Complete Problem 4-8A.
P4-8A Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were comple
July
1
Issued 12,000 shares of common stock for $12,000 cash.
1
Purchased used truck for $8,000, paying $2,000 cash and the balance on account.
3
Purchased cleaning supplies for $900 on account.
5
Paid $1,800 cash on 1-year insurance policy effective July 1.
12
Billed customers $3,700 for cleaning services.
18
Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
20
Paid $2,000 cash for employee salaries.
21
Collected $1,600 cash from customers billed on July 12.
25
Billed customers $2,500 for cleaning services.
31
Paid $290 for maintenance
…show more content…
supplies.
Instructions
(a) Journalize the July transactions.
(b) Post to the ledger accounts. (Use T accounts.)
(c) Prepare a trial balance at July 31.
(d) Journalize the following adjustments.
(1) Services provided but unbilled and uncollected at July 31 were $1,700.
(2) Depreciation on equipment for the month was $180.
(3) One-twelfth of the insurance expired.
1,800 /12
(4) An inventory count shows $320 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $400.
179
(e) Post adjusting entries to the T accounts.
(f ) Prepare an adjusted trial balance.
(f) Cash $5,410
(g) Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 31.
(g) Tot. assets $21,500
(h) Journalize and post closing entries and complete the closing process.
(i) Prepare a post-closing trial balance at July 31.
f) Cash $5,410
(g) Tot. assets $21,500
Calc
13600
-8190
5410
July 1
900
-580
320
CASH
12,000 July 1
1600 July 5
July 18
July 31 july 20
July 31
13,600
Equipment
8000
July 3 bal Supplies
900
july adj
320
july 1 july 21
July 12
July 25
A1 31-Jul
Bal
Accounts Receivable
3,700 July 21
2,500
1,700
6,300
Salary and Wages Payable
General Ledger
Common Stock july 1
2000 truck
1,800 insurance
1,500
290
2000
600 dividend
8190
A2
580 A4
1600
Accumulated Depreciation Equipment
31-Jul
July 18
A4 july
statements are for the fiscal year ended February 3, 2013.) The problem contains three major
each element in your Question 1 pro forma profit and loss statement. Are there any items that
$175,000 in Equipment was purchased on credit ($100 was due on delivery and was paid in cash).
|1. |An insurance representative wants to determine if the proportions of women and men who buy the different policy types are the |
Challenge Problems 7-49 I. Given a) Honda Insight Original Price $17,995.00 b) Honda Insight Dealer Price $16,495.00 c) Terms: 1/15 n/30 II. Unknown a. How much is the rebate? b. What percent is the rebate? c. What is the amount of the discount if the dealer pays within 15 days?
1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?
7. Prepare the 3 financial statements for the year ended June 30, 2013 (multi step income statement, classified balance sheet, and statement of retained earnings). Even though you are preparing a multi-step income statement, you still need to list the various expenses individually on the income statement for consideration of full credit. These 3 statements must be typed. Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit.
1. Country A is extremely efficient in the mining of tin. However, its climate and terrain makes it difficult to produce corn. According to the theory of comparative advantage, Country A should:
45. (LO1) ATW corporation currently uses the FIFO method of accounting for its inventory for book and tax
Smith, CPA, is a partner of Johnson Accounting Firm. Johnson audited the books of Hometown Bank. Smith’s independence would be impaired under which of the following circumstances?
The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:
You have a choice of five appetizers, ten entrees, three beverages, and six desserts. How many possible complete dinners are possible? Place your answer, as a whole number—no decimal places—in the blank. For example 176 would be a legitimate entry 900
The following additional facts are collected for use in making adjusting entries on December 31 prior to preparing financial statements for the company’s first three months. Journalize the following adjusting journal entries in the General Journal on page 6 and then post them to
The semi-annual compounded interest rate is 5.2% (a six-month discount rate of 5.2/2 = 2.6%). (15 points)
13. Janfer Book Store purchased a new automobile that cost $10,000, made a down payment of $3,000, and signed a note payable for the balance. The entry to record this transaction is: