At December 31, 2016, the accounting records of Hill Pool, Co. reflected the following: Accounts Payable $...
At December 31, 2016, the accounting records of Hill Pool, Co. reflected the following:
Accounts Payable $ 10,100 Accounts Receivable 8,450
Retained Earnings 7,830 Supplies ` 2,350
Building 23,950 Cash 15,420
Notes Payable, due Jan 2018 10,240 Common Stock 20,000
Unearned Revenue 2,000
During January 2017, the following transactions occurred:
Jan 2 Issued 5,000 shares of common stock in exchange for $10,000
Jan 8 Paid creditors $2,500 of what was owed on account.
Jan 15 Repaired a pool and collected the fee of $1,800.
Jan 19 Performed a $500 repair job, which Hill had previously been paid for.
Jan 25 Collected $2,400 from customers on account.
Jan 28 Repaired a customer’s pool for $8,200. Billed the customer.
Jan 30 Declared and paid a cash dividend of $500.
Jan 30 Paid $2,000 for January wages.
Jan 30 Supplies on hand at the end of the month amount to $1,300.
Jan 30 Received a utility bill for $500 which will be paid next month.
1. The journal entry to record the Jan 19 transaction would include a:
A. Debit to Accounts Receivable
B. Credit to Service Revenue
C. Debit to Service Revenue
D. Credit to Unearned Revenue
E. Credit to Accrued Expenses Payable
2. To record the Jan 30 transaction for the supplies, Hill, Inc would:
A. Debit to Supplies Expense for $1,300
B. Debit to Supplies for $1,050
C. Credit to Cash for $1,050
D. Credit to Supplies $1,300
E. Debit to Supplies Expense for $1,050
3. The balance in the Cash account on January 31, 2017 is:
A. $24,620
B. $26,320
C. $26,820
D. $25,770
E. $23,570
4. What is net income for the month of January?
A. $16,350
B. $ 8,850
C. $ 6,950
D. $18,350
E. $ 5,850
Homework Answers
| Q1. | |||||
| Answer is B. Credit to Service revenue | |||||
| Explanation: | |||||
| Journal entry for Jan19: | |||||
| Unearned revenue account dr. $ 500 | |||||
| Service revenue Account $500 | |||||
| Q2. | |||||
| Answer is E. Debit to Supplies expense for $1050 | |||||
| Explanation: | |||||
| Journal entry: | |||||
| Supplies expense Account Dr. | |||||
| Supplies Account | |||||
| Q3. | |||||
| Answer is A. $ 24620 | |||||
| Explanation: | |||||
| Beginning balance of cash | 15420 | ||||
| Add: | |||||
| issue of common stock | 10000 | ||||
| Repair fees collected | 1800 | ||||
| Collection from Accounts receivable | 2400 | ||||
| Subtotal | 29620 | ||||
| Less: | |||||
| paid to creditors | -2500 | ||||
| Dividend paid | -500 | ||||
| Wages paid | -2000 | ||||
| Ending balance of cash | 24620 | ||||
| Q4. | |||||
| Answer is C. $ 6950 | |||||
| Explanation: | |||||
| Revenue: | |||||
| Repair fees | 1800 | ||||
| Repair job perform | 500 | ||||
| Repair on account | 8,200 | ||||
| Total revenue | 10500 | ||||
| Less: Expense | |||||
| Wages paid | 2,000 | ||||
| Suppliees expense | 1,050 | ||||
| Utility expense | 500 | ||||
| Total expense | 3550 | ||||
| Net income | 6950 | ||||
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