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11 Jan 2019

Post the above transactions to below T-accounts. Assume that theopening balances in each of the accounts is zero.

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Hubert Koch
Hubert KochLv2
12 Jan 2019

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The following transactions occurred during March 2016 for theWainwright Corporation. The company owns

and operates a wholesale warehouse.

1. Issued 39,000shares of capital stock in exchange for $390,000 in cash.
2.

Purchased equipment at a cost of $58,000. $19,000 cash was paidand a note payable was signed for the balance owed.
3.

Purchased inventory on account at a cost of $108,000. Thecompany uses the perpetual inventory system.
4.

Credit sales for the month totaled $129,000. The cost of thegoods sold was $79,000.
5. Paid $5,900 inrent on the warehouse building for the month of March.
6.

Paid $6,900 to an insurance company for fire and liabilityinsurance for a one-year period beginning April 1, 2016.
7. Paid $79,000 onaccount for the merchandise purchased in 3.
8. Collected$64,000 from customers on account.
9. Recordeddepreciation expense of $1,900 for the month on the equipment

2.

Prepare a statement of cash flows, using the direct method topresent cash flows from operating activities. Assume the cashbalance at the beginning of the month was $49,000. (Amountsto be deducted should be indicated with a minus sign.)

1.

Question1 options: 
A firm has an ROI of 15%, turnover of 3, and sales of $6 million. Calculate the firm's margin.
Enter your answer as a percentage. For example, if your answer is 9%, then enter in the box
below 9%.



2.

Foreach item below, indicate whether a debit or credit is appropriateby entering the number corresponding to your answer in the boxprovided.

Question2 options:

adecrease to accounts payable

anincrease to inventory

anincrease to cost of goods sold

adecrease to cash

anincrease to sales revenue

anincrease to retained earnings

1.
debit
2.
credit



3.
Question3 options: 
Franklin Co. borrowed $40,000 from a bank on September 1, 2007 and agreed to pay it back in
seven months at an interest rate of 15% per year.
Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2008
income statement. Do not use decimals in your answer.



4.
Question4 options: 
ABC Company began operations on August 1, 2013 and entered into the following transactions during 2013:
1. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed100,000 from the local bank on a 10-month, 12% note payable
2. On September 1, ABC Company purchased a parcel of land costing $80,000 by paying $20,000 incash and agreeing to pay the remainder within six months
3. On October 1, ABC Company received $50,000 cash from a customer for services to be performedover the next 10 months
4. On November 15, ABC Company paid its stockholders a dividend totaling $3,000 cash

5. On December 1, ABC Company paid $10,000 of the amount owed for the land purchased on September 1
Calculate the amount of net income that ABC Company would report in its 2013 income statement after 
all the above transactions are recorded and all necessary adjusting entries are made. Do not use 
decimals in your answer.



5.
Question5 options: 
ABC Company began operations on August 1, 2013 and entered into the following transactions during 2013:
1. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed100,000 from the local bank on a 10-month, 12% note payable
2. On September 1, ABC Company purchased a parcel of land costing $80,000 by paying $20,000 incash and agreeing to pay the remainder within six months
3. On October 1, ABC Company received $50,000 cash from a customer for services to be performedover the next 10 months
4. On November 15, ABC Company paid its stockholders a dividend totaling $3,000 cash

5. On December 1, ABC Company paid $10,000 of the amount owed for the land purchased on September 1
Calculate the amount of total assets that ABC Company would report in its December 31, 2013 balance
sheet after all the above transactions are recorded and all necessary adjusting entries are made. 
Do not use decimals in your answer.



6.
Question6 options: 
ABC Company began operations on August 1, 2013 and entered into the following transactions during 2013:
1. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed100,000 from the local bank on a 10-month, 12% note payable
2. On September 1, ABC Company purchased a parcel of land costing $80,000 by paying $20,000 incash and agreeing to pay the remainder within six months
3. On October 1, ABC Company received $50,000 cash from a customer for services to be performedover the next 10 months
4. On November 15, ABC Company paid its stockholders a dividend totaling $3,000 cash

5. On December 1, ABC Company paid $10,000 of the amount owed for the land purchased on September 1
Calculate the amount of total liabilities that ABC Company would report in its December 31, 2013balance sheet after all the above transactions are recorded and all necessary adjusting entriesare made. Do not use decimals in your answer.
Accounting
The Trial Balance of Pacilio Security Services Inc as of Jan, 12018 had the following normal balances.

Cash $93,708
Petty Cash $100
Account Receivable $22,540
Allowance for doubtful accounts $1,334
Supplies $250
Prepaid rent $3,600
Merchandise Inventory (18 @ $285) $5,130
Land $4,000
Salaries payable $2,100
Common stock $50,000
Retained earnings $75,894

During 2018 Pacillo Security Services experienced the followingtransaction:
1. Paid the salaries payable from 2017.
2. Purchased equipment and a van for a lump sum of $ 36,000 cash onJanuary 2, 2018. The equipment was appraised for $10,000 and thevan was appraised for $30,000.
3. Paid $9,000 on May 1, 2018 for one year's Office rent inadvance.
4.Purchased $300 of supplies on account.
5.Purchased 120 alarm systems at a cost of $280 each. Paid cash forthe purchase.
6.After numerous attempts to collect from customers, wrote off$2,350 of uncollectible accounts receivable.
7.Sold 115 alarm systems for $580 each. All sales were on accounts.(Be sure to compute cost of goods sold using the FIFO cost flowmethod.)
8.Billed $86,000 of monitoring services for the year. Credit cardsales amounted to $36,000, and the credit card company charged a 4percent fee. The remaining $50,000 were sales on account.
9.Replenished the petty cash fund on June 30. The fund had $12 cashand receipts of $45 for yard mowing, $28 for office suppliesexpense , and $11 for miscellaneous exepenses.
10.Collected the amount due from the credit card company.
11. Paid installers and other employees a total of $52,000 cash forsalaries.
12. Collected $115,500 of accounts receivable during theyear.
13.Paid $12,500 of advertising expense during the year.
14.Paid $6,800 of utilities expense for the year.
15. Sold the land, which was purchased in 2011, for $12,000.
16. Paid the accounts payable.
17.Paid a dividend of $10,000 to the shareholders.
ADJUSTMENTS
18.Determined that $180 of supplies were on hand at the end of theyear.
19.Recognized the expired rent for both the old van and the officebuilding for the year.The lease on the van was not renewed.Rentpaid on March 1, 2017, for the van was $4,800.
20.Recognized uncollectible accounts expense fo the year using theallowance method. Pacilio estimates that 3 percent of sales onaccount will not be collected.
21.Recognized depreciation expense on the equipment and the van.The equipment has a five year life and a $2,000 salvage value. Thevan has a four-year life and a $6,000 salvage value.The companyuses double-declining-balance for the van and straight-line for theequipment.
22.Accrued salaries at December 31,3018, were $1,500.
REQUIRED:
A. Record the above transaction in general journal form.
b.Post the transaction to T-accounts.
c.Prepare a trial balance.
d.Prepare an income statement, statement of changes instockholders' equity, balance sheet, and statement of cashflows.
e.Close the temporary accounts to retained earnings
f.Post the closing entries to the T-accounts and prepare a post-closing trial balance.

I was trying to add an attachment where i have all the sheets thathave to be completed the t accounts and ect.. if you are interestedto help me let me know and i will email you the worksheet for therequirements .

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