1 answer

Stockholders invested $10,000 cash in the business in exchange for common stock. **IF YOU ARE NOT...

Question:

Stockholders invested $10,000 cash in the business in exchange for common stock. **IF YOU ARE NOT ABLE TO ANSWER ALL QUESTION, DON'T BOTHER :) **

                 1   Purchased used truck for $6,000, paying $3,000 cash and the balance on account.

                 3   Purchased cleaning supplies for $1,200 on account.  

                 5   Paid $1,200 cash on a 1-year insurance policy effective March 1.

               14   Billed customers $4,800 for cleaning services.

               18   Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies.

               20   Paid $1,800 cash for employee salaries.

               21   Collected $1,400 cash from customers billed on March 14.

               28   Billed customers $4,500 for cleaning services.

               31   Paid $500 for the monthly gasoline bill for the truck.

               31   Paid a $700 cash dividend.

Use ONLY these accounts:  The chart of accounts for this business contains:  Cash,   Accounts Receivable,  Supplies, Prepaid Insurance,  Equipment,  Accum Deprec—Equipment,  Accounts Payable,  Salaries & Wages Payable,  Common Stock,  Retained Earnings,  Dividends,  Income Summary,  Service Revenue,  Supplies Expense,  Gasoline Expense,  Deprec Expense,  Insurance Expense,  Salaries & Wages Expense.

Instructions

(a)  Journalize and post the March transactions. **Use above account names ONLY**

Account Titles Credit Date Mar. 1 20

(c)  Enter the following adjustments on the worksheet and complete the worksheet.

(1)  Unbilled and uncollected revenue for services performed at March 31 was $500.

(2)  Depreciation on equipment for the month was $300.

(3)  One-twelfth of the insurance expired.

(4)  An inventory count shows $250 of cleaning supplies on hand at March 31

(5)  Accrued but unpaid employee salaries were $550.

Account Title Balance Sheet Debit Credit Cash Accts Recble Supplies Prepaid Ins. Equipment Accts Payable Common Stock Dividen

(d)  Prepare an income statement for March

Revenues: Expenses: Total Expenses Net Income

(d2) prepare a CLASSIFIED Balance Sheet at March 31

Assets Current Assets: Property Plant and Equipment: 17,650 Total Assets Liabilities and Stockholders Equity Current Liabili

Completed for you (you may need an amount from it for the CLASSIFIED Balance Sheet) SHAWS CARPET CLEANERS Retained Earnings

Account Titles Credit Date Mar. 1 20
Account Title Balance Sheet Debit Credit Cash Accts Recble Supplies Prepaid Ins. Equipment Accts Payable Common Stock Dividends Service Revenue Gasoline Expense Sal & Wage Expense Totals Depreciation Exp Acc Depr -Equip. Insurance Expense Supplies Expense Sal & Wages Pyble Totals Net Income Totals Shaws Carpet Cleaners Worksheet For the Month Ended March 31, 2017 Trial Balance Income Adjustments Statement Debit Credit Debit Credit Debit Credit 2,200 7,900 1,200 1,200 6,000 2,200 10,000 700 9,300 500 1,800 21,500 21,500 2,400 2,400 4,200 9,800 18,650 13,050 9,800 9,800 18,650 18,650
Revenues: Expenses: Total Expenses Net Income
Assets Current Assets: Property Plant and Equipment: 17,650 Total Assets Liabilities and Stockholders' Equity Current Liabilities: Stockholders Equity: Total Liab. & Stckhldrs' Equity 17.650
Completed for you (you may need an amount from it for the CLASSIFIED Balance Sheet) SHAW'S CARPET CLEANERS Retained Earnings Statement For the Month Ended March 31, 2017 Retained Earnings, March 1 (beginning) Add: Net Income 5,600 5,600 Less: Dividends 700 Weygandt, Financial and Managerial Accounting, 2e, Solutions Prot Copyright 2015 John Wiley & Sons, Inc. (Instructor Use Only) Retained Earnings, March 31_(ending) 4,900

Answers

Journal Entries
Date Particulars Debit Credit
1-Mar Cash $ 10,000.00
To Common Stock $ 10,000.00
1-Mar Equipment $   6,000.00
To Cash $   3,000.00
To Accounts Payable $   3,000.00
3-Mar Supplies $   1,200.00
To Accounts Payable $   1,200.00
5-Mar Prepaid Insurance $   1,200.00
To Cash $   1,200.00
14-Mar Accounts Receivable $   4,800.00
To Service Revenue $   4,800.00
18-Mar Accounts Payable $   2,000.00
To Cash $   2,000.00
20-Mar Salaries and Wages Expense $   1,800.00
To Cash $   1,800.00
21-Mar Cash $   1,400.00
To Accounts Receivable $   1,400.00
28-Mar Accounts Receivable $   4,500.00
To Service Revenue $   4,500.00
31-Mar Gasoline Expense $      500.00
To Cash $      500.00
31-Mar Dividend $      700.00
To Cash $      700.00
Trial Balance Adjustments Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit
Cash $   2,200.00 $   2,200.00
Accounts Receivable $   7,900.00 $    500.00 $   8,400.00
Supplies $   1,200.00 $    950.00 $      250.00
Prepaid Insurance $   1,200.00 $    100.00 $   1,100.00
Equipment $   6,000.00 $   6,000.00
Accounts Payable $   2,200.00 $   2,200.00
Common Stock $ 10,000.00 $ 10,000.00
Dividends $       700.00 $      700.00
Service Revenue $   9,300.00 $    500.00 $ 9,800.00
Gasoline Expense $       500.00 $    500.00
Salaries and Wages Expense $   1,800.00 $    550.00 $ 2,350.00
Totals $ 21,500.00 $ 21,500.00
Depeciation Expense $    300.00 $    300.00
Accumulated Depreciation $    300.00 $      300.00
Insurance Expense $    100.00 $    100.00
Supplies Expense $    950.00 $    950.00
Salaries and Wages Payable $    550.00 $      550.00
Totals $ 2,400.00 $ 2,400.00 $ 18,650.00 $ 13,050.00
Net Income $ 5,600.00 $   5,600.00
Totals $ 18,650.00 $ 18,650.00
Income Statement
Revenues
Service Revenue $   9,800.00
Expenses
Gasoline Expense $      500.00
Salaries and Wages Expense $   2,350.00
Depreciation Expense $      300.00
Insurance Expense $      100.00
Supplies Expense $      950.00
Total expense $   4,200.00
Net Income $   5,600.00
Balance Sheet
Current Assets
Cash $   2,200.00
Accounts Receivable $   8,400.00
Supplies $      250.00
Prepaid Insurance $   1,100.00
$ 11,950.00
Property, Plant and Equipment
Equipment $   6,000.00
Accumulated Depreciation $     (300.00) $   5,700.00
Total Assets $ 17,650.00
Liabilities and Stockholder's Equity
Accounts Payable $   2,200.00
Salaries and Wages Payable $      550.00
$   2,750.00
Stockholder's Equity
Common Stock $ 10,000.00
Retained Earnings $   4,900.00
$ 14,900.00
Total Liability and Equity $ 17,650.00
.

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