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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
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
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
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: 965
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Bad debt expense...................................................... 1,500
Requirement 2