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part h is to be solved sir

part h is to be solved sir

Financial Reporting, Financial Statement Analysis and Valuation
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter2: Asset And Liability Valuation And Income Recognition
Section: Chapter Questions
Problem 20PC: Analyzing Transactions. Using the analytical framework, indicate the effect of the following related...
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part h is to be solved sir
Cias P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, the following transactions were completed. Mar. 1 1 Issued 10,000 shares of common stock for $15,000 cash. Purchased used truck for $8,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $2,000 on account. Paid $2,400 cash on a 6-month insurance policy effective March 1. Billed customers $3,700 for cleaning services. Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 3 14 18 Paid $1,750 cash for employee salaries. Collected $1,600 cash from customers billed on March 14. Billed customers $4,200 for cleaning services. Paid $350 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 21 28 31 Declared and paid a $900 cash dividend. The chart of accounts for Geog Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equip- ment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Sup- plies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense. Instructions (a) Journalize the March transactions. (b) Post to the ledger accounts. (Use T-accounts.) (c) Prepare a trial balance at March 31. (d) Journalize the following adjustments. 1. Services performed but unbilled at March 31 was $200. 2. Depreciation on equipment for the month was $250. 3. One-sixth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,080. (e) Post adjusting entries to the T-accounts. (f) Prepare an adjusted trial balance. (g) Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31. (h) Journalize and post closing entries and complete the closing process. (i) Prepare a post-closing trial balance at March 31.
Transcribed Image Text:Cias P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, the following transactions were completed. Mar. 1 1 Issued 10,000 shares of common stock for $15,000 cash. Purchased used truck for $8,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $2,000 on account. Paid $2,400 cash on a 6-month insurance policy effective March 1. Billed customers $3,700 for cleaning services. Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 3 14 18 Paid $1,750 cash for employee salaries. Collected $1,600 cash from customers billed on March 14. Billed customers $4,200 for cleaning services. Paid $350 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 21 28 31 Declared and paid a $900 cash dividend. The chart of accounts for Geog Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equip- ment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Sup- plies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense. Instructions (a) Journalize the March transactions. (b) Post to the ledger accounts. (Use T-accounts.) (c) Prepare a trial balance at March 31. (d) Journalize the following adjustments. 1. Services performed but unbilled at March 31 was $200. 2. Depreciation on equipment for the month was $250. 3. One-sixth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,080. (e) Post adjusting entries to the T-accounts. (f) Prepare an adjusted trial balance. (g) Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31. (h) Journalize and post closing entries and complete the closing process. (i) Prepare a post-closing trial balance at March 31.
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