ACC120 Final: sm02 Answers 9

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greenmuskrat329

21 Jan 2019

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Solutions manual 2-123 chapter 2 2016 john wiley & sons canada, ltd. Mortgage payable : ferguson, capital , ferguson, drawings The revenue and expense accounts in the trial balance show a profit for the month of july of ,050 (,450 + . Although a positive profit is a good indication of the company"s profitability, it is not sufficient information to determine whether highland theatre is a sound business. One month"s transactions do not indicate a pattern of profitability, in particular for businesses such as theatres where revenues tend to be seasonal. The financial results for the entire year should be examined, along with comparative amounts for previous years, to determine if the company has a trend of profitability. Unearned revenue : kuznetsova, capital , kuznetsova, drawings 34,050. Unauthorized copying, distribution, or transmission of this page is prohibited. Weygandt, kieso, kimmel, trenholm, warren, novak accounting principles, seventh canadian edition.

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Below is the journal I completed. Based on this, please help meout to complete following worksheet and income statement, statementof retained earning, and balance sheet. (also, how do I close allthe accounts?)

Date	Accounts and Explanation	Debit	Credit
12/2/14	Inventory	1,300
	Account Payable		1,300
	Purchased 10 Units of Software on Account for $1300
12/2/14	Salaries Payable	2,500
	Cash		2,500
	Paid Employees Salaries Owed
12/2/14	Account Receivable	3,200
	Service Revenue		3,200
	Provided Accounting Service on Account, $3200
12/5/14	Office Equipment	4,800
	Account Payable		4,800
	Purchased Office Equipment on Account, $4800
12/8/14	Supplies	950
	Cash		950
	Purchased Supplies for $950 Cash
12/10/14	Cash	3,000
	Account Receivable		3,000
	Received $3000 Payment on Account
12/11/14	Account Receivable	4,500
	Sales Revenue		4,500
	Sold 15 Units of Inventory on Account, $4500
12/11/14	Cost of goods sold	2,000
	Inventory		2,000

12/11/14	Account Payable	1,200
	Cash		1,200
	Made Payment on Account
12/12/14	Inventory	2,400
	Account Payable		2,400
	Purchased Inventory on Account
12/14/14	Advertising Expense	375
	Cash		375
	Paid for Advertising
12/15/14	Cash	8,000
	Service Revenue		8,000
	Provided Accounting Service for Cash
12/16/14	Salaries Expense	2,500
	Cash		2,500
	Paid Salaries for December 1st-15th
12/17/14	Account Receivable	6,000
	Service Revenue		6,000
	Provided Accounting Service on Account
12/19/14	Account Receivable	3,000
	Sales Revenue		3,000

12/19/14	Cost of goods sold	1,200
	Inventory		1,200

12/22/14	Cash	2,500
	Accounts Receivable		2,500

12/23/14	Accounts Payable	2,800
	Cash		2,800
	Made Payment on Account
12/24/14	Utility Expense	850
	Cash		850
	Paid Monthly Utility Bills
12/27/14	Cash	2,000
	Unearned Service Revenue		2,000
	(Advance Received against Services)
12/29/14	Cash	5,000
	Service Revenue		5,000
	Provided Accounting Service for Cash
12/30/14	Cash	15,000
	Common Stock		1,000
	Additional Paid in Capital		14,000
	Issued 1000 shares of Common Stock
12/31/14	Dividend Payable	31,500
	Cash		31,500
	(Dividend paid)
12/31/14	Salary Expense	2,500
Adj	Salary Payable		2,500
	To accrue salary expense
12/31/14	Depreciation Expense - Building	7,500
Adj	Accumulated Depreciation- Building		7,500

12/31/14	Depreciation Expense - Furniture	12,000
Adj	Accumulated Depreciation - Furniture		12,000

12/31/14	Depreciation Expense - Equiptment	200
Adj	Accumulated Depreciation - Equiptment		200

12/31/14	Supplies Expense	1,625
Adj	Supplies		1,625

12/31/14	Cost of Inventories Sold	280
Adj	Inventory		280

12/31/14	Unearned Revenue	500
Adj	Revenue		500

12/31/14	Uncollectible Account Expense	167
Adj	Allowance for Uncollectible Accounts		167

	Service Revenue
Clo	Retained Earnings


	Retained Earnings
Clo	Salary Expense
	Supplies Expense
	Depreciation Expense
	Utilities Expense





	Retained Earnings
Clo	Dividends

Worksheet (I worked onit, but debit and credit balances are not correct. Please help meout to find errors and complete it correctly.)

	Trial Balance		Adjustments		Adj. Trial Balance
	Debit	Credit	Debit	Credit	Debit	Credit
Cash	79,941				79,941
Accounts Receivable	26,200				26,200
Allowance for Unc. Accounts		900		167		1,067
Supplies	3,950			1,625	2,325
Inventory	4,700			280	4,420
Building	150,000				150,000
Accumulated Depreciation- Building				7,500		7,500
Furnishing	30,000				30,000
Accumulated Depreciation- Furnishings				12,000		12,000
Office Equipment	4,800				4,800
Accumulated Depreciation- Off. Equip.				200		200
Accounts Payable		5,700			5,700
Salary Payable		-		2,500		2,500
Unearned Service Revenue		2,000		500		2,500
Stock, Common		19,000				19,000
Additonal Paid in Capital		166,000				166,000
Retained Earnings		40,000				40,000
Dividends	31,500				31,500
Service Revenue		142,700				142,700
Sales Revenue		23,000				23,000
Advertising Expense	8,174				8,174
Depreciation Expense	-		19,700		19,700
Repairs & Maintenance Expense	10,675				10,675
Supplies Expense	3,560				3,560
Uncollectible Accounts Expense	900		167		1,067
Utilities Expense	6,500				6,500
Cost of Goods Sold		10,900	280			10,900
Salary Expense	57,500		2,500		60,000
Total	$418,400	$410,200	$22,647	$24,772	$444,562	$427,367

Please help me! Thanks

beigegoose862

The declaration, record, and payment dates in connection with acash dividend of $121,900 on a corporationâs common stock

The stock outstanding when a corporation has issued only oneclass of stock.

are January 12, March 13, and April 12.

Journalize the entries required on each date. If no entry isrequired, simply skip to the next transaction. Refer to the Chartof Accounts for exact wording of account titles.

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
236	Stock Dividends Distributable
241	Salaries Payable
261	Mortgage Note Payable

Paid-In Capital in Excess of Par-Common Stock

Paid-In Capital in Excess of Par-Preferred Stock

331

Paid-In Capital from Sale of Treasury Stock

Journalize the entries required on each date. If no entry isrequired, simply skip to the next transaction. Refer to the Chartof Accounts for exact wording of account titles.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Selling Expenses
534	Rent Expense
535	Insurance Expense
536	Office Supplies Expense
537	Organizational Expenses
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense

sangriamacaw50

Hello,

i am in accounting and having trouble with my general ledger. i need help with the set up and exactly how to do the balances. its not clicking with me at all. below i have included the information on the problem im working on, and would be great if i could some help.

Journal Entries and Trial Balance

On June 1, 2016, Kim Wheeler established an interior decorating business, Intrex Designs. During the month, Kim completed the following transactions related to the business.

June	1	Kim transferred cash from a personal bank account to an account to be used for the business, $18,400.
	4	Paid rent for period of June 4 to end of month, $1,780.
	6	Purchased a truck for $15,000, paying $1,000 cash and giving a note payable for the remainder.
	8	Purchased equipment on account, $7,180.
	10	Purchased supplies for cash, $1,230.
	12	Paid annual premiums on property and casualty insurance, $2,760.
	15	Received cash for job completed, $7,730.
	23	Paid creditor a portion of the amount owed for equipment purchased on June 13, $2,560.
	24	Recorded jobs completed on account and sent invoices to customers, $8,800.
	25	Received an invoice for truck expenses, to be paid in July, $810.
	26	Paid utilities expense, $920.
	27	Paid miscellaneous expenses, $330.
	28	Received cash from customers on account, $3,680.
	29	Paid wages of employees, $2,450.
	30	Withdrew cash for personal use, $2,040.

Required:

1. Journalize each transaction in a two-column journal, beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. For a compound transaction, if an amount box does not require an entry, leave it blank.

11 Cash	31 Kim Wheeler, Capital
12 Accounts Receivable	32 Kim Wheeler, Drawing
13 Supplies	41 Fees Earned
14 Prepaid Insurance	51 Wages Expense
16 Equipment	53 Rent Expense
18 Truck	54 Utilities Expense
21 Notes Payable	55 Truck Expense
22 Accounts Payable	59 Miscellaneous Expense

General Journal				Page 1
Date	Description	Post. Ref.	Debit	Credit
2016
June 1	Cash
	Kim Wheeler, Capital
June 4	Rent Expense
	Cash
June 6	Truck
	Cash
	Notes Payable
June 8	Equipment
	Accounts Payable
June 10	Supplies
	Cash
June 12	Prepaid Insurance
	Cash
June 15	Cash
	Fees Earned

General Journal				Page 2
Date	Description	Post. Ref.	Debit	Credit
2016
June 23	Equipment
	Accounts Payable
June 24	Accounts Receivable
	Fees Earned
June 25	Truck Expense
	Accounts Payable
June 26	Utilities Expense
	Cash
June 27	Miscellaneous Expense
	Cash
June 28	Cash
	Accounts Receivable
June 29	Wages Expense
	Cash
June 30	Kim Wheeler, Drawing
	Cash

2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in the general journal as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. If an amount box does not require an entry, leave it blank.

General Ledger
Account	Cash				ACCOUNT NO.	11
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 1
June 4
June 6
June 10
June 12
June 15
June 23
June 26
June 27
June 28
June 29
June 30

Account	Accounts Receivable				ACCOUNT NO.	12
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 24
June 28

Account	Supplies				ACCOUNT NO.	13
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 10

Account	Prepaid Insurance				ACCOUNT NO.	14
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 12

Account	Equipment				ACCOUNT NO.	16
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 8

Account	Truck				ACCOUNT NO.	18
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 6

Account	Notes Payable				ACCOUNT NO.	21
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 6

Account	Accounts Payable				ACCOUNT NO.	22
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 8
June 23
June 25

Account	Kim Wheeler, Capital				ACCOUNT NO.	31
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 1

Account	Kim Wheeler, Drawing				ACCOUNT NO.	32
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 30

Account	Fees Earned				ACCOUNT NO.	41
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 15
June 24

Account	Wages Expense				ACCOUNT NO.	51
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 29

Account	Rent Expense				ACCOUNT NO.	53
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 4

Account	Utilities Expense				ACCOUNT NO.	54
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 26

Account	Truck Expense				ACCOUNT NO.	55
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 25

Account	Miscellaneous Expense				ACCOUNT NO.	59
					Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
June 27

3. Prepare an unadjusted trial balance for Intrex Designs as of June 30, 2016. For those boxes in which no entry is required, leave the box blank. The first two account titles are filled in as an example.

Intrex Designs Unadjusted Trial Balance June 30, 2016
	Debit Balances	Credit Balances
Cash
Accounts Receivable














Totals

4. Determine the excess of revenues over expenses for June.
$

greydonkey905

ACC120 Final: sm02 Answers 9

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