:
1 | General Journal | |||||||
Date | Particulars | Dr. | Cr. | |||||
12-Mar | Cash A/c Dr. | 20,700 | ||||||
Account Receivable A/c Dr. | 36,300 | |||||||
To Service Revenue A/c | 57,000 | |||||||
02-May | Cash A/c | 17,700 | ||||||
To Account Receivable | 17,700 | |||||||
30-Jun | Cash A/c | 6,000 | 6,000 | |||||
To Common Stock | ||||||||
01-Aug | Salaries A/c | 6,400 | ||||||
To Cash A/c | 6,400 | |||||||
25-Sep | Repairs & Mainenance A/c | 12,700 | ||||||
To Cash A/c | 12,700 | |||||||
19-Oct | Equipment A/c | 7,700 | ||||||
To Cash A/c | 7,700 | |||||||
30-Dec | Retained Earnings A/c | 1,100 | ||||||
To Dividend Payable | 1,100 | |||||||
30-Dec | Dividend Payable A/c | 1,100 | ||||||
To Cash A/c | 1,100 | |||||||
109,700 | 109,700 | |||||||
2 | Unadjusted Trial Balance | |||||||
Accounts Name | Debit | Credit | ||||||
Cash | 35,000 | |||||||
Account Receivable | 26,300 | |||||||
Supplies | 3,700 | |||||||
Equipment | 21,200 | |||||||
Accumulative Dep. | 4,400 | |||||||
Common Stock | 29,500 | |||||||
Retained Earnings | 8,000 | |||||||
Repairs & Maintenance | 12,700 | |||||||
Service Revenue | 57,000 | |||||||
98,900 | 98900 | |||||||
3 | Adjustment Entries | |||||||
Date | Particulars | Debit | Credit | |||||
Salaries A/c |
19,600 | |||||||
To Salary Payable A/c | 19,600 | |||||||
Depreciation A/c | 4,700 | |||||||
To Acc. Depreciation | 4,700 | |||||||
Supplies Expense A/c | 2,500 | |||||||
To Supplies A/c | 2,500 | |||||||
26,800 | 26800 | |||||||
4 | Adjusted Trial Balance | |||||||
Accounts Name | Debit | Credit | ||||||
Cash | 35,000 | |||||||
Account Receivable | 26,300 | |||||||
Supplies | 1,200 | |||||||
Supplies Expense | 2,500 | |||||||
Equipment | 21,200 | |||||||
Accumulative Dep. | 9,100 | |||||||
Depreciation | 4,700 | |||||||
Salary Payable | 19,600 | |||||||
Salary Expense | 19,600 | |||||||
Common Stock | 29,500 | |||||||
Retained Earnings | 8,000 | |||||||
Repairs & Maintenance | 12,700 | |||||||
Service Revenue | 57,000 | |||||||
123,200 | 123,200 | |||||||
5 | Income Statement | |||||||
Revenue | $ | $ | ||||||
Service Revenue | 57,000 | 57,000 | ||||||
Expense | ||||||||
Supplies Expense | 2,500 | |||||||
Depreciation | 4,700 | |||||||
Salary Expense | 19,600 | |||||||
Repairs & Maintenance | 12,700 | 39,500 | ||||||
Net Income | 17,500 | |||||||
6 | Closing Entries | |||||||
Date | Particulars | Debit | Credit | |||||
Service Revenue A/c Dr. | 57,000 | |||||||
To Income Statement | 57,000 | |||||||
Income Statement A/c Dr. | 39,500 | |||||||
To Supplies Expense | 2,500 | |||||||
To Depreciation | 4,700 | |||||||
To Salary Expense | 19,600 | |||||||
To Repairs & Maintenance | 12,700 | |||||||
Income Statement A/c Dr. | 17,500 | |||||||
To Retained Earnings | 17,500 | |||||||
114,000 | 114,000 | |||||||
7 | Post Closing Trial Balance | |||||||
Accounts Name | Debit | Credit | ||||||
Cash | 35,000 | |||||||
Account Receivable | 26,300 | |||||||
Supplies | 1,200 | |||||||
Equipment | 21,200 | |||||||
Accumulative Dep. | 9,100 | |||||||
Salary Payable | 19,600 | |||||||
Common Stock | 29,500 | |||||||
Retained Earnings | 25,500 | |||||||
83,700 | 83,700 | |||||||
11:02 + Expert Q&A + The general ledger of Red Storm Cleaners at January 1, 2021,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts receivable, $17,700. 3....
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $ 18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts receivable,...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $ 18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $ 18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $ 18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts...
The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account balances: Accounts Debits Credits Cash $ 12,000 Accounts Receivable 6,400 Supplies 2,400 Equipment 18,000 Accumulated Depreciation $ 6,200 Salaries Payable 8,700 Common Stock 17,000 Retained Earnings 6,900 Totals $ 38,800 $ 38,800 The following is a summary of the transactions for the year: March 12 Provide services to customers, $44,000, of which $19,400 is on account. May 2 Collect on accounts receivable,...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $ 18,500 7,700 3,700 13,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $57,000, of which $20,700 is on account. 2. May 2 Collect on accounts...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 12,000 Accounts Receivable 6,400 Supplies 2,400 Equipment 18,000 Accumulated Depreciation $ 6,200 Salaries Payable 8,700 Common Stock 17,000 Retained Earnings 6,900 Totals $ 38,800 $ 38,800 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $44,000, of which $19,400 is on account. 2. May 2 Collect on accounts...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $16.500 7,300 3,300 11,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,600 5,600 21,500 7.900 $38.600 $38.600 The following 's a summary of the transactions for the year 1. March 12 Provide services to customers, $53.000, of which $20,300 is on account. 2. May 2 Collect on accounts receivable, $17,300. 3. June 30...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $12,500 6,500 2,500 17,500 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 6,000 8,500 17,500 7,000 $39,000 $39,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $45,000, of which $19,500 is on account. 2. May 2 Collect on accounts receivable, $16,500. 3....