Question

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Trump The general ledger of the Company, a consulting company, at January 1, 2000, contained the following account balances: Account Title Debits Credits 30,000 15,000 500 20,000 Cash Accounts receivable Allowance for uncollectible accounts Equipment Accumulated depreciation Salaries payable Capital stock Retained earnings Total 6,000 9,000 40,000 9,500 65,000 65,000 The following is a summary of the transactions for the year: a. Sales of services, $100,000, of which $30,000 was on credit. b. Collected on accounts receivable, $27,300. c. Issued shares of capital stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was for salaries payable). e. Paid operating expenses, $24,000 (use an account called operating expenses). f. Purchased equipment for $15,000 in cash. g. Paid $2,500 in cash dividends to shareholders. Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. 2. Prepare a general journal entry for each of the summary transactions listed above. 3. Post the journal entries to the accounts. 4. Prepare an unadjusted trial balance. 5. Prepare and post adjusting journal entries. Accrued salaries at year-end amounted to $1.000. De- preciation for the year on the equipment is $2,000. The allowance for uncollectible accounts is es- timated to be $1,500. 6. Prepare an adjusted trial balance. 7. Prepare an income statement for 2000 and a balance sheet as of December 31, 2000. 8. Prepare and post closing entries. 9. Prepare a post-closing trial balance.

Answer 1

As per policy, only four parts are allowed to answer of any one question, but 7 multiple parts are solved for you here. For other, you can reload the question with requirements, thanks.

1&3) T-Accounts :
DEBIT	AMOUNT $	CREDIT	AMOUNT $
Cash a/c
OB	30000	d	50000
a	70000	e	24000
b	27300	f	15000
c	10000	g	2500
		CB	45800
Acc. Receivable a/c
OB	15000	b	27300
a	30000	CB	17700
Allowance for Uncollec Accts a/c
CB	1500	OB	500
		Adjustment	1000
Equipment a/c
OB	20000	CB	35000
f	15000
Acc Depreciation a/c
CB	8000	OB	6000
		Adjustment	2000
Salaries payable a/c
d	9000	OB	9000
CB	1000	Adjustment	1000
Capital Stock a/c
CB	50000	OB	40000
		c	10000
Retained Earnings a/c
		OB	9500
Service revenue a/c
		a	100000
Salaries expense a/c
d	41000	CB	42000
Adjustment	1000
Operating expenses a/c
e	24000
Dividend a/c
g	2500
Depreciation expense a/c
Adjustment	2000
Bad Debts expense a/c
Adjustment	1000

2) Journal Entries :
Date	Acc Title	debit $	credit $
a	Cash	70000
	Accounts Receivable	30000
	Service revenue		100000
	(sales of services )
b	Cash	27300
	Accounts Receivable		27300
	(received from debtors)
c	Cash	10000
	Capital Stock		10000
	(stock issued of cash)
d	Salaries expense	41000
	Salaries payable	9000
	Cash		50000
	(salary exp. & payable paid)
e	Operating expenses	24000
	Cash		24000
	(operating exp. Paid)
f	Equipment	15000
	Cash		15000
	(equipment purchased of cash)
g	Dividend	2500
	Cash		2500
	(cash dividend paid)
(5) Adjusting Journal Entries:
h	Salaries expense	1000
	Salaries payable		1000
	(salary made payable )
i	Depreciation expense	2000
	Acc Depreciation		2000
	(depreciation expense recorded)
j	Bad Debt expense	1000
	Allowance for Uncollec Accts		1000
	(allowance for uncolle accts recorded)

4) Unadjusted Trial Balance:
Acc Title	debit $	credit $
Cash	45800
AR	17700
Allowance for Uncol Acc		500
Equipemnt	35000
Acc Depreciation		6000
Capital Stock		50000
Retained earnings		9500
Service revenue		100000
Salary expnese	41000
Operating exp.	24000
Dividend	2500
Total	166000	166000
(6) Adjusted Trial Balance:
Acc Title	debit $	credit $
Cash	45800
AR	17700
Allowance for Uncol Acc		1500
Equipemnt	35000
Acc Depreciation		8000
Salaries payable		1000
Capital Stock		50000
Retained earnings		9500
Service revenue		100000
Salary expnese	42000
Operating exp.	24000
Dividend	2500
Depreciation exp.	2000
Bad Debts	1000
Total	170000	170000

7) Income statement:
	Amount $
Service revenue	100000
Less:Expenses:
Salary expnese	42000
Operating exp.	24000
Depreciation exp.	2000
Bad Debts	1000
Total Expenses	69000
Net Income	31000
add:Retained earnings	9500
Less: Dividend paid	2500
Closing Retained Earning	38000
7) Balance Sheet:
Assets	Amount $
Cash	45800
AR	17700
Allowance for Uncol Acc	-1500
Current assets	62000
Equipment	35000
Acc Depreciation	-8000
Total Assets	89000
Liabilities & Equity:	Amount $
Salaries payable	1000
Current Liabilities	1000
Equity:
Capital Stock	50000
Retained earnings	38000
Total Liabi. & Equity	89000