Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $160 • May 9: Received cash for meals served to customers, $2,400
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- Income Statement and Balance Sheet Fort Worth Corporation began business in January 2016 as a commercial carpet-cleaning and drying service. Shares of stock were issued to the owners in exchange for cash. Equipment was purchased by making a down payment in cash and signing a note payable for the balance. Services are performed for local restaurants and office buildings on open account, and customers are given 15 days to pay their accounts. Rent for office and storage facilities is paid at the beginning of each month. Salaries and wages are paid at the end of the month. The following amounts are from the records of Fort Worth Corporation at the end of its first month of operations: Required Prepare an income statement for the month ended January 31, 2016. Prepare a balance sheet at January 31, 2016. What information would you need about Notes Payable to fully assess Fort Worths longterm viability? Explain your answer.Accounts Payable On May 18, Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on June 30. Required: Prepare the necessary journal entry (or entries) on May 18 and June 30.Journal Entries Recorded Directly in T Accounts Record each of the following transactions directly in T accounts using the numbers preceding the transactions to identify them in the accounts. Each account needs a separate T account. Received contribution of $6,500 from each of the three principal owners of We-Go Delivery Service in exchange for shares of stock. Purchased office supplies for cash of $130. Purchased a van for $15,000 on an open account. The company has 25 days to pay for the van. Provided delivery services to residential customers for cash of $125. Billed a local business $200 for delivery services. The customer is to pay the bill within 15 days. Paid the amount due on the van. Received the amount due from the local business billed in (5).
- Comprehensive Problem 1, Period 2: The Accounting Cycle During the month of May 20--, The Generals Favorite Fishing Hole engaged in the following transactions. These transactions required an expansion of the chart of accounts as shown below. May 1In order to provide snacks for guests on a 24-hour basis, Night signed a contract with Snack Attack. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sales. Estimated payments are made at the beginning of each month. Night received a check for 200, the estimated commission on sales for May. 2Night purchased a surround sound system and big screen TV with a digital satellite system for the guest lounge. The surround sound system cost 3,600 and has an estimated useful life of five years and no salvage value. The TV cost 8,000, has an estimated useful life of eight years, and has a salvage value of 800. Night paid cash for both items. 2Paid for Mays programming on the new digital satellite system, 125. 3Nights office manager returned 100 worth of office supplies to Gordon Office Supply. Night received a 100 reduction on the account. 3Deposited registration fees, 52,700. May 3Paid rent for lodge and campgrounds for the month of May, 40,000. 3In preparation for the purchase of a nearby campground, Night invested an additional 600,000. 4Paid Gordon Office Supply on account, 400. 4Purchased the assets of a competing business and paid cash for the following: land, 100,000; lodge, 530,000; and fishing boats, 9,000. The lodge has a remaining useful life of 50 years and a 50,000 salvage value. The boats have remaining lives of five years and no salvage value. 5Paid Mays insurance premium for the new camp, 1,000. (See above transaction.) 5Purchased food supplies from Acme Super Market on account, 22,950. 5Purchased office supplies from Gordon Office Supplies on account, 1,200. 7Night paid 40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. The magazines are published monthly. 10Deposited registration fees, 62,750. 13Paid wages to fishing guides, 30,000. (Dont forget wages payable.) 14A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of 1,000. 17Deposited registration fees, 63,000. 19Purchased food supplies from Acme Super Market on account, 18,400. 21Deposited registration fees, 63,400. 23Paid 2,500 for advertising spots on National Sports Talk Radio. 25Paid repair fee for damaged boat, 850. 27Paid wages to fishing guides, 30,000. 28Paid 1,800 for advertising spots on billboards. 29Purchased food supplies from Acme Super Market on account, 14,325. 30Paid utilities bill, 3,300. 30Paid phone bill, 1,800. 30Paid Acme Super Market on account, 47,350. 31Bob Night withdrew cash for personal use, 7,500. Adjustment information at the end of May is provided below. (a) Total vending machine sales were 2,300 for the month of May. A 10% commission is earned on these sales. (b) Straight-line depreciation is used for the 10 boats purchased on April 2 for 60,000. The useful life for these assets is five years and there is no salvage value. A full months depreciation was taken in April on these boats. Straight-line depreciation is also used for the two boats purchased in May. Make one adjusting entry for all depreciation on the boats. (c) Straight-line depreciation is used to depreciate the surround sound system. (d) Straight-line depreciation is used to depreciate the big screen TV. (e) Straight-line depreciation is used for the building purchased in May. (f) On April 2, Night paid 9,000 for insurance during the six-month camping season. Mays portion of this premium was used up during this month. (g) Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master. (h) Office supplies remaining on hand, 150. (i) Food supplies remaining on hand, 5,925. (j) Wages earned, but not yet paid at the end of May, 6,000. REQUIRED 1. Enter the transactions in a general journal. Enter transactions from May 14 on page 5, May 528 on page 6, and the remaining entries on page 7. To save time and space, dont enter descriptions for the journal entries. 2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles, account numbers, and balances from April 30 in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Journalize the adjusting entries on page 8 of the general journal. 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owners equity. 9. Prepare the balance sheet. 10. Journalize the closing entries on page 9 of the general journal. 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance.FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610.FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610. 6 Purchased supplies for $12,455 cash.8 Collected $39,000 from plumbing local shopping centers.12 Chris withdrew $23,050 from the business for his own personal use.20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200.26 Paid salaries to employees, $10,285.28 Paid Daisy Corp. one-half amount owed for office equipment.29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740.30 Paid telephone bill, $1,030Adjustment Dataa. Supplies on hand, $1,310.b. Rent expired, $3,250.c. Depreciation on office…
- Journalizing Transactions Remington Communications has been providing cellular phone service for several years. During November and December 2013, the following transactions occurred: Nov. 2 Remington received $2,400 for November phone service from Enrico Company. 6 Remington purchased $4,750 of supplies from Technology Associates on account. 10 Remington paid $5,250 to its hourly employees for their weekly wages. 15 Remington paid $4,750 to Technology Associates in full settlement of its account payable. 28 Remington paid $2,150 for utilities used during November. 30 Remington received a bill from Monticello Construction for $1,230 for repairs made to Remington's loading dock on November 15. Remington plans to pay the bill in early December. Dec. 10 Remington paid $1,230 to Monticello Construction to settle the repair bill received on November 30.Miller Delivery Service completed the following transactions during December 2016: Dec. 1 Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribution. 1 Paid $1,000 cash for a four-month insurance policy. The policy begins December 1. 4 Paid $500 cash for office supplies. 12 Performed delivery services for a customer and received $2,000 cash. 15 Completed a large delivery job, billed the customer, $2,500, and received a promise to collect the $2,500 within one week. 18 Paid employee salary, $1,000. 20 Received $15,000 cash for performing delivery services. 22 Collected $800 in advance for delivery service to be performed later. 25 Collected $2,500 cash from customer on account. 27 Purchased fuel for the truck, paying $300 on account. (Credit Accounts Payable) 28 Performed delivery services on account, $700. 29 Paid office rent, $1,600,…Miller Delivery Service completed the following transactions during December 2016: Dec. 1 Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribution. 1 Paid $1,000 cash for a four-month insurance policy. The policy begins December 1. 4 Paid $500 cash for office supplies. 12 Performed delivery services for a customer and received $2,000 cash. 15 Completed a large delivery job, billed the customer, $2,500, and received a promise to collect the $2,500 within one week. 18 Paid employee salary, $1,000. 20 Received $15,000 cash for performing delivery services. 22 Collected $800 in advance for delivery service to be performed later. 25 Collected $2,500 cash from customer on account. 27 Purchased fuel for the truck, paying $300 on account. (Credit Accounts Payable) 28 Performed delivery services on account, $700. 29 Paid office rent, $1,600,…
- Question Hyun Bin opened his computer repair services shop on November 30, 2018. The followingtransactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period.Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6…Question Hyun Bin opened his computer repair services shop on November 30, 2018. The followingtransactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period.Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6…Hyun Bin opened his computer repair services shop on November 30, 2018. The followingtransactions happened during the operations of the business since the opening of the shop. Thebusiness uses a calendar accounting period.Dec 1 Hyun Bin deposited P500,000 to the account of the business as initial investmentDec 2 Purchased various computer repair equipment for P250,000, with down payment of P150,000 and the balance to be paid on terms.Dec 3 Bought office supplies for 25,000. Expense method is used.Dec 5 Billed various customers for services rendered, P80,000.Dec 8 Paid rent for three months at P15,000 per month. Asset method is used.Dec 10 Paid taxes and licenses, P8,000.Dec 14 Received partial payment of billing on December 5, P50,000.Dec 15 Paid half month salary of the staff receiving P36,000 on a monthly basis.Dec 18. Rendered services to various customers: Cash basis P90,000 and Onaccount P70,000.Dec 20 Paid advertising expenses for 6 months, P42,000.…