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Rent expense Depreciation expense

__________________________ __________________________

Bal. 11,000 Bal. 0

9. 1,000 1. 10,000

12,000 Closing 10,000 Closing

_______________ _______________

12/31 Bal. 0 12/31 Bal. 0

 

Interest expense Supplies expense

__________________________ __________________________

Bal. 0 Bal. 1,100

4. 1,500 7. 700

1,500 Closing 1,800 Closing

_______________ _______________

12/31 Bal. 0 12/31 Bal. 0

Problem 2-4 (continued)

 

Insurance expense Bad debt expense

__________________________ __________________________

Bal. 6,000 Bal. 3,000

3,750 6. 2. 2,500

2,250 Closing 5,500 Closing

_______________ _______________

12/31 Bal. 0 12/31 Bal. 0

Income summary Retained earnings

__________________________ __________________________

Bal. 0 24,500 Bal.

147,333 Closing

Closing 123,450

Closing 23,883 23,883 Closing

_______________ _______________

Bal. 0 48,383 12/31 Bal.

Problem 2-4 (concluded)

Requirement 6

         
Account Title Debits   Credits  
Cash 30,000      
Accounts receivable 40,000      
Allowance for uncollectible accounts     5,500  
Prepaid rent 1,000      
Prepaid insurance 3,750      
Supplies      
Inventory 60,000      
Note receivable 20,000      
Interest receivable 1,333      
Equipment 80,000      
Accumulated depreciation-equipment     40,000  
Accounts payable     28,000  
Wages payable     1,500  
Note payable     50,000  
Interest payable     1,500  
Unearned revenue     2,000  
Common stock     60,000  
Retained earnings _______   48,383  
Totals 236,883   236,883  
         

Bad debt expense...................................................... 1,500

Allowance for uncollectible accounts..................... 1,500

Rent expense............................................................. 800

Prepaid rent .......................................................... 800

Supplies expense....................................................... 700

Supplies................................................................ 700

Interest receivable ..................................................... 1,500

Interest revenue..................................................... 1,500



Depreciation expense................................................ 5,000

Accumulated depreciation..................................... 5,000

Wage expense............................................................ 6,200

Wages payable...................................................... 6,200

Interest expense ........................................................ 2,500

Interest payable..................................................... 2,500

Rent revenue ............................................................ 2,000

Unearned rent revenue........................................... 2,000

Requirement 2

a. Cash..................................................................... 70,000

Accounts receivable ............................................. 30,000

Service revenue................................................. 100,000

b.Cash..................................................................... 27,300

Accounts receivable.......................................... 27,300

c.Cash..................................................................... 10,000

Common stock................................................. 10,000

d. Salaries expense .................................................. 41,000

Salaries payable .................................................. 9,000

Cash................................................................. 50,000

e. Miscellaneous expenses........................................ 24,000

Cash................................................................. 24,000

f. Equipment............................................................ 15,000

Cash................................................................. 15,000

g. Retained earnings ................................................ 2,500

Cash................................................................. 2,500

Problem 2-6 (continued)

Requirements 1 and 3

Balance sheet Accounts

Cash Accounts receivable

__________________________ __________________________

1/1 Bal. 30,000 1/1 Bal. 15,000

a. 70,000 50,000 d. a. 30,000 27,300 b.

b. 27,300 24,000 e.

c. 10,000 15,000 f.

2,500 g.

_______________ _______________

12/31 Bal. 45,800 12/31 Bal. 17,700

 

Equipment Allow. for uncollectible accounts

__________________________ __________________________

1/1 Bal. 20,000 500 1/1 Bal.

f. 15,000

_______________ _______________

Bal. 35,000 500 12/31 Bal.

 

Accumulated depreciation Salaries payable

__________________________ __________________________

6,000 1/1 Bal. 9,000 1/1 Bal.

d. 9,000

_______________ _______________

6,000 12/31 Bal. 0 12/31 Bal.

 

Common stock Retained earnings

__________________________ __________________________

40,000 1/1 Bal. 9,500 1/1 Bal.

10,000 c. g. 2,500

 

_______________ _______________

50,000 12/31 Bal. 7,000 12/31 Bal.

Problem 2-6 (continued)

InCOME STATEMENT Accounts

Service revenue Miscellaneous expenses

__________________________ __________________________

0 1/1 Bal. 1/1 Bal. 0

100,000 a. e. 24,000

_______________ _______________

100,000 12/31 Bal. 12/31 Bal. 24,000

 

Salaries expense

__________________________

1/1 Bal. 0

d. 41,000

_______________

12/31 Bal. 41,000

Requirement 4

         
Account Title Debits   Credits  
Cash 45,800      
Accounts receivable 17,700      
Allowance for uncollectible accounts      
Equipment 35,000      
Accumulated depreciation     6,000  
Salaries payable     - 0 -  
Common stock     50,000  
Retained earnings     7,000  
Service revenue     100,000  
Salaries expense 41,000      
Miscellaneous expenses 24,000   ______  
Totals 163,500   163,500  
         

Problem 2-6 (continued)

Requirement 5

Salaries expense........................................................ 1,000

Salaries payable.................................................... 1,000

Depreciation expense................................................ 2,000

Accumulated depreciation..................................... 2,000

Bad debt expense...................................................... 1,000

Allowance for uncollectible accounts ($1,500 - 500). 1,000

Problem 2-6 (continued)


Date: 2015-12-11; view: 870


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