[Taesan service company] case The following is the transaction record of Taesan Service Co. (hereinafter Taesan), an accounting and tax advisory service provider from Jan. 1sto Dec. 31stin 2012. 1) Jan. 1st: Taesan issues 2,000 shares with a par value of 5,000 won, and just organized their business. 2) Jan. 2nd: Taesan buys fire insurance and makes an advance payment of 6,000,000 won for the coming 6 years (use prepaid insurance account). 3) Mar. 1st: Taesan gets a bank loan of 10,000,000won. 4) Apr. 1s: Taesan purchases equipment worth 5,000,000 won and pays 2,000,000wonin cash and the rest on credit. 5) Apr. 2nd: Taesan purchases supplies worth 5,000,000wonon credit. 6) May. 9t: Taesan writes a contract with Dong-gun Construction Co. to provide non-audit service over the coming 2 years for 20,000,000 won. 7) Jun. 9i: Non-audit service is not provided yet but Taesan receives service fee worth 10,000,000 won for 2012. 8) Aug. 16h: Taesan provides tax advisory service to Yunkvoung Co. and makes a payment request of 2,000,000 won as service fee. 9) Oct. 20ti: Yunkvoung pays Taesan 1,000,000 won for the tax advisory service provided but the rest is still not collected. 10) Nov. 20t: Taesan pays electricity bill of 200,000 won in cash. 11) Nov. 25a: Interest for loan worth 400,000 won is due but it is not yet paid. 12) Dec. Sa: 5,000,000 won of loan is paid back to the creditor in cash. 13) Dec. 28th: 500,000 won is paid to the landlord for rent. 14) Dec. 31(Present) Insurance premium to be paid for the year has accrued 15) Dec. 31g(Present) 1/5 of the service that has been paid for in advance on Jun. 9ahas been completed. (In other words, 1/5 of the service fee is to be recognized) 16) Dec. 31g(Present) The ending balance of supplies on hand totals up to 4,000,000 won 17) Dec. 315(Present) Depreciation expense for the equipment in use is 200,000 won 1. Provide a ledger with records of the above (posting by using T-account). 2. Make an adjusted trial balance.

[Taesan service company] case The following is the transaction record of Taesan Service Co. (hereinafter Taesan), an accounting and tax advisory service provider from Jan. 1sto Dec. 31stin 2012. 1) Jan. 1st: Taesan issues 2,000 shares with a par value of 5,000 won, and just organized their business. 2) Jan. 2nd: Taesan buys fire insurance and makes an advance payment of 6,000,000 won for the coming 6 years (use prepaid insurance account). 3) Mar. 1st: Taesan gets a bank loan of 10,000,000won. 4) Apr. 1s: Taesan purchases equipment worth 5,000,000 won and pays 2,000,000wonin cash and the rest on credit. 5) Apr. 2nd: Taesan purchases supplies worth 5,000,000wonon credit. 6) May. 9t: Taesan writes a contract with Dong-gun Construction Co. to provide non-audit service over the coming 2 years for 20,000,000 won. 7) Jun. 9i: Non-audit service is not provided yet but Taesan receives service fee worth 10,000,000 won for 2012. 8) Aug. 16h: Taesan provides tax advisory service to Yunkvoung Co. and makes a payment request of 2,000,000 won as service fee. 9) Oct. 20ti: Yunkvoung pays Taesan 1,000,000 won for the tax advisory service provided but the rest is still not collected. 10) Nov. 20t: Taesan pays electricity bill of 200,000 won in cash. 11) Nov. 25a: Interest for loan worth 400,000 won is due but it is not yet paid. 12) Dec. Sa: 5,000,000 won of loan is paid back to the creditor in cash. 13) Dec. 28th: 500,000 won is paid to the landlord for rent. 14) Dec. 31(Present) Insurance premium to be paid for the year has accrued 15) Dec. 31g(Present) 1/5 of the service that has been paid for in advance on Jun. 9ahas been completed. (In other words, 1/5 of the service fee is to be recognized) 16) Dec. 31g(Present) The ending balance of supplies on hand totals up to 4,000,000 won 17) Dec. 315(Present) Depreciation expense for the equipment in use is 200,000 won 1. Provide a ledger with records of the above (posting by using T-account). 2. Make an adjusted trial balance.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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