Homework Answers
a)
Journal entries as follows:
| Trn. | Account titles | Debit | Credit |
| 1 | Cash | $36,000 | |
| Common stock | $36,000 | ||
| 2 | Supplies | $1,600 | |
| Accounts payable | $1,600 | ||
| 3 | Prepaid rent | $6,120 | |
| Cash | $6,120 | ||
| 4 | Accounts receivable | $44,350 | |
| Service revenue | $44,350 | ||
| 5 | Other operating expense | $14,900 | |
| Accounts payable | $14,900 | ||
| 6 | Cash | $32,000 | |
| Accounts receivable | $32,000 | ||
| 7 | Accounts payable | $9,800 | |
| Cash | $9,800 | ||
| 8 | Dividends | $4,600 | |
| cash | $4,600 | ||
| adjusting entries | |||
| 9 | Supplies expense ($1600-$310) | $1,290 | |
| Supplies | $1,290 | ||
| 10 | Rent expense | $1,020 | |
| Prepaid rent ($6120/12) × 2 | $1,020 | ||
| 11 | Salaries expense | $5,200 | |
| Salaries payable | $5,200 | ||
________________________________________________________________
b)
Prepare T-accounts as follows:
| Assets | = | Liabilities | + | Stockholders' Equity | |||||||||
| Cash | Accounts payable | Common stock | |||||||||||
| 1 | $36,000 | 3 | $6,120 | 7 | $9,800 | 2 | $1,600 | 1 | $36,000 | ||||
| 6 | $32,000 | 7 | $9,800 | 5 | $14,900 | ||||||||
| 8 | $4,600 | Bal. | $36,000 | ||||||||||
| Bal. | $47,480 | Bal. | $6,700 | ||||||||||
| Dividend | |||||||||||||
| Accounts receivable | Salaries payable | 8 | $4,600 | ||||||||||
| 4 | $44,350 | 6 | $32,000 | 11 | $5,200 | ||||||||
| Bal. | $4,600 | ||||||||||||
| Bal. | $5,200 | ||||||||||||
| Bal. | $12,350 | Service revenue | |||||||||||
| 4 | $44,350 | ||||||||||||
| Supplies | |||||||||||||
| 2 | $1,600 | 9 | $1,290 | Bal. | $44,350 | ||||||||
| Bal. | $310 | Other Operating expense | |||||||||||
| 5 | $14,900 | ||||||||||||
| Prepaid Rent | |||||||||||||
| 3 | $6,120 | 10 | $1,020 | Bal. | $14,900 | ||||||||
| Bal. | $5,100 | Rent expense | |||||||||||
| 10 | $1,020 | ||||||||||||
| Bal. | $1,020 | ||||||||||||
| Salaries expense | |||||||||||||
| 11 | $5,200 | ||||||||||||
| Bal. | $5,200 | ||||||||||||
| Supplies expense | |||||||||||||
| 9 | $1,290 | ||||||||||||
| Bal. | $1,290 | ||||||||||||
______________________________________________________________________________________
c)
Prepare Trial balance as follows:
| Trial balance | ||
| Debit | Credit | |
| Cash | $47,480 | |
| Accounts receivable | $12,350 | |
| Supplies | $310 | |
| Prepaid rent | $5,100 | |
| Accounts payable | $6,700 | |
| Salaries payable | $5,200 | |
| Common stock | $36,000 | |
| Dividends | $4,600 | |
| Service revenue | $44,350 | |
| Other operating expense | $14,900 | |
| Rent expense | $1,020 | |
| Salaries expense | $5,200 | |
| Supplies expense | $1,290 | |
| Total | $92,250 | $92,250 |
______________________________________________________________
d-1)
Prepare Income statement as follows:
| Paradise vacation | ||
| Income statement | ||
| For Month Ended Dec. 31, 2018 | ||
| Revenue: | ||
| Service revenue | $44,350 | |
| Less: operating expenses | ||
| Salaries expense | ($5,200) | |
| Rental Expense | ($1,020) | |
| Other operating expense | ($14,900) | |
| Supplies expense | ($1,290) | ($22,410) |
| Net Income | $21,940 | |
_____________________________________________________
d-2)
______________________________________________________
d-3)
Add Answer to:
T-Accounts? Trial Balance? Income statement? Statement of
changes? Balance sheet? Statement of cash flows?
The following...
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Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
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Required Information [The following information applies to the questions displayed below.] The following transactions apply to...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210.000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
2018: Issued $10,000 of common stock for cash. Provided $90,000 of services on account. Provided $33,000...
2018:
Issued $10,000 of common stock for cash.
Provided $90,000 of services on account.
Provided $33,000 of services and received cash.
Collected $57,000 cash from accounts receivable.
Paid $16,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 7 percent of
the ending accounts receivable balance will be uncollectible.
2019:
Wrote off an uncollectible account for $750.
Provided $110,000 of services on account.
Provided $20,000 of services and...
Required information [The following information applies to the questions displayed below.) The following post-closing trial balance...
Required information [The following information applies to the questions displayed below.) The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 2017 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,710 17,410 1,640 24,760 7,695 21,200 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2 Purchased $61,400 of inventory on account. 3. Sold Inventory that...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $35,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Pald $20,000 cash for other operating expenses. 7. Paid a $4,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000. Required a. The January 1, 2018,...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of...
Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $15.000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $55,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $45.000 cash for other operating expenses. 7. Paid a $1.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $16,000. Required a. The January 1,...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210.000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
2018:
Issued $10,000 of common stock for cash.
Provided $90,000 of services on account.
Provided $33,000 of services and received cash.
Collected $57,000 cash from accounts receivable.
Paid $16,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 7 percent of
the ending accounts receivable balance will be uncollectible.
2019:
Wrote off an uncollectible account for $750.
Provided $110,000 of services on account.
Provided $20,000 of services and...
Required information [The following information applies to the questions displayed below.) The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 2017 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,710 17,410 1,640 24,760 7,695 21,200 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2 Purchased $61,400 of inventory on account. 3. Sold Inventory that...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $35,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Pald $20,000 cash for other operating expenses. 7. Paid a $4,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000. Required a. The January 1, 2018,...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $15.000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $55,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $45.000 cash for other operating expenses. 7. Paid a $1.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $16,000. Required a. The January 1,...
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