Homework Answers
JOURNAL ENTRIES
1. Thorughout the month Thundercat provides services to customer for cash for $ 28,600
| Date | Account Title | Debit | Credit |
| December 1 | Cash | 28600 | |
| Services Revenue | 28600 |
2. Purchase Pet Supplies on account $ 4100
| Date | Account Title | Debit | Credit |
| December 4 | Supplies | 4100 | |
| Accounts Payable | 4100 |
3. Pay for fliers to be distributed to local residencies to advertise the company's services $ 4,400
| Date | Account Title | Debit | Credit |
| December 8 | Advertising Expenses | 4400 | |
| Cash | 4400 |
4. Pay for Supplies Purchased on December 4
| Date | Account Title | Debit | Credit |
| December 9 | Accounts Payable | 4100 | |
| Cash | 4100 |
5. Issue Additional Shares of Common Stock for cash $ 6200
| Date | Account Title | Debit | Credit |
| December 12 | Cash | 6200 | |
| Common Stock | 6200 |
6. Pay Cash on Accounts Payable $ 7500
| Date | Account Title | Debit | Credit |
| December 16 | Accounts Payable | 7500 | |
| Cash | 7500 |
7. Purchase equipments with cash $ 8900
| Date | Account Title | Debit | Credit |
| December 19 | Equipments | 8900 | |
| Cash | 8900 |
8. Pay Utilities for December $ 5700
| Date | Account Title | Debit | Credit |
| December 22 | Utilities Expenses | 5700 | |
| Cash | 5700 |
9. Receives Cash from customers for services to be provided next Janaury $ 3500
| Date | Account Title | Debit | Credit |
| December 24 | Cash | 3500 | |
| Deferred Revenue | 3500 |
10. One of Thuder Cat's trainers takes a part time job at the zoo and earns a salary of $ 2400. The zoon and Thuder cat services are seperate companies.
No entry required for this transaction as it is not impacting any of the item in the books of thunder cat
11. Pay employees salaries for the current month $ 8200
| Date | Account Title | Debit | Credit |
| December 30 | Salaries Expenses | 8200 | |
| Cash | 8200 |
12. Pay dividends to stockholders $ 4,200
| Date | Account Title | Debit | Credit |
| December 31 | Dividends | 4200 | |
| Cash | 4200 |
GENERAL LEDGER ACCOUNTS
CASH ACCOUNT
| No. | Date | Debit | Credit | Balance |
| December 1 | 20600 | |||
| 01 | December 1 | 28600 | 49200 | |
| 03 | December 8 | 4400 | 44800 | |
| 04 | December 9 | 4100 | 40700 | |
| 05 | December 12 | 6200 | 46900 | |
| 06 | December 16 | 7500 | 39400 | |
| 07 | December 19 | 8900 | 30500 | |
| 08 | December 22 | 5700 | 24800 | |
| 09 | December 24 | 3500 | 28300 | |
| 11 | December 30 | 8200 | 20100 | |
| 12 | December 31 | 4200 | 15900 | |
| December 31 | 15900 |
SUPPLIES ACCOUNT
| No | Date | Debit | Credit | Balance |
| December 1 | 2700 | |||
| 02 | December 4 | 4100 | 6800 | |
| December 31 | 6800 |
PREPAID RENT ACCOUNT
| No | Date | Debit | Credit | Balance |
| December 1 | 8400 | |||
| December 31 | 8400 |
EQUIPMENT ACCOUNT
| No | Date | Debit | Credit | Balance |
| December 1 | 82500 | |||
| 07 | December 19 | 8900 | 91400 | |
| December 31 | 91400 |
BUILDINGS ACCOUNT
| No | Date | Debit | Credit | Balance |
| December 1 | 241200 | |||
| December 31 | 241200 |
ACCOUNTS PAYABLE
| No | Date | Debit | Credit | Balance |
| December 1 | 11000 | |||
| 02 | December 4 | 4100 | 15100 | |
| 04 | December 9 | 4100 | 11000 | |
| 06 | December 16 | 7500 | 3500 | |
| December 31 | 3500 |
DEFERRED REVENUE
| No | Date | Debit | Credit | Balance |
| December 1 | 4400 | |||
| 09 | December 24 | 3500 | 7900 | |
| December 31 | 7900 |
COMMON STOCK
| No | Date | Debit | Credit | Balance |
| December 1 | 126200 | |||
| 05 | December 12 | 6200 | 132400 | |
| December 31 | 132400 |
RETAINED EARNINGS
| No | Date | Debit | Credit | Balance |
| December 1 | 77900 | |||
| December 31 | 77900 |
DIVIDENDS
| No | Date | Debit | Credit | Balance |
| December 1 | 10200 | |||
| 12 | December 31 | 4200 | 14400 | |
| December 31 | 14400 |
SERVICE REVENUE
| No | Date | Debit | Credit | Balance |
| December 1 | 265200 | |||
| 01 | December 1 | 28600 | 293800 | |
| December 31 | 293800 |
SALARIES EXPENSES
| No | Date | Debit | Credit | Balance |
| December 1 | 66200 | |||
| 11 | December 30 | 8200 | 74400 | |
| December 31 | 74400 |
ADVERTISING EXPENSES
| No | Date | Debit | Credit | Balance |
| December 1 | 19400 | |||
| 03 | December 8 | 4400 | 23800 | |
| December 31 | 23800 |
UTILITIES EXPENSES
| No | Date | Debit | Credit | Balance |
| December 1 | 33,500 | |||
| 08 | December 22 | 5700 | 39200 | |
| December 31 | 39200 |
THUDER CAT SERVICES
TRIAL BALANCE AS ON DECEMBER 31, 2021
| Account Titile | Debit | Credit |
| Cash | 15900 | |
| Suppies | 6800 | |
| Prepaid Rent | 8400 | |
| Equipment | 91400 | |
| Buildings | 241200 | |
| Accounts Payable | 3500 | |
| Deferred Revenue | 7900 | |
| Common Stock | 132400 | |
| Retained Earnings | 77900 | |
| Dividends | 14400 | |
| Services Revenue | 293800 | |
| Salaries Expenses | 74400 | |
| Advertising Expenses | 23800 | |
| Utilities Expenses | 39200 | |
| Total | 515500 | 515500 |
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please complete all parts to this problem and explain work. i know its allot but i...
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On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: ...
On January 1, 2018, the general ledger of Big Blast Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
24,700
Accounts Receivable
43,500
Inventory
44,000
Land
82,600
Allowance for Uncollectible Accounts
3,100
Accounts Payable
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Notes Payable (9%, due in 3 years)
44,000
Common Stock
70,000
Retained Earnings
49,500
Totals
$
194,800
$
194,800
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had the following inventory transactions:
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On January 1, 2018, the general ledger of Big Blast Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
24,700
Accounts Receivable
43,500
Inventory
44,000
Land
82,600
Allowance for Uncollectible Accounts
3,100
Accounts Payable
28,200
Notes Payable (9%, due in 3 years)
44,000
Common Stock
70,000
Retained Earnings
49,500
Totals
$
194,800
$
194,800
The $44,000 beginning balance of inventory consists of 440
units, each costing $100. During January 2018, Big Blast Fireworks
had the following inventory transactions:
...
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