National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Beth Worley, Drawing Cash Equipment 900 (3) (1) (2) (9) 75,000 8,000 2,500 (7) (3) 8,150 1,600 (4) 6,280 (6) 2,700 (9) 2,500 Accounts Payable Accounts Receivable Fees Earned 12,300 (5) (7) 8,150 (6) 2,700 (3) 6,400 (5) 12,300 Operating Expenses Beth Worley, Capital Supplies (2) (8) (1) 75,000 (4) 900 660 6,280 (8) 660 (Continued) Indicate for each debit and each credit (a) whether an asset, liability, owner's equity drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transac- tion (1) given as an example: Account Debited Account Credited Transaction Туре Effect Туре owner's equity Effect (1) asset +

National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Beth Worley, Drawing Cash Equipment 900 (3) (1) (2) (9) 75,000 8,000 2,500 (7) (3) 8,150 1,600 (4) 6,280 (6) 2,700 (9) 2,500 Accounts Payable Accounts Receivable Fees Earned 12,300 (5) (7) 8,150 (6) 2,700 (3) 6,400 (5) 12,300 Operating Expenses Beth Worley, Capital Supplies (2) (8) (1) 75,000 (4) 900 660 6,280 (8) 660 (Continued) Indicate for each debit and each credit (a) whether an asset, liability, owner's equity drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transac- tion (1) given as an example: Account Debited Account Credited Transaction Туре Effect Туре owner's equity Effect (1) asset +

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1CPP: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle...

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Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closingtrial balance as of April 30, 2019, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a twocolumn journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2019, follows: The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, 6,500. 2.Purchased office supplies on account, 2,300. 5.Paid insurance premiums, 6,000. 10.Received cash from clients on account, 52,300. 15.Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 17.Paid creditors on account, 6,450. 20.Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. 23.Paid advertising expense, 4,300. Enter the following transactions on Page 19 of the two-column journal: 27.Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. 28.Paid automobile expense (including rental charges for an automobile), 1,500. 29.Paid miscellaneous expenses, 1,400. 30.Recorded revenue earned and billed to clients during the month, 57,000. 30.Paid salaries and commissions for the month, 11,900. 30.Withdrew cash for personal use, 4,000. 30.Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Instructions 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?
National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Cash 5/1 75,000 5/2 900 5/11 8,150 5/3 1,600 5/5 6,280 5/9 2,700 5/25 2,500 Equipment 5/3 8,000 Beth Worley, Drawing 5/25 2,500 Accounts Receivable 5/8 12,300 5/11 8,150 Accounts Payable 5/9 2,700 5/3 6,400 Fees Earned 5/8 12,300 Supplies 5/2 900 5/15 660 Beth Worley, Capital 5/1 75,000 Operating Expenses 5/5 6,280 5/15 660 Based upon the T accounts provided, prepare the nine journal entries from which the postings were made.
National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Cash Equipment Beth Worley, Drawing (1) 39,700 (2) 2,800 (3) 28,600 (9) 4,000 (7) 15,900 (3) 5,150 (4) 4,350 (6) 11,900 (9) 4,000 Accounts Receivable (5) 21450 (7)15900 Accounts Payable (6) 11,900 (3) 23,450 Fees Earned (5) 21,450         Supplies Beth Worley, Capital Operating Expenses (2) 2,800 (8) 1,600 (1) 39,700 (4) 4,350 (8) 1,600 a. Prepare an unadjusted trial balance, listing the accounts in their proper order. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank. National Park Tours Co. Unadjusted Trial Balance May 31, 2019 DebitBalances CreditBalances Cash…
Laurente Services was established in February 2020, for cleaning services. Some of the transactions for February are presented below;Feb. 2: Billed customers $18,600 for cleaning services rendered.        3: Acquired cleaning supplies on account, $15,600.        9: Recieved payment from previuosly billed costumers, $10,000        10: Paid rent, $8,000
Apex Systems Co. Offers it's services to residents in the Seattle area. Selected accounts from the Ledger of Apex Systems Co. For the fiscal year ended in December 31,2019, are as follows: Bart Nesbit, Capital Dec.31     78,000       Jan. 1 (2019)    1,334,000                                      Dec.31               347,000 Bart Nesbit , Drawing Mar.31      19,500      Dec.31              78,000 June 30    19,500 Sept. 30    19,500 Dec.31       19,500 Required: Repair a statement of owners equity for the year. No additional investments were made during the year. if a net loss has been incurred or there has been a decrease in owner's equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading.
[The following information applies to the questions displayed below.]The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $27,800. July 23, 2021 Receive $18,500 from customers on account. December 31, 2021 Estimate that 20% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $40,800. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $36,500 from customers for services provided in 2022. December 31, 2022 Estimate that 20% of uncollected accounts will not be received. 3. Calculate net accounts receivable at the end of 2021 and 2022.
Dodge Haulers is in the cargo business. The entity is servicing the cargo forwarding requirements of businesses within theAlphabet Island. At the end of the accounting year, Dec. 31, 2020, the following data must be considered to affect theadjusting entries.a. On July 1, 2020, an eighteen-month insurance coverage on trucks was paid and debited to Prepaid Insurance.Premiums amounted to ₱72,000 and coverage began immediately.b. During 2020, office supplies amounting to ₱18,000 were purchased for cash and debited to Office Supplies. At theend of 2019, the inventory count of supplies on hand was ₱2,000. Inventory of supplies as at Dec. 31, 2020 showed₱3,500.c. On Dec. 31, 2020, Bueno Motors completed repairs on one of the trucks at a cost of ₱8,000; the amount is not yetrecorded and by agreement will be paid during Jan. 2021.d. A real property tax assessment for ₱16,000 on land owned during 2020 was received from the city. The taxes, whichare unpaid and unrecorded, are already due but the…
The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as follows: Khareef Company Worksheet For the month ended September 30, 2019 Trial Balance Account Titles Dr. Cr. Cash 15,000 Accounts Receivable 9,700 Supplies 5,500 Accounts Payable 3,700 Unearned Service Revenue 8,200 Capital 20,000 Service Revenue 1,700 Salaries Expense 2,500 Utilities Expense 900 Total 33,600 33,600 Additional Information: The available supplies on hand is $2,000 Rendered service of $10,000 but not recorded. Accrued interest is $150 Accrued salaries are $500 Utilities expense of $600 is not recorded Paid the amount due of $700 on account Instructions: Enter the trail balance on a worksheet and complete it.
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman GroupEnd-of-Period SpreadsheetFor the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,730 Accounts Receivable 32,060 Supplies 5,010 Prepaid Insurance 10,820 Land 114,000 Buildings 410,000 Accumulated Depreciation-Buildings 133,500 Equipment 296,000 Accumulated Depreciation-Equipment 173,800 Accounts Payable 37,930 Salaries Payable 3,760 Unearned Rent 1,700 Nicole Gorman, Capital 486,900 Nicole Gorman, Drawing 28,500 Service Fees 540,830 Rent Revenue 5,710 Salaries Expense 387,720 Depreciation Expense—Equipment 21,000 Rent Expense 17,600 Supplies Expense 12,470 Utilities Expense 11,270 Depreciation…
The following is the trial balance of J. Jamieson as on 31 October 2020. You are to draw up an Income Statement for the year ended 31 October 2020 and a Statement of Financial Position as at the same date. DrCr ££ Purchases 16,950 Sales 23,240 Stock in hand 31 October 20194,135 Postages and telephone 228 Motor expenses 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors 4,698 Creditors 3,174 Premises 10,000 Motor vehicles 2,350 77 Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings 3,850 Capital _____20,850 48,72248,722 Notes at 31st October 2020:Stock on hand was £2,859Expenses owing: Sundry expenses £22; Motor expenses £58.Expenses prepaid: Rates £23; Telephone £11.Ignore depreciation of fixed assets NB: All figures in thousands.
Napa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts: Cash (1) 44,000 (2) 2,400 (7) 7,200 (3) 4,500 (4) 4,450 (6) 5,800 (9) 2,700 Accounts Receivable (5) 12,400 (7) 7,200 Supplies (2) 2,400 (8) 1,900 Equipment (3) 14,400 Accounts Payable (6) 5,800 (3) 9,900 Common Stock (1) 44,000 Dividends (9) 2,700 Service Revenue (5) 12,400 Operating Expenses (4) 4,450 (8) 1,900 Required: A. Prepare an unadjusted trial balance. B. Based upon the unadjusted trial balance, determine the net income or net loss. Unadjusted Trial Balance A. Prepare an unadjusted trial balance. Napa Tours Co. UNADJUSTED TRIAL BALANCE April 30, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable…