Question

can anyone solve all of the questions from 1-7 ?

Problem 3-14B Journ 3:14B Journalizing posting, adjusted trial balance, adjusting entries (monthly), financial he adjusted during the statements (quarterly) LO, 5, 6, 7 Determine FIGURES: 3. Cash balance, July 31, 2020 = $3,400,4. D $45,820. 6. Dr.= $50,100,7. Profit = $7,550 Joly 1.2020, Melanie Thornhill began her third month of operating an electronics repair shop called MT Perairs out of her dad's garage. The following occurred during the third month of operations: sition from LO7 y h-end: Collected $3,600 as a deposit for work to be done at the local college in the fall. 1 Melanie Thornhill withdrew $4,000 cash for personal expenses. 2 Paid $2.200 for repair supplies purchased on account last month 3 Did work for a client and immediately collected $1.400. 4 Performed services for a customer and collected $3.600. 7 Hired a new technician to start next week on a casual basis at $400 per day. 15 Melanie withdrew cash of $1,000 for personal use. 22 Purchased repair supplies for cash $1,600. 31 Paid wages of $2,800. Required 1. Prepare general journal entries to record the July transactions. 2. Set up the following T-accounts with June 30 adjusted balances: Cash (101), S6,400; Repair Supplies (131). $3,000; Tools (161). $16,800; Accumulated Depreciation, Tools (162). $560; Accounts Payable (201). $3,200; Unearned Revenue (233), 8700; Melanie Thornhill, Capital (301) $7: Melanie Thornhill. With drawals (302), 50: Revenue (401), $25,800: Depreciation Expense, Tools (602), S560; Wages Expense (623). $1,960; Rent Expense (640). $8,000; and Repair Supplies Expense (696), $2,700. at the entries to the accounts; calculate the ending balance in each account 4. Prepare an unadjusted trial balance at July 31, 2020. uwing information to prepare and post adjusting entries for the month of July bols have an estimated life of five years with no residual value. uarter of the repair supplies balance remained on hand at July 31. ed the July rent expense of $4,000; it will be paid in August the unearned revenues remained unearned as at July 31. 5. Use the following information to pro b. One-quarter of the rep d. $3,800 of the uneari 6. Prepare an adjusted trial balance. 7. Prepare an income state 120, and a July 31, 2020 balance sheet. me statement and a statement of changes in equity for the three months ended July 31. Analysis Component: Whe qual to the expenses was par ent: When a company shows expenses on its income statement, does this mean that cash es was paid during the period in which the expenses were reported?

Answer 1

MT Repairs Req 1 Journal entries Date Account 1-Jul Cash Unearned Revenue Debit Credit Calculation 3,600 3,600 4,000 1-Jul Melanie Thornhill, Withdrawals Cash 4,000 2,200 2-Jul Accounts Payable Cash 2,200 1,400 3-Jul Cash Revenue 1,400 3,600 4-Jul Cash Revenue 3,600 7-Jul No entry 1,000 15-Jul Melanie Thornhill, Withdrawals Cash 1,000 1,600 22-Jul Repair Supplies Cash 1,600 2,800 31-Jul Wages Expense Cash 2,800

Credit Date Credit Date Credit MT Repairs Reg 2 & 3 T Accounts Date Debit Date Cash 1-Jul $ 6,400 1-Jul 1-Jul $ 3,600 2-Jul 3-Jul $ 1,400 15-Jul 4-Jul $ 3,600 22-Jul 31-Jul Debit Date Tools $ 16,800 Debit Date Repair Supplies $3,000 $ 1,600 31-Jul Date Debit Date Credit Accumulated Depreciation-Tools 1-Jul $ 560 31-Jul $ 280 1-Jul 22-Jul 1-Jul $4,000 $ 2,200 $1,000 $ 1,600 $ 2,800 $ 3,450 Bal. Bal. $ 3,400 Accounts Payable $ 2,200 1-Jul 31-Jul $ 16,800 Melanie Thornhill, Capital 1-Jul $ 2-Jul Bal. $ 1,150 Unearned Revenue 1-Jul 1-Jul 31-Jul $ 500 $ 3,200 $ 4,000 9,160 $ 700 $ 3,600 Bal. $ 840 Melanie Thornhill, Withdrawals 1-Jul $ - 1-Jul $ 4,000 15-Jul $1,000 Bal. $ 5,000 $ 9,160 Bal. Revenue 1-Jul 3-Jul 4-Jul 31-Jul Bal. $ 3,800 Depreciation Expense-Tools 1-Jul $ 560 31-Jul $ 280 Bal. Wages Expense $ 1,960 $ 2,800 $ 5,000 Rent Expense $ 8,000 $ 4,000 1-Jul 31-Jul 1-Jul 31-Jul $ 25,800 $ 1,400 $ 3,600 $ 500 Bal. $ 840 Bal. $ 4,760 Bal. $ 12,000 Bal. $ 31,300 Repair Supplies Expense 1-Jul $ 2,700 31-Jul $ 3,450 Bal. $ 6,150

Req5 Adjusting entries 31-Jul Depreciation Expense-Tools Accumulated Depreciation-Tools 280 =16,800/5*1/12 280 3,450 -4,600*3/4 31-Jul Repair Supplies Expense Repair Supplies 3,450 4,000 31-Jul Rent Expense Accounts Payable 4,000 500 -4,300-3,800 31-Jul Unearned Revenue Revenue 500

MT Repairs Account Names Cash Repair Supplies Tools Accumulated Depreciation-Tools Accounts Payable Unearned Revenue Melanie Thornhill, Capital Melanie Thornhill, Withdrawals Revenue Depreciation Expense-Tools Wages Expense Rent Expense Repair Supplies Expense Totals Opening TB Debit Credit 6,400 3,000 16,800 560 3,200 700 9,160 Req4 Unadjusted TB Debit Credit 3,400 4,600 16,800 560 1,000 4,300 9,160 5,000 30,800 560 4,760 8,000 2,700 45,820 45,820 Req 6 Adjusted TB Debit Credit 3,400 1,150 16,800 840 5,000 3,800 9,160 5,000 31,300 840 4,760 12,000 6,150 50,100 50,100 25,800 560 1,960 8,000 2,700 39,420 39,420

31,300 MT Repairs Income Statement For the three months ended July 31, 2020 Revenue Expenses Depreciation Expense-Tools Wages Expense Rent Expense Repair Supplies Expense Total Expenses Net Income 840 4,760 12,000 6,150 23,750 7,550 Statement of Changes in Equity For the three months ended July 31, 2020 Capital, May 1, 2020 Add: Investments Net Income Less: Withdrawals Capital, July 31, 2020 9,160 7,550 (5,000) 11,710

MT Repairs Balance Sheet As of July 31, 2020 Assets Current Assets Cash Repair Supplies Total Current Assets Liabilities & Owners Equity Current Liabilities 3,400 Accounts Payable 1,150 Unearned Revenue 4,550 Total Current Liabilities 5,000 3,800 8,800 11,710 Fixed Assets Tools Accumulated Depreciation-Tools Total Fixed Assets Owners Equity 16,800 Capital (840) 15,960 Total Assets 20,510 Total Liabilities & Owners Equity 20,510