The Accounting Cycle Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2019. Common stock was issued for $22,000. During the year, Karleen's paid office rent of $13,500. Utilities expenses incurred and paid were $5,320. Wages of $58,800 were earned by employees and paid during the year. During the year, Karleen's provided catering services: On credit $128,200 For cash 18,650 Karleen's paid $59,110 for supplies purchased and used during the year. Karleen's paid dividends in the amount of $3,500. Karleen's collected accounts receivable in the amount of $109,400. Required: 1. Analyze the events for their effect on the accounting equation. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. Assets = Liabilities + Equity a. fill in the blank 740f1204dfa5fc4_1 fill in the blank 740f1204dfa5fc4_2 fill in the blank 740f1204dfa5fc4_3 b. fill in the blank 740f1204dfa5fc4_4 fill in the blank 740f1204dfa5fc4_5 fill in the blank 740f1204dfa5fc4_6 c. fill in the blank 740f1204dfa5fc4_7 fill in the blank 740f1204dfa5fc4_8 fill in the blank 740f1204dfa5fc4_9 d. fill in the blank 740f1204dfa5fc4_10 fill in the blank 740f1204dfa5fc4_11 fill in the blank 740f1204dfa5fc4_12 e. fill in the blank 740f1204dfa5fc4_13 fill in the blank 740f1204dfa5fc4_14 fill in the blank 740f1204dfa5fc4_15 f. fill in the blank 740f1204dfa5fc4_16 fill in the blank 740f1204dfa5fc4_17 fill in the blank 740f1204dfa5fc4_18 g. fill in the blank 740f1204dfa5fc4_19 fill in the blank 740f1204dfa5fc4_20 fill in the blank 740f1204dfa5fc4_21 h. fill in the blank 740f1204dfa5fc4_22 fill in the blank 740f1204dfa5fc4_23 fill in the blank 740f1204dfa5fc4_24 2. Prepare journal entries (Note: Ignore the date since these events are aggregations of individual events). For a compound transaction, if an amount box does not require an entry, leave it blank. a. fill in the blank 08b531fe5fbdfa8_2 fill in the blank 08b531fe5fbdfa8_4 (Issued common stock) b. fill in the blank 08b531fe5fbdfa8_6 fill in the blank 08b531fe5fbdfa8_8 (Record payment of rent) c. fill in the blank 08b531fe5fbdfa8_10 fill in the blank 08b531fe5fbdfa8_12 (Record payment of utilities) d. fill in the blank 08b531fe5fbdfa8_14 fill in the blank 08b531fe5fbdfa8_16 (Record payment of wages) e. fill in the blank 08b531fe5fbdfa8_18 fill in the blank 08b531fe5fbdfa8_19 fill in the blank 08b531fe5fbdfa8_21 fill in the blank 08b531fe5fbdfa8_22 fill in the blank 08b531fe5fbdfa8_24 fill in the blank 08b531fe5fbdfa8_25 (Record performance of services) f. fill in the blank 08b531fe5fbdfa8_27 fill in the blank 08b531fe5fbdfa8_29 (Record payment for supplies) g. fill in the blank 08b531fe5fbdfa8_31 fill in the blank 08b531fe5fbdfa8_33 (Declared and paid cash dividend) h. fill in the blank 08b531fe5fbdfa8_35 fill in the blank 08b531fe5fbdfa8_37 (Record receipt of cash on account) 3. Post the journal entries to the appropriate T-accounts. Cash fill in the blank c7e620faffbc017_2 fill in the blank c7e620faffbc017_4 fill in the blank c7e620faffbc017_6 fill in the blank c7e620faffbc017_8 fill in the blank c7e620faffbc017_10 fill in the blank c7e620faffbc017_12 fill in the blank c7e620faffbc017_14 fill in the blank c7e620faffbc017_16 End. Bal. fill in the blank c7e620faffbc017_17 Accounts Receivable fill in the blank c7e620faffbc017_19 fill in the blank c7e620faffbc017_21 End. Bal. fill in the blank c7e620faffbc017_22 Common Stock fill in the blank c7e620faffbc017_24 End. Bal. fill in the blank c7e620faffbc017_25 Dividends fill in the blank c7e620faffbc017_27 End. Bal. fill in the blank c7e620faffbc017_28 Service Revenue fill in the blank c7e620faffbc017_30 End. Bal. fill in the blank c7e620faffbc017_31 Rent Expense fill in the blank c7e620faffbc017_33 End. Bal. fill in the blank c7e620faffbc017_34 Utilities Expense fill in the blank c7e620faffbc017_36 End. Bal. fill in the blank c7e620faffbc017_37 Wages Expense fill in the blank c7e620faffbc017_39 End. Bal. fill in the blank c7e620faffbc017_40 Supplies Expense fill in the blank c7e620faffbc017_42 End. Bal. fill in the blank c7e620faffbc017_43

The Accounting Cycle Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2019. Common stock was issued for $22,000. During the year, Karleen's paid office rent of $13,500. Utilities expenses incurred and paid were $5,320. Wages of $58,800 were earned by employees and paid during the year. During the year, Karleen's provided catering services: On credit $128,200 For cash 18,650 Karleen's paid $59,110 for supplies purchased and used during the year. Karleen's paid dividends in the amount of $3,500. Karleen's collected accounts receivable in the amount of $109,400. Required: 1. Analyze the events for their effect on the accounting equation. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero. Assets = Liabilities + Equity a. fill in the blank 740f1204dfa5fc4_1 fill in the blank 740f1204dfa5fc4_2 fill in the blank 740f1204dfa5fc4_3 b. fill in the blank 740f1204dfa5fc4_4 fill in the blank 740f1204dfa5fc4_5 fill in the blank 740f1204dfa5fc4_6 c. fill in the blank 740f1204dfa5fc4_7 fill in the blank 740f1204dfa5fc4_8 fill in the blank 740f1204dfa5fc4_9 d. fill in the blank 740f1204dfa5fc4_10 fill in the blank 740f1204dfa5fc4_11 fill in the blank 740f1204dfa5fc4_12 e. fill in the blank 740f1204dfa5fc4_13 fill in the blank 740f1204dfa5fc4_14 fill in the blank 740f1204dfa5fc4_15 f. fill in the blank 740f1204dfa5fc4_16 fill in the blank 740f1204dfa5fc4_17 fill in the blank 740f1204dfa5fc4_18 g. fill in the blank 740f1204dfa5fc4_19 fill in the blank 740f1204dfa5fc4_20 fill in the blank 740f1204dfa5fc4_21 h. fill in the blank 740f1204dfa5fc4_22 fill in the blank 740f1204dfa5fc4_23 fill in the blank 740f1204dfa5fc4_24 2. Prepare journal entries (Note: Ignore the date since these events are aggregations of individual events). For a compound transaction, if an amount box does not require an entry, leave it blank. a. fill in the blank 08b531fe5fbdfa8_2 fill in the blank 08b531fe5fbdfa8_4 (Issued common stock) b. fill in the blank 08b531fe5fbdfa8_6 fill in the blank 08b531fe5fbdfa8_8 (Record payment of rent) c. fill in the blank 08b531fe5fbdfa8_10 fill in the blank 08b531fe5fbdfa8_12 (Record payment of utilities) d. fill in the blank 08b531fe5fbdfa8_14 fill in the blank 08b531fe5fbdfa8_16 (Record payment of wages) e. fill in the blank 08b531fe5fbdfa8_18 fill in the blank 08b531fe5fbdfa8_19 fill in the blank 08b531fe5fbdfa8_21 fill in the blank 08b531fe5fbdfa8_22 fill in the blank 08b531fe5fbdfa8_24 fill in the blank 08b531fe5fbdfa8_25 (Record performance of services) f. fill in the blank 08b531fe5fbdfa8_27 fill in the blank 08b531fe5fbdfa8_29 (Record payment for supplies) g. fill in the blank 08b531fe5fbdfa8_31 fill in the blank 08b531fe5fbdfa8_33 (Declared and paid cash dividend) h. fill in the blank 08b531fe5fbdfa8_35 fill in the blank 08b531fe5fbdfa8_37 (Record receipt of cash on account) 3. Post the journal entries to the appropriate T-accounts. Cash fill in the blank c7e620faffbc017_2 fill in the blank c7e620faffbc017_4 fill in the blank c7e620faffbc017_6 fill in the blank c7e620faffbc017_8 fill in the blank c7e620faffbc017_10 fill in the blank c7e620faffbc017_12 fill in the blank c7e620faffbc017_14 fill in the blank c7e620faffbc017_16 End. Bal. fill in the blank c7e620faffbc017_17 Accounts Receivable fill in the blank c7e620faffbc017_19 fill in the blank c7e620faffbc017_21 End. Bal. fill in the blank c7e620faffbc017_22 Common Stock fill in the blank c7e620faffbc017_24 End. Bal. fill in the blank c7e620faffbc017_25 Dividends fill in the blank c7e620faffbc017_27 End. Bal. fill in the blank c7e620faffbc017_28 Service Revenue fill in the blank c7e620faffbc017_30 End. Bal. fill in the blank c7e620faffbc017_31 Rent Expense fill in the blank c7e620faffbc017_33 End. Bal. fill in the blank c7e620faffbc017_34 Utilities Expense fill in the blank c7e620faffbc017_36 End. Bal. fill in the blank c7e620faffbc017_37 Wages Expense fill in the blank c7e620faffbc017_39 End. Bal. fill in the blank c7e620faffbc017_40 Supplies Expense fill in the blank c7e620faffbc017_42 End. Bal. fill in the blank c7e620faffbc017_43

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 56APSA: Problem 2-56A Analyzing Transactions Luis Madero, after working for several years with a large...

See similar textbooks

Related questions

Question

Problem 2-61A
The Accounting Cycle

Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2019.

Common stock was issued for $22,000.
During the year, Karleen's paid office rent of $13,500.
Utilities expenses incurred and paid were $5,320.
Wages of $58,800 were earned by employees and paid during the year.
During the year, Karleen's provided catering services:

On credit $128,200

For cash 18,650
Karleen's paid $59,110 for supplies purchased and used during the year.
Karleen's paid dividends in the amount of $3,500.
Karleen's collected accounts receivable in the amount of $109,400.

Required:

1. Analyze the events for their effect on the accounting equation. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero.

	Assets	=	Liabilities	+	Equity
a.	fill in the blank 740f1204dfa5fc4_1		fill in the blank 740f1204dfa5fc4_2		fill in the blank 740f1204dfa5fc4_3
b.	fill in the blank 740f1204dfa5fc4_4		fill in the blank 740f1204dfa5fc4_5		fill in the blank 740f1204dfa5fc4_6
c.	fill in the blank 740f1204dfa5fc4_7		fill in the blank 740f1204dfa5fc4_8		fill in the blank 740f1204dfa5fc4_9
d.	fill in the blank 740f1204dfa5fc4_10		fill in the blank 740f1204dfa5fc4_11		fill in the blank 740f1204dfa5fc4_12
e.	fill in the blank 740f1204dfa5fc4_13		fill in the blank 740f1204dfa5fc4_14		fill in the blank 740f1204dfa5fc4_15
f.	fill in the blank 740f1204dfa5fc4_16		fill in the blank 740f1204dfa5fc4_17		fill in the blank 740f1204dfa5fc4_18
g.	fill in the blank 740f1204dfa5fc4_19		fill in the blank 740f1204dfa5fc4_20		fill in the blank 740f1204dfa5fc4_21
h.	fill in the blank 740f1204dfa5fc4_22		fill in the blank 740f1204dfa5fc4_23		fill in the blank 740f1204dfa5fc4_24

2. Prepare journal entries (Note: Ignore the date since these events are aggregations of individual events). For a compound transaction, if an amount box does not require an entry, leave it blank.

a.		fill in the blank 08b531fe5fbdfa8_2
			fill in the blank 08b531fe5fbdfa8_4
	(Issued common stock)
b.		fill in the blank 08b531fe5fbdfa8_6
			fill in the blank 08b531fe5fbdfa8_8
	(Record payment of rent)
c.		fill in the blank 08b531fe5fbdfa8_10
			fill in the blank 08b531fe5fbdfa8_12
	(Record payment of utilities)
d.		fill in the blank 08b531fe5fbdfa8_14
			fill in the blank 08b531fe5fbdfa8_16
	(Record payment of wages)
e.		fill in the blank 08b531fe5fbdfa8_18	fill in the blank 08b531fe5fbdfa8_19
		fill in the blank 08b531fe5fbdfa8_21	fill in the blank 08b531fe5fbdfa8_22
		fill in the blank 08b531fe5fbdfa8_24	fill in the blank 08b531fe5fbdfa8_25
	(Record performance of services)
f.		fill in the blank 08b531fe5fbdfa8_27
			fill in the blank 08b531fe5fbdfa8_29
	(Record payment for supplies)
g.		fill in the blank 08b531fe5fbdfa8_31
			fill in the blank 08b531fe5fbdfa8_33
	(Declared and paid cash dividend)
h.		fill in the blank 08b531fe5fbdfa8_35
			fill in the blank 08b531fe5fbdfa8_37
	(Record receipt of cash on account)

3. Post the journal entries to the appropriate T-accounts.

Cash
	fill in the blank c7e620faffbc017_2	fill in the blank c7e620faffbc017_4
	fill in the blank c7e620faffbc017_6	fill in the blank c7e620faffbc017_8
	fill in the blank c7e620faffbc017_10	fill in the blank c7e620faffbc017_12
		fill in the blank c7e620faffbc017_14
		fill in the blank c7e620faffbc017_16
End. Bal.	fill in the blank c7e620faffbc017_17

Accounts Receivable
	fill in the blank c7e620faffbc017_19	fill in the blank c7e620faffbc017_21

End. Bal.	fill in the blank c7e620faffbc017_22

Common Stock
			fill in the blank c7e620faffbc017_24

		End. Bal.	fill in the blank c7e620faffbc017_25

Dividends
	fill in the blank c7e620faffbc017_27

End. Bal.	fill in the blank c7e620faffbc017_28

Service Revenue
			fill in the blank c7e620faffbc017_30

		End. Bal.	fill in the blank c7e620faffbc017_31

Rent Expense
	fill in the blank c7e620faffbc017_33

End. Bal.	fill in the blank c7e620faffbc017_34

Utilities Expense
	fill in the blank c7e620faffbc017_36

End. Bal.	fill in the blank c7e620faffbc017_37

Wages Expense
	fill in the blank c7e620faffbc017_39

End. Bal.	fill in the blank c7e620faffbc017_40

Supplies Expense
	fill in the blank c7e620faffbc017_42

End. Bal.	fill in the blank c7e620faffbc017_43

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 12 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.