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Cash Accounts receivable
__________________________ __________________________
1/1 Bal. 0 1/1 Bal. 0
1/1 100,000 2,400 1/4 1/10 12,000 6,000 1/26
1/15 30,000 6,000 1/20
1/22 10,000 15,000 1/24
1/26 6,000 1,000 1/28
4,000 1/30
_______________ _______________
1/31 Bal. 117,600 1/31 Bal. 6,000
Inventory Prepaid insurance
__________________________ __________________________
1/1 Bal. 0 1/1 Bal. 0
1/2 35,000 7,000 1/10 1/4 2,400
6,000 1/22
_______________ _______________
1/31 Bal. 22,000 1/31 Bal. 2,400
Prepaid rent Accounts payable
__________________________ __________________________
1/1 Bal. 0 0 1/1 Bal.
1/30 2,000 1/24 15,000 35,000 1/2
_______________ _______________
Bal. 2,000 20,000 1/31 Bal.
Note payable Common stock
__________________________ __________________________
0 1/1 Bal. 0 1/1 Bal.
30,000 1/15 100,000 1/1
_______________ _______________
30,000 1/31 Bal. 100,000 1/31 Bal.
Problem 2-1 (continued)
InCOME STATEMENT Accounts
Sales revenue Cost of goods sold
__________________________ __________________________
0 1/1 Bal. 1/1 Bal. 0
12,000 1/10 1/10 7,000
10,000 1/22 1/22 6,000
_______________ _______________
22,000 1/31 Bal. 1/31 Bal. 13,000
Wages expense Rent expense
__________________________ __________________________
1/1 Bal. 0 1/1 Bal. 0
1/20 6,000 1/30 2,000
_______________ _______________
1/31 Bal. 6,000 1/31 Bal. 2,000
Utilities expense
__________________________
1/1 Bal. 0
1/28 1,000
_______________
1/31 Bal. 1,000
Problem 2-1 (concluded)
Requirement 3
| Account Title | Debits | Credits | ||
| Cash | 117,600 | |||
| Accounts receivable | 6,000 | |||
| Inventory | 22,000 | |||
| Prepaid insurance | 2,400 | |||
| Prepaid rent | 2,000 | |||
| Accounts payable | 20,000 | |||
| Note payable | 30,000 | |||
| Common stock | 100,000 | |||
| Sales revenue | 22,000 | |||
| Cost of goods sold | 13,000 | |||
| Wages expense | 6,000 | |||
| Utilities expense | 1,000 | |||
| Rent expense | 2,000 | ______ | ||
| Totals | 172,000 | 172,000 | ||
Requirement 2
| Debit | Credit | ||
| Jan. 1 | Cash ................................................. | 3,500 | |
| Sales revenue ................................ | 3,500 | ||
| Jan. 1 | Cost of goods sold ........................... | 2,000 | |
| Inventory ...................................... | 2,000 | ||
| Jan. 2 | Equipment ........................................ | 5,500 | |
| Accounts payable ......................... | 5,500 | ||
| Jan. 4 | Advertising expense ......................... | ||
| Accounts payable ......................... | |||
| Jan. 8 | Accounts receivable .......................... | 5,000 | |
| Sales revenue ................................ | 5,000 | ||
| Jan. 8 | Cost of goods sold ........................... | 2,800 | |
| Inventory ...................................... | 2,800 | ||
| Jan. 10 | Inventory .......................................... | 9,500 | |
| Accounts payable ......................... | 9,500 | ||
| Jan. 13 | Equipment ........................................ | ||
| Cash ............................................. | |||
| Jan. 16 | Accounts payable ............................. | 5,500 | |
| Cash ............................................. | 5,500 | ||
| Jan. 18 | Cash ................................................. | 4,000 | |
| Accounts receivable ...................... | 4,000 | ||
| Jan. 20 | Rent expense .................................... | ||
| Cash .............................................. | |||
| Jan. 30 | Wage expense ................................... | 3,000 | |
| Cash ............................................. | 3,000 | ||
| Jan. 31 | Retained earnings ............................. | 1,000 | |
| Cash ............................................. | 1,000 |
Problem 2-2 (continued)
Requirements 1 and 3 balance sheet Accounts
Cash Accounts receivable
__________________________ __________________________
1/1 Bal. 5,000 1/1 Bal. 2,000
1/1 3,500 800 1/13 1/8 5,000 4,000 1/18
1/18 4,000 5,500 1/16
800 1/20
3,000 1/30
1,000 1/31
_______________ _______________
1/31 Bal. 1,400 1/31 Bal. 3,000
Inventory Equipment
__________________________ __________________________
1/1 Bal. 5,000 1/1 Bal. 11,000
1/10 9,500 2,000 1/1 1/2 5,500
2,800 1/8 1/13 800
_______________ _______________
1/31 Bal. 9,700 1/31 Bal. 17,300
Accumulated depreciation Accounts payable
__________________________ __________________________
3,500 1/1 Bal. 3,000 1/1 Bal.
1/16 5,500 5,500 1/2
150 1/4
9,500 1/10
_______________ _______________
3,500 1/31 Bal. 12,650 1/31 Bal.
Common stock Retained earnings
__________________________ __________________________
10,000 1/1 Bal. 6,500 1/1 Bal.
1/31 1,000
_______________ _______________
10,000 1/31 Bal. 5,500 1/31 Bal.
Problem 2-2 (continued)
InCOME STATEMENT Accounts
Sales revenue Cost of goods sold
__________________________ __________________________
0 1/1 Bal. 1/1 Bal. 0
3,500 1/1 1/1 2,000
5,000 1/8 1/8 2,800
_______________ _______________
8,500 1/31 Bal. 1/31 Bal. 4,800
Rent expense Wage expense
__________________________ __________________________
1/1 Bal. 0 1/1 Bal. 0
1/20 800 1/30 3,000
_______________ _______________
1/31 Bal. 800 1/31 Bal. 3,000
Advertising expense
__________________________
1/1 Bal. 0
1/4 150
_______________
1/31 Bal. 150
Problem 2-2 (concluded)
Requirement 4
| Account Title | Debits | Credits | ||
| Cash | 1,400 | |||
| Accounts receivable | 3,000 | |||
| Inventory | 9,700 | |||
| Equipment | 17,300 | |||
| Accumulated depreciation | 3,500 | |||
| Accounts payable | 12,650 | |||
| Common stock | 10,000 | |||
| Retained earnings | 5,500 | |||
| Sales revenue | 8,500 | |||
| Cost of goods sold | 4,800 | |||
| Wage expense | 3,000 | |||
| Rent expense | ||||
| Advertising expense | 150 | ______ | ||
| Totals | 40,150 | 40,150 | ||
1. Depreciation expense........................................... 10,000
Accumulated depreciation................................ 10,000
2. Bad debt expense ($5,500 - 3,000)............................ 2,500
Allowance for uncollectible accounts................ 2,500
3. Wage expense....................................................... 1,500
Wages payable.................................................. 1,500
4. Interest expense ($50,000 x 12% x 3/12)..................... 1,500
Interest payable................................................ 1,500
5. Interest receivable ($20,000 x 8% x 10/12).................. 1,333
Interest revenue................................................ 1,333
6. Prepaid insurance ($6,000 x 15/24)........................... 3,750
Insurance expense............................................. 3,750
7. Supplies expense ($1,500 - 800)............................... 700
Supplies............................................................ 700
8. Sales revenue........................................................ 2,000
Unearned revenue............................................. 2,000
9. Rent expense........................................................ 1,000
Prepaid rent ..................................................... 1,000
Problem 2-4
Requirements 1 and 2
Balance sheet Accounts
Date: 2015-12-11; view: 1295
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