Monthly Account Balances (in thousands of dollars) Dec 31,2016
Accounts payable $ 7,750
Accounts receivable 6,440
Accrued wages payable 4,000
Cash 20,000
Common stock 14,600
Dividends payable 1,500
Interest payable 1,100
Interest receivable 50
Investments 2,660
Land 5,000
Long-term notes payable(due June 15, 2018) 4,000
Prepaid expenses 1,800
Other noncurrent assets 800
Plant and equipment 15,200
Retained earnings 10,400
Short-term notes payable 11,000
Supplies 2,000
Complete a journal entry for each of the following transactions:
Arcelo, Inc. entered into the following transactions during January 2017:
1. Paid wages owed at December 31, 2016. (accrued wages payable 2016 of $4,000)
2. Collected $5,500 on outstanding accounts receivable.
3. Paid accounts payable of $7,000.
4. Issued 1000 shares of common stock for $8each.
5. Paid $11,000 on a short-term note payable including $750of accrued interest.
6. Purchased supplies worth $1,850 on account.
7. Signed a contract with a new cleaning company. Agreed to pay $1,500 a month for cleaningthe shop each night.
8. Redeemed a six-month $2,660certificate of depositheld as an investment. Proceeds including accrued interest totaled $2,710.
9. Purchased shop equipment in exchange for $8,000 in cash and a note payable of $15,000 due 8/31/18.
Monthly Account Balances (in thousands of dollars) Dec 31,2016
Accounts payable $ 7,750
Accounts receivable 6,440
Accrued wages payable 4,000
Cash 20,000
Common stock 14,600
Dividends payable 1,500
Interest payable 1,100
Interest receivable 50
Investments 2,660
Land 5,000
Long-term notes payable(due June 15, 2018) 4,000
Prepaid expenses 1,800
Other noncurrent assets 800
Plant and equipment 15,200
Retained earnings 10,400
Short-term notes payable 11,000
Supplies 2,000
Complete a journal entry for each of the following transactions:
Arcelo, Inc. entered into the following transactions during January 2017:
1. Paid wages owed at December 31, 2016. (accrued wages payable 2016 of $4,000)
2. Collected $5,500 on outstanding accounts receivable.
3. Paid accounts payable of $7,000.
4. Issued 1000 shares of common stock for $8each.
5. Paid $11,000 on a short-term note payable including $750of accrued interest.
6. Purchased supplies worth $1,850 on account.
7. Signed a contract with a new cleaning company. Agreed to pay $1,500 a month for cleaningthe shop each night.
8. Redeemed a six-month $2,660certificate of depositheld as an investment. Proceeds including accrued interest totaled $2,710.
9. Purchased shop equipment in exchange for $8,000 in cash and a note payable of $15,000 due 8/31/18.
Related questions
please state if the following is recorded in income statement orbalance sheet
| Rug Cleaner |
| Accounts payable |
| Accounts Receivable |
| APIC-Common stock |
| Bank charges |
| Bank Loan payable |
| Cash |
| Cleaning Supplies |
| Cleaning Supplies inventory |
| Common Stock |
| Computer |
| Discount on Notes payable |
| Dividned expense |
| Employee tax withheld |
| employee tax withholding account |
| Employer tax payable |
| Gas and oil expenses |
| Mercandise Inventory |
| No entry required |
| Notes payable |
| Paid up capital |
| Patents and Rights |
| Payroll taxes |
| Prepaid Insurance |
| Prepaid Rent |
| Purcahse Discount |
| Salaries & wages expenses |
| Short-term Investment (Available ForSale) |
| Tax payable |
| Unearned Service Revenue |
| (blank) |
| Equipment |
| Sales Revenue |
| Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dollars to simplify). |
| Account Titles | Debit | Credit | ||||
| Cash | $ | 5 | ||||
| Accounts Receivable | 4 | |||||
| Supplies | 3 | |||||
| Equipment | 6 | |||||
| Accumulated Depreciation | $ | 0 | ||||
| Software | 12 | |||||
| Accumulated Amortization | 3 | |||||
| Accounts Payable | 7 | |||||
| Notes Payable (long-term) | 0 | |||||
| Salaries and Wages Payable | 0 | |||||
| Interest Payable | 0 | |||||
| Income Tax Payable | 0 | |||||
| Unearned Revenue | 0 | |||||
| Common Stock | 15 | |||||
| Retained Earnings | 5 | |||||
| Service Revenue | 0 | |||||
| Supplies Expense | 0 | |||||
| Depreciation Expense | 0 | |||||
| Salaries and Wages Expense | 0 | |||||
| Amortization Expense | 0 | |||||
| Interest Expense | 0 | |||||
| Income Tax Expense | 0 | |||||
| Totals | $ | 30 | $ | 30 | ||
| Transactions during 2015 (summarized in thousands of dollars) follow: | |
| 1. | Borrowed $28 cash on July 1, 2015, signing a six-month note payable. |
| 2. | Purchased equipment for $16 cash on July 1, 2015. |
| 3. | Issued additional shares of common stock for $4. |
| 4. | Earned revenues for 2015 in the amount of $71, including $8 on credit and $63 received in cash. |
| 5. | Recognized salaries and wages expenses for 2015 of $42, paid in cash. |
| 6. | Purchased additional equipment, $4 cash. |
| 7. | Collected accounts receivable, $7. |
| 8. | Paid accounts payable, $10. |
| 9. | Purchased on account supplies for future use, $9. |
| 10. | Received a $3 cash deposit on work to start January 15, 2016. |
| Data for adjusting journal entries: | |
| 11. | Amortization for 2015, $3. |
| 12. | Supplies of $5 were counted on December 31, 2015. |
| 13. | Depreciation for 2015, $1. |
| 14. | Accrued interest on notes payable of $1. |
| 15. | Wages earned since the December 24 payroll not yet paid, $2. |
| Income tax for 2015 was $3 and will be paid in 2016 Prepare balance sheet. Prepare the closing journal entry. Post the closing entry and prepare a post-closing trial balance | |
| [The following information applies to the questions displayed below.] |
| Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows (the amounts are rounded to thousands of dollars to simplify): |
| Account Titles | Debit | Credit | ||||
| Cash | $ | 3 | ||||
| Accounts Receivable | 5 | |||||
| Supplies | 12 | |||||
| Land | 0 | |||||
| Equipment | 60 | |||||
| Accumulated Depreciation | $ | 6 | ||||
| Software | 15 | |||||
| Accumulated Amortization | 5 | |||||
| Accounts Payable | 5 | |||||
| Notes Payable (short-term) | 0 | |||||
| Salaries and Wages Payable | 0 | |||||
| Interest Payable | 0 | |||||
| Income Tax Payable | 0 | |||||
| Common Stock | 71 | |||||
| Retained Earnings | 8 | |||||
| Service Revenue | 0 | |||||
| Salaries and Wages Expense | 0 | |||||
| Depreciation Expense | 0 | |||||
| Amortization Expense | 0 | |||||
| Income Tax Expense | 0 | |||||
| Interest Expense | 0 | |||||
| Supplies Expense | 0 | |||||
| Totals | $ | 95 | $ | 95 | ||
| Transactions during 2015 (summarized in thousands of dollars) follow: | |
| 1. | Borrowed $12 cash on a six-month note payable dated March 1, 2015. |
| 2. | Purchased land for future building site; paid cash, $9. |
| 3. | Earned revenues for 2015, $160, including $40 on credit and $120 collected in cash. |
| 4. | Issued additional shares of stock for $3. |
| 5. | Recognized salaries and wages expense for 2015, $85 paid in cash. |
| 6. | Collected accounts receivable, $24. |
| 7. | Purchased software, $10 cash. |
| 8. | Paid accounts payable, $13. |
| 9. | Purchased supplies on account for future use, $18. |
| 10. | Signed a $25 service contract to start February 1, 2016. |
| Data for adjusting journal entries: | |
| 11. | Unrecorded amortization for the year on software, $5. |
| 12. | Supplies counted on December 31, 2015, $10. |
| 13. | Depreciation for the year on the equipment, $6. |
| 14. | Accrued interest of $1 on notes payable. |
| 15. | Salaries and wages earned but not yet paid or recorded, $12. |
| 16. | Income tax for the year was $8. It will be paid in 2016. |
I need help with preparing an income statement, retained earnings statement, the balance sheet, and the post-closing trial balance. I also need help checking my answers for my adjusted trial balance with the adjusted entries included.
thank you
