Journal:
Date | Account title and explanation | Debit | Credit |
Apr.1 | Cash | $20,000 | |
Common stock | $20,000 | ||
[Issuance of common stock] | |||
Apr.1 | Rent expense | $1,000 | |
Cash | $1,000 | ||
[Paid for rent expense] | |||
Apr.1 | Prepaid insurance | $1,440 | |
Cash | $1,440 | ||
[Prepaid insurance] | |||
Apr.4 | Cash | $2,000 | |
Service revenue | $2,000 | ||
[Cash received for services performed] | |||
Apr.7 | Supplies | $700 | |
Accounts payable | $700 | ||
[Purchased supplies on account] | |||
Apr.14 | Salary expense | $500 | |
Cash | $500 | ||
[Paid for salaries expense] | |||
Apr.24 | Accounts receivable | $1,900 | |
Service revenue | $1,900 | ||
[Services performed on account] | |||
Apr.28 | Salary expense | $500 | |
Cash | $500 | ||
[Paid for salaries expense] | |||
Apr.30 | Utilities expense | $200 | |
Cash | $200 | ||
[Paid for utilities expense] | |||
Apr.30 | Dividends | $800 | |
Cash | $800 | ||
[Payment of cash dividends] | |||
Adjustments: | |||
Apr.30 | Salary expense | $100 | |
Adj.1 | Salaries payable | $100 | |
[Accrued salaries] | |||
Apr.30 | Insurance expense | $120 | |
Adj.2 | Prepaid insurance | $120 | |
[Insurance expense] | |||
Apr.30 | Supplies expense [700-570] | $130 | |
Adj.3 | Supplies | $130 | |
[Supplies expense] | |||
Closing entries: | |||
Apr.30 | Service revenue | $3,900 | |
Income summary | $3,900 | ||
Apr.30 | Income summary | $2,550 | |
Salary expense | $1,100 | ||
Rent expense | $1,000 | ||
Supplies expense | $130 | ||
Utilities expense | $200 | ||
Insurance expense | $120 | ||
Apr.30 | Retained earnings [3,900-2,550] | $1,350 | |
Income summary | |||
Apr.30 | Dividends | $800 | |
Retained earnings | $800 | ||
T-Accounts:
Cash | Service revenue | |||||||
Apr.1 | $20,000 | Apr.1 | 1000 | Apr.4 | $2,000 | |||
Apr.4 | $2,000 | Apr.1 | $1,440 | Apr.30 | $3,900 | Apr.24 | $1,900 | |
Apr.14 | $500 | |||||||
Apr.28 | $500 | |||||||
Apr.30 | $200 | Salary expense | ||||||
Apr.30 | $800 | Apr.14 | $500 | |||||
End. | $17,560 | Apr.28 | $500 | |||||
Adj.1 | $100 | Apr.30 | $1,100 | |||||
Accounts receivable | ||||||||
Apr.24 | $1,900 | Rent Expense | ||||||
End. | $1,900 | Apr.1 | $1,000 | Apr.30 | $1,000 | |||
Supplies | ||||||||
Apr.7 | $700 | Adj.3 | $130 | |||||
End. | $570 | Supplie expense | ||||||
Adj.3 | $130 | Apr.30 | $130 | |||||
Prepaid insurance | ||||||||
Apr.1 | 1440 | Adj.2 | $120 | |||||
End. | $1,320 | Utilites expense | ||||||
Apr.30 | $200 | Apr.30 | $200 | |||||
Accounts payable | ||||||||
Apr.7 | $700 | |||||||
End. | $700 | |||||||
Insurance Expense | ||||||||
Salary payble | Adj.2 | $120 | Apr.30 | $120 | ||||
Adj.1 | $100 | |||||||
End. | $100 | |||||||
Common stock | ||||||||
Apr.1 | $20,000 | Income summary | ||||||
End. | $20,000 | Apr.30 | $2,550 | Apr.30 | $3,900 | |||
Retained earnings | Apr.30 (R/E) | $1,350 | ||||||
Apr.30 (Div.) | $800 | Apr.30 (I/S) | $1,350 | |||||
End. | $550 | |||||||
Dividends | ||||||||
Apr.30 | $800 | |||||||
End. | $800 |
.
MARSHALL COMPANY | ||
Income statement | ||
For the month ended April 30 | ||
Service revenue | $3,900 | |
Expenses: | ||
Salary expense | $1,100 | |
Rent expense | $1,000 | |
Supplies expense | $130 | |
Utilities expense | $200 | |
Insurance expense | $120 | |
Total expenses | $2,550 | |
Net income | $1,350 | |
MARSHALL COMPANY | ||
Retained earnings statement | ||
For the month ended April 30 | ||
Retained earnings, April 1 | 0 | |
+ Net income | $1,350 | |
- Dividens | ($800) | |
Retained earnings, April 30 | $550 | |
MARSHALL COMPANY | ||
Balance Sheet | ||
April 30 | ||
Assets | ||
Cash | $17,560 | |
Accounts receivable | $1,900 | |
Supplies | $570 | |
Prepaid insurance | $1,320 | |
Total assets | $21,350 | |
Liabilities | ||
Accounts payable | $700 | |
Salary payable | $100 | |
Total liabilities | $800 | |
Stockholder's equity | ||
Common stock | $20,000 | |
Retained earnings | $550 | |
Total stockholder's equity | $20,550 | |
Total liabilities and stockholder's equity | $21,350 |
.
accounting cycle help! MARSHALL COMPANY On April 1, Ralph Marshall opened Marshall Company. The company provides...
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