1) T-accounts: | |||
DEBIT | AMOUNT $ | CREDIT | AMOUNT $ |
Cash a/c | |||
1 | 200000 | 6 | 12000 |
4 | 60000 | 8 | 18000 |
5 | 120000 | 10 | 70000 |
7 | 150000 | 11 | 18000 |
CB | 412000 | ||
Common Stock a/c | |||
1 | 200000 | ||
A/R account | |||
2 | 120000 | 4 | 60000 |
5 | 120000 | CB | 180000 |
Consulting revenue a/c | |||
CB | 360000 | 2 | 120000 |
5 | 240000 | ||
Music Supplies a/c | |||
3 | 30000 | ||
A/P account | |||
6 | 12000 | 3 | 30000 |
CB | 18000 | ||
Unearned revenue a/c | |||
7 | 150000 | ||
Dividend a/c | |||
8 | 18000 | ||
Wages expense a/c | |||
9 | 140000 | ||
Wages payable a/c | |||
9 | 140000 | ||
Prepaid expenses a/c | |||
10 | 70000 | ||
Vehicle a/c | |||
11 | 90000 | ||
Loan payable a/c | |||
11 | 72000 |
2) Trial Balance: | ||
Acc titles | Debit $ | Credit $ |
Cash | 412000 | |
A/R | 180000 | |
Music supplies | 30000 | |
Common Stock | 200000 | |
Consulting revenue | 360000 | |
A/P | 18000 | |
Unearned revenue | 150000 | |
Dividend | 18000 | |
Wages expense | 140000 | |
wages payable | 140000 | |
Prepaid expenses | 70000 | |
Vehicle | 90000 | |
Loan payable | 72000 | |
Total | 940000 | 940000 |
3) Income statement: | |
Amount $ | |
Consulting revenue | 360000 |
Less: expenses: | 140000 |
Net Income | 220000 |
4) Statement of Retained Earnings: | |
Amount $ | |
Opening Balance | 0 |
add: Net income | 220000 |
less:Dividend | 18000 |
Closing Balance | 202000 |
5) Balance Sheet: | |
Assets: | Amount $ |
Cash | 412000 |
A/R | 180000 |
Music supplies | 30000 |
Prepaid expenses | 70000 |
Current assets | 692000 |
Vehicle | 90000 |
Total Assets | 782000 |
Liabilities & SH Equity: | Amount $ |
A/P | 18000 |
Unearned revenue | 150000 |
wages payable | 140000 |
Current liablities | 308000 |
Loan payable | 72000 |
SH Equity: | |
Common Stock | 200000 |
Retained earnings | 202000 |
Total Liabi. & SH Equity | 782000 |
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
COMPREHENSIVE PROBLEM: PARTS 1 - 5 - 90 POINTS PREPARING FINANCIAL STATEMENTS REQUIRED: Comprhensive Part 1: Anaylyze and Post the transactions to Accounts Journal entries are not required, but you may write them next to the transaction if it helps you. Remember to identify each transaction with a transaction on the T-accounts Comprehensive Part 2: Create a Trial Balance from your prepared T-Accounts Comprehensive Farts: Part 3: Create an Income Statement for the year Comprehensive Part 4: Create a Statement...
Part (B) Accounting Cycle Comprehensive Problem [75 marks in total] Best solutions, Inc. completed the following transactions during January 2019: a. Shareholders invested in the business $60,000 cash and a delivery truck valued at $72,000 in exchange for common stock. b. Purchased supplies for $3000 cash. c. Paid $5,500 for a one-year insurance policy, effective January1. d. Performed delivery services for a customer and received $4,000 cash. e. Completed a large delivery job for a customer on account for $15,000....
Comprehensive Accounting Cycle Review 4-1 (Part Level Submission) Mike Greenberg opened Monty Window Washing Inc. on July 1, 2017. During July, the following transactions were completed. July 1 Issued 11,000 shares of common stock for $11,000 cash. 1 Purchased used truck for $7,360, paying $1,840 cash and the balance on account. 3 Purchased cleaning supplies for $830 on account. 5 Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,400 for cleaning services performed. 18...
AJE's Exercise Crumbly Inc. Following are some transactions for Crumbly Inc. during 2020. Instructions: • Record each transaction below and post all non-cash components of each entry into a T account. • Create all the necessary adjusting journal entries at year-end. For each AJE, show your computations below the entry and indicate the type of AJE you have recorded. • Create all the cash entries in the next year implied by the AJE. January 31: Crumbly purchased an office building...
Comprehensive Problem 1 Part A Page 137 COMPREHENSIVE PROBLEM 1 PART A (CHAPTERS 1, 3, 4) COMPREHENSIVE PROBLEM 1 REQUIREMENTS PART A: () Prepare journal entries to record the October 2019 transactions listed on the follow the chart of accounts for the appropriate account titles to use). Prepare a se each transaction and leave a space after each entry! Check figure: Toto s listed on the following page (refer to Prepare a separate journal entry for Check figure: Total debits...
ACC 255 Comprehensive Problem 1 Part B SECTION SCORE ACC 255 SPRING 2020 COVER SHEET FOR PART B COMPREHENSIVE PROBLEM 1 (CHAPTERS 1, 3, 4) INSTRUCTIONS: Complete all requirements for the compreher Si complete all requirements for the comprehensive problem and turn in the original your problem (stapled) by the due date & time specified by you tapled by the due date & time specified by your professor. No late problems will b For any reason! You should take pictures...
I Need every thing completed 222 Chapter 4 Completing the Accounting Cycle Comprehensive Problem 1 ✓ 8. Net income. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The $35.425 ing cycle for Kelly Consulting for April, including financial statements, was illustrated chapter. During May, Kelly Consulting entered into the following transactions: May 3 Received cash from clients as an advance payment for services to be provided and recorded its earned fees. $4,500. 5. Received cash from...
Principles of Accounting 1 made the following The accountant of Blueberry Inc. errors during March 2020. a. The cash purchase of OMR 2,110 computers was recorded as a OMR 2,200 debit to Office Equipment and a OMR 2,110 credit to Cash. b. An OMR 800 purchase of supplies on account was properly recorded as a debit to the Supplies account but was incorrectly recorded as a credit to the Cash Account. c. The company provided services valued at OMR 7,500...
The following information is provided for JPT Welding, Inc. at December 31, 2020: Account Balances Balance ($) Accounts Payable 5,700 Accounts Receivable 7,350 Additional Paid-in-Capital 16,680 Cash 45,000 Common Stock ($1 par value) 15,000 Deferred Revenue 3,000 Interest Payable 350 Interest Receivable 450 Investments 10,000 Land 5,000 Long-Term Notes Payable 3,430 Prepaid Expenses 600 Property and Equipment 9,600 Retained Earnings 23,560 Short-Term Notes Payable 1,820 Wages Payable 8,460 JPT entered into the following transactions during January 2020: Sold 1,200 shares...