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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: 1126
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