Required:Determine the following information. Use the format provided below.1. a. Total revenue for the monthb. Total expenses for the monthc. Net Income for the month2. a. Wilhelm Kohl's original Investment in the business+ Net Income for the month- Owner's drawingIncrease (decrease) in capital= Ending owner's equity.b. End of month accounting equation:Assets=Liabilities+ Owner's Equity+Check My Work 4 mara Chack My Work usas remaining.0000 00= .com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession LocatorNet Income and Change In Owner's EquityWilhelm Kohl started a business In May 20-- called Kohl's Home Repair. The trial balance showing balances for the month of May are shown.Kohl's Home RepairTrial BalanceMay 31, 20--CashAccountAccounts ReceivOffice SuppliesPrepaid InsuranceEquipmentVanTotalsAccounts Payablewilhelm Kohl, CapitalWilhelm Kohl, DrawingService FeesRent ExpenseWages ExpensePhone ExpenseGas and Oil ExpenseRequiredDebit CreditBalance Balance10,2402,6002001,0007,0008,0004,000Print hom8007002001604,00020,00010,90034,900 34,900

The net income or loss is calculated as difference between revenue and expenses. The capital balance…

quired: termine the following Information. Use the format provided below. a. Total revenue for the month b. Total expenses for the month c. Net Income for the month 2. a. Wilhelm Kohl's original Investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity. b. End of month accounting equation: Liabilities Assets = + Owner's Equity Check My Work 4 mara Chock My Work usas remaining. 0000 00

quired: termine the following Information. Use the format provided below. a. Total revenue for the month b. Total expenses for the month c. Net Income for the month 2. a. Wilhelm Kohl's original Investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity. b. End of month accounting equation: Liabilities Assets = + Owner's Equity Check My Work 4 mara Chock My Work usas remaining. 0000 00

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 15SPA: ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS Jason Armstrong started a business called Campus...

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The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.
The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.
Journal entries and trial balance Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 20Y3, follows: The following business transactions were completed by Elite Realty during April 20Y3: 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. Paid dividends, 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, 20Y3, 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, 20Y3. 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? The following business transactions were completed by Elite Realty during April 20Y3: 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. Paid dividends, 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, 20Y3, 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, 20Y3. 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?
In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20-- called Kohl’s Home Repair. The trial balance showing balances for the month of May are shown. Kohl's Home RepairTrial BalanceMay 31, 20-- Account DebitBalance CreditBalance Cash 21,805 Accounts Receivable 2,700 Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable 4,400 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 Rent Expense 850 Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Required: Determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month c. Net income for the month 2. a. Wilhelm Kohl's original investment in the business + Net income for the month - Owner's drawing Increase (decrease) in…
The ALBA has the below information at the end of June 2018: Service Revenue: $47,500 Rent Expense: $9,400 Salaries & Wages Expense: $13,300 Insurance Expense: $2,400 Interest Expense: $1,600 Supplies Expense: $2,800 Owner's Drawing: $3,000 Owner's Capital (Begining Balance): $7,000 Select the right closing entries for ALBA. Question: What is the owner's capital closing balance? Close net income to Capital account? Close revenue account? Close drawings to the capital account?
Open T accounts and post the journal entries to the general ledger. N(Post entries in the order of journal entries presented in the previous part Select the date for closing balanceseven in case of zero balance. If ending balance is 0, enter 0 on the normal sicde for the account) June 1Samantha Miller opened Miller Real Estate Agency with an investment of $13,220 cash and $2,850 of equipment.2Paid $1,260 for a one-year insurance policy.3Purchased additional equipment for $4,520, paying $760 cash and signing a note payable for the balance.10Received $355 cash as a fee for renting an apartment.16Sold a house and lot for B. Wilson. The cormmission due from Wilson is $7,330. {It is not paid by Wilson at this time.)27Paid $750 for advertising to run during June.29Received an $80 bill for telephone service during the month of June. (The bill is paid in July)30Paid an administrative assistant $2,390 in salary for June.30Received $7,330 cash from B. Wilson for the June 16 transaction.
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.
Journal entries and trial balanceOn November 1.2019, Lexi Martin established an interior decoratingbusiness, Heritage Designs During the month. Lexi completed thefollowing transactions related to the business: Nov. 1. Lexi transferred cash from a personal bank account to anaccount to be used for the business in exchange for common stock,$50,000.1. Paid rent for period of November 1 to end of month, $4,000. 6. Purchased office equipment on account $ 15.000.8. Purchased a truck for $38,500 paying 55,000 cash and giving a notepayable for the remainder. 10. Purchased supplies for cash, $1.750.12. Received cash for job completed, $11.500.15. Paid annual premiums on property and casualty insurance, $2,400. 23. Recorded jobs completed on account and sent invoices tocustomers, $22,300.24. Received an invoice for truck expenses, to be paid in November,$1,250. Enter the following transactions on Page 2 of the tow-column journal:29. Paid utilities expense, $4,50029. Paid miscellaneous expenses,…
The journal entry to close fees earned, $717 {comma} and the rent revenue ,$216 , accounts during the year end closing process would be A. Revenues $933 Owners Capital$ 933 B. Things earned $717 Rent revenue$ 216 Owners Capital $933 C. Owners capital $933 He's earned $717 Rent revenue$216 D. Owners capital $933 Revenues $933
Journalize the following selected transactions for October 2020. Journal entry explanations may be omitted. SKIP A LINE BETWEEN JOURNAL ENTRIES. Oct. 3 Received $15,000 from Sasha Cat, owner. Oct. 13 Purchased $8,500 of supplies on account. Oct. 16 Customer paid $9,500 for work to be completed in November Oct. 18 Received $10,000 in cash for fees earned. Oct. 21 Paid $400 to creditors on account. Oct. 29 Received $1,150 from customers on account. Oct. 31 Recorded owner’s withdrawal of $1,550. Chart of Accounts 11 Cash 12 Accounts Receivable 14 Supplies 18 Equipment 21 22 Accounts Payable Unearned Fees 23 Notes Payable 31 Sasha Cat, Capital 32 Sasha Cat, Drawing 41 Fees Earned 51 Wages Expense 52 Rent Expense Hint: You may not need to fill in every box GENERAL JOURNAL Page 1 Date…
Journal Entries and Trial Balance Orange Realty acts as an agent in buying, selling, renting, and managing real estate. The trial balance on October 31, 20Y4, is shown next. ORANGE REALTYTrial BalanceOctober 31, 20Y4 DebitBalances CreditBalances Cash 16,960 Accounts Receivable 34,900 Prepaid Insurance 3,600 Office Supplies 800 Land - Accounts Payable 4,960 Unearned Rent - Notes Payable - Common Stock 5,000 Retained Earnings 26,540 Dividends 12,800 Fees Earned 176,000 Salary and Commission Expense 112,000 Rent Expense 14,000 Advertising Expense 11,440 Automobile Expense 5,120 Miscellaneous Expense 880 212,500 212,500 The following business transactions were completed by Orange Realty during November 20Y4: Nov. 1 Purchased office supplies on account, $1,050.…