Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. Account Type Account Number Account Title Normal Balance Assets 111 Cash Debit 117 Repair Supplies Debit 119 Prepaid Insurance Debit 144 Repair Equipment Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 Pool Service Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Peter's Pool Corporation Post-Closing Trial Balance July 31 Account Account Balance Number Title Debit Credit - -

Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. Account Type Account Number Account Title Normal Balance Assets 111 Cash Debit 117 Repair Supplies Debit 119 Prepaid Insurance Debit 144 Repair Equipment Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 Pool Service Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Peter's Pool Corporation Post-Closing Trial Balance July 31 Account Account Balance Number Title Debit Credit - -

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter11: Current Liabilities And Payroll

Section: Chapter Questions

Problem 5PA: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...

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*Date*	*Transaction Description*
July 1	Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.
July 1	Paid the premium on a 1-year insurance policy, $4,800.
July 1	Paid the current month's store rent expense, $3,600.
July 6	Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.
July 8	Purchased repair supplies from Mary's Repair Company on credit, $450.
July 10	Paid telephone bill, $300.
July 11	Cash pool service revenue for the first third of July, $2,650.
July 18	Made payment to Mary's Repair Company, $300.
July 20	Cash pool service revenue for the second third of July, $4,000.
July 31	Cash pool service revenue for the last third of July, $2,250.
July 31	Paid the current month's electric bill, $500.
July 31	Declared and paid cash dividend of $1,100.

*Account Type*	*Account Number*	*Account Title*	*Normal Balance*
Assets
	111	Cash	Debit
	117	Repair Supplies	Debit
	119	Prepaid Insurance	Debit
	144	Repair Equipment	Debit
	145	Accum Dep -Repair Equipment	Credit

Liabilities
	212	Accounts Payable	Credit
	213	Income Tax Payable	Credit

Stockholders Equity
	311	Common Stock	Credit
	312	Retained Earnings	Credit
	313	Dividends	Debit

Revenue
	411	Pool Service Revenue	Credit

Expenses
	511	Store Rent Expense	Debit
	512	Telephone Expense	Debit
	513	Insurance Expense	Debit
	514	Repair Supplies Expense	Debit
	515	Dep Expense - Repair Equipment	Debit
	516	Income Tax Expense	Debit
	517	Electric Expense	Debit

Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below.
Peter's Pool Corporation Post-Closing Trial Balance July 31
Account	Account	Balance
Number	Title	Debit	Credit
































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