Schrand Aerobics Inc. | ||||
General,Journal | Debit | Credit | ||
1) | Accounts Payable | $ 300.00 | ||
To Cash | $ 300.00 | |||
(Being amount of cash paid ) | ||||
2) | Rent Expenses | $ 1,800.00 | ||
To Cash | $ 1,800.00 | |||
Being amount of Rent Expense) | ||||
3) | Accounts receivable | $ 5,750.00 | ||
To Service Revenue | $ 5,750.00 | |||
(Being amount of Service Revenue) | ||||
4) | Advertising Expense | $ 250.00 | ||
To Accounts Payable | $ 250.00 | |||
(Being amount of Advertisement Expense) | ||||
5) | Cash | $ 5,000.00 | ||
To Accounts Receivable | $ 5,000.00 | |||
(Being amount of Accounts Receivable) | ||||
6) | Wages Expense | $ 1,200.00 | ||
To Cash | $ 1,200.00 | |||
(Being amount of Wages Expense) | ||||
7) | Utilities Expense | $ 340.00 | ||
To Accounts Payable | $ 340.00 | |||
(Being amount of Utilities Expense) | ||||
8) | Interest Expense | $ 10.00 | ||
To Cash | $ 10.00 | |||
(Being amount of Interest Expense paid on Notes Payable) | ||||
9) | Retained Earnings | $ 450.00 | ||
To Cash | $ 450.00 | |||
(Being amount of declared and paid cash dividend) | ||||
10) | Equipment | $ 2,000.00 | ||
To Cash | $ 2,000.00 | |||
(Being amount of Equipment Purchased) | ||||
2) | Cash | |||
Particular | Debit | Particular | Credit | |
To Balance B/d | $ 2,500.00 | By Accounts Payable | $ 300.00 | |
To Accounts Receivable | $ 5,000.00 | By Rent Expense | $ 1,800.00 | |
By Wages Expense | $ 1,200.00 | |||
By Interest Expense | $ 10.00 | |||
By Retained Earnings | $ 450.00 | |||
By Equipment | $ 2,000.00 | |||
By Balance C/d | $ 1,740.00 | |||
Total | $ 7,500.00 | Total | $ 5,760.00 | |
Accounts Receivable | ||||
Particular | Debit | Particular | Credit | |
To Balance B/d | $ 2,600.00 | By Cash | $ 5,000.00 | |
To Service Revenue | $ 5,750.00 | By Balance c/d | $ 3,350.00 | |
Total | $ 8,350.00 | Total | $ 8,350.00 | |
Accounts Payable | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 300.00 | By Balance B/d | $ 500.00 | |
To Balance C/d | $ 790.00 | By Advertisement Expense | $ 250.00 | |
By Utilities Expense | $ 340.00 | |||
Total | $ 1,090.00 | Total | $ 1,090.00 | |
Service Revenue | ||||
Particular | Debit | Particular | Credit | |
To Balance C/d | $ 5,750.00 | By Accounts Receivable | $ 5,750.00 | |
Total | $ 5,750.00 | Total | $ 5,750.00 | |
Rent Expense | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 1,800.00 | By Balance C/d | $ 1,800.00 | |
Total | $ 1,800.00 | Total | $ 1,800.00 | |
Advertisement Expense | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 250.00 | By Balalnce c/d | $ 250.00 | |
Total | $ 250.00 | Total | $ 250.00 | |
Wages Expense | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 1,200.00 | By Balance C/d | $ 1,200.00 | |
$ 1,200.00 | Total | $ 1,200.00 | ||
Utilities Expense | ||||
Particular | Debit | Particular | Credit | |
To Accounts Payable | $ 340.00 | By Balance C/d | $ 340.00 | |
$ 340.00 | Total | $ 340.00 | ||
Retained Earnings | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 450.00 | By Balance b/d | $ 600.00 | |
To Balance C/d | $ 150.00 | |||
$ 600.00 | Total | $ 600.00 | ||
Interest Expense | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 10.00 | By Balance C/d | $ 10.00 | |
$ 10.00 | Total | $ 10.00 | ||
Notes Payable | ||||
Particular | Debit | Particular | Credit | |
To Balance C/d | $ 1,250.00 | By Balance b/d | $ 1,250.00 | |
$ 1,250.00 | Total | $ 1,250.00 | ||
Common Stock | ||||
Particular | Debit | Particular | Credit | |
To Balance C/d | $ 2,750.00 | By Balance b/d | $ 2,750.00 | |
$ 2,750.00 | Total | $ 2,750.00 | ||
Equipment | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 2,000.00 | By Balance C/d | $ 2,000.00 | |
$ 2,000.00 | Total | $ 2,000.00 |
Recording Transactions in Journal Entries and T-Accounts Schrand Aerobics, Inc., rents studio space (including a sound...
P2-63. Recording Transactions in Journal Entries and T-Accounts Use the information in Problem 2-62 to complete the following requirements. (P2-62 solution below) REQUIRED a. Prepare journal entries for each of the transactions 1 through 12. b. Set up T-accounts for each of the accounts used in part a and post the journal entries to those T-accounts. Solution for P2-62 (a) Financial statements effects template: Balance sheet Income Statement SNo Transaction Current Assets + Non Current Assets = Liabilities + Contribution...
P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance. P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Learning Objectives 3,4 4 Toal Debits $50.050 Doris Sewart sarted her practice as a design consulant on September 1, 2015. During the first month of operations, the business completed the following transactions Sep. 1 Received $42,000 cash and gave capital to Stewart 4 Purchased office supplies, $700, and furniture, $1,900, on account 6 Performed...
Required information C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) [The following information applies to the questions displayed below.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries Zhou Karate School began business on June 1. Transactions for June are as follows: $10,000 $4,750 Po Zhou contributed his personal funds in exchange for common stock to begin the business. 2 Purchased equipment for a total of Paid cash of $950, with the balance due in 30 days. 3 Paid 6 months' rent. 4 Paid one-year premium on liability insurance. 5 Paid June newspaper advertising. 6 Billed participants for karate lessons...
please provide journal entries, T-accounts, unajusted trial Balance, adjusted Entries. Thank you Transaction Entries, Posting. Trial Balance, and Adjusting Entries Huang Karate School began business on June 1. Transactions for June are as follows: 1 Po Huang contributed his personal funds in exchange for common stock to begin the business $10,000 2 Purchased equipment for a total of 54,750 Paid cash of $750, with the balance due in 30 days. 3 Paid 6 months' rent. $6,450 4 Paid one-year premium...
C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) [The following information applies to the questions displayed below.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018,...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable: Office Equipment: Legal Database Subscription: Accounts Payable; Common Stock Dividends: Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T- accounts and key all entries with the number identifying the...
C4-4 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below.] Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows...
P2-30A Journalizing transactions, posting journal entries to T-accounts, and Learning preparing a trial balance Doris Stewart started her practice as a design consultant on September 1, 2015. During the first month of operations, the business completed the following transactions: 4 Total Sep. 1 Received $42,000 cash and gave capital to Stewart. 4 Purchased office supplies, $700, and furniture, $1,900, on account. 6 Performed services for a law firm and received $1,400 cash. 7 Paid $24,000 cash to acquire land to...
Requirement a. Journalize the transactions for the year. Requirement b. Post the journal entries to t-accounts. Use the dates as posting references for the journal entries to post each entry to the relevant accounts, then compute the unadjusted balance of each account. Label the unadjusted balances with Unadj.. Bal. (For accounts with a $0 ending balance, select "Unadj. Bal." and enter "0" on the normal balance side of the t-account.) Review the journal entries prepared in Requirement a. Requirement c....