ACC120 Final: sm02 Answers 3

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greenmuskrat329

21 Jan 2019

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Equipment 3,490: polland, capital 16,920. Solutions manual 2-35 chapter 2 2016 john wiley & sons canada, ltd. Solutions manual 2-36 chapter 2 2016 john wiley & sons canada, ltd. The general ledger contains all the asset, liability, and owner"s equity accounts. The accounts in the general ledger are arranged in financial statement order, which is also used in the chart of accounts: first the assets, then the liabilities, owner"s capital, owner"s drawings, revenues, and expenses. The general ledger is not a book of original entry; transactions are first recorded in the general journal, then in the general ledger. Solutions manual 2-37 chapter 2 2016 john wiley & sons canada, ltd. Solutions manual 2-38 chapter 2 2016 john wiley & sons canada, ltd. Solutions manual 2-39 chapter 2 2016 john wiley & sons canada, ltd. Solutions manual 2-40 chapter 2 2016 john wiley & sons canada, ltd. Oct. 1 cash : fortin, capital

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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

Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash5,000 Owner's Capital 5,000 (Ownerâs investment of cash inbusiness) 10 Cash 2,600 Service Revenue 2,600 (Received cash forservices performed) 12 Equipment 5,000 Cash 2,300 Notes Payable2,700 (Purchased equipment for cash and notes payable) 25 AccountsReceivable 1,700 Service Revenue 1,700 (Billed clients for servicesperformed) 31 Cash 900 Accounts Receivable 900 (Receipt of cash onaccount) Collapse question part (a) Post the transactions toT-accounts

orangemouse453

The declaration, record, and payment dates in connection with acash dividend of $804,000 on a corporationâs common stock

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

are June 15, August 10, and September 15.

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

Cash Dividends

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

Solution

	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

orangemuskrat611

ACC120 Final: sm02 Answers 3

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