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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: 1180

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