On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd.
Accounts payable | $2,500 | Interest receivable | 20 | ||||
Accounts receivable | 4,740 | Note receivable, due October 31, 2018 | 4,000 | ||||
Accumulated depreciation—equipment | 2,030 | Retained earnings | 6,040 | ||||
Cash | 5,520 | Salaries payable | 1,460 | ||||
Common shares | 12,000 | Supplies | 1,030 | ||||
Equipment | 10,100 | Unearned revenue | 1,380 |
During August, the following summary transactions were
completed.
Aug. 1 | Paid $440 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) | ||
3 | Paid August rent $380. (Hint: Use the Prepaid Rent account.) | ||
6 | Received $3,040 cash from customers in payment of accounts. | ||
10 | Paid $2,910 for salaries due employees, of which $1,450 is for August and $1,460 is for July salaries payable. | ||
13 | Received $4,100 cash for services performed in August. | ||
15 | Purchased additional equipment on account $1,910. | ||
17 | Paid creditors $1,910 of accounts payable due. | ||
22 | Purchased supplies on account $720. | ||
24 | Paid salaries $3,110. | ||
27 | Performed services worth $4,400 on account and billed customers. | ||
29 | Received $750 from customers for services to be provided in the future. | ||
31 | Declared and paid a $550 dividend. |
Date | Account Titles and Explanation | Debit | Credit |
August 1 | Prepaid advertisement | $440 | |
Cash | $440 | ||
( To record advertisement expense) | |||
August 3 | Prepaid rent | $380 | |
Cash | $380 | ||
( To record prepaid rent) | |||
August 6 | Cash | $3,040 | |
Accounts receivable | $3,040 | ||
( To record cash received from customer) | |||
August 10 | Salaries expense | $1,450 | |
Salaries payable | $1,460 | ||
Cash | $2,910 | ||
( To record salaries expense) | |||
August 13 | Cash | $4,100 | |
Service revenue | $4,100 | ||
( To record service revenue) | |||
August 15 | Equipment | $1,910 | |
Accounts payable | $1,910 | ||
( To record equipment) | |||
August 17 | Accounts payable | $1,910 | |
Cash | $1,910 | ||
( To record payment to creditors) | |||
August 22 | Supplies | $720 | |
Accounts payable | $720 | ||
( To record supplies ) | |||
August 24 | Salaries expense | $3,110 | |
Cash | $3,110 | ||
( To record salaries expense) | |||
August 27 | Accounts receivable | $4,400 | |
Service revenue | $4,400 | ||
( To record service revenue) | |||
August 29 | Cash | $750 | |
Unearned revenue | $750 | ||
( To record unearned revenue) | |||
August 31 | Dividends | $550 | |
Cash | $550 | ||
( To record dividends) |
(c)
Prepare a trial balance at August 31.
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....