My Place "House of Decor" solutions, accounting homework help

May 18th, 2016
SoccerBoss
Category:
Art Design
Price: $10 USD

Question description

Need the solutions for this practice set for an accounting class...

houseofdecor_booklet_insidefrontcover_final.pdf 


houseofdecor_booklet_final_0.pdf 

Check Figures: check_figures (1).doc 

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Carnegie Mellon University
PREMIUM TUTOR

Good evening zapyes,Attached below is the complete solution for House of Decor. The entire solution set is broken apart by month, each month in an Excel file with all financial statements and analysis completed as per instruction. Thank you again for choosing me!Selenica

Journal

Date
Jan 5

Description
Cash -- Checking Account
Capital Stock

PR

Debit
60,000

Prepaid Insurance
Cash -- Checking Account

6,000

6

Rent Expense
Prepaid Rent
Deposits
Cash -- Checking Account

2,000
2,000
2,000

7

Supplies
Cash -- Checking Account

1,600

Advertising Expense
Cash -- Checking Account

7,000

10

Cash -- Checking Account
Decorating Fees

10,000

12

Accounts Receivable, Maribel Thompson
Decorating Fees

6,000

20

Cash -- Checking Account
Decorating Fees

8,000

25

Accounts Receivable, Roberto Andriani
Decorating Fees

30

Utilities Expense
Cash -- Checking Account

190

Telephone Expense
Cash -- Checking Account

300

Postage Expense
Cash -- Checking Account

200

Automobile Expense
Cash -- Checking Account

450

12,000

Salaries Expense -- Administrative
Cash -- Checking Account

5,600

Adjusting Entries
31

Insurance Expense
Prepaid Insurance

500

Supplies Expense
Supplies

600

Credit
60,000

6,000

6,000

1,600

7,000

10,000

6,000

8,000

12,000

190

300

200

450

5,600

500

600

Accounts Receivable Ledger

Name: Roberto Andriani
Date
Jan 25

Item

PR

Earned $12,000 decorating fees on account

Debit
12,000

Name: Maribel Thompson
Date
Jan 25

Item
Earned $6,000 decorating fees on account

PR

Debit
6,000

Credit

Credit

Balance
Debit
Credit
12,000

Balance
Debit
Credit
6,000

General Ledger

ACCOUNT: Cash -- Checking Account
Date
Jan 05
Jan 06
07
10
20
31

Item

PR

Issuance of capital stock
Payment for prepaid insurance
Payment for rent
Payment for supplies
Payment for advertising
Receipt for decorating fees
Receipt for decorating fees
Payment for utilities
Payment for telephone usage
Payment for postage
Payment for automobile expenses
Payment for salaries

Debit
60,000

10,000
8,000

ACCOUNT: Accounts Receivable
Date
Jan 12
25

Item

PR

Earned $6,000 decorating fees on account
Earned $12,000 decorating fees on account

Debit
6,000
12,000

ACCOUNT: Supplies
Date
Jan 7
31

Item

PR

Purchased supplies
Adjustment for supplies expense

Debit
1,600

ACCOUNT: Prepaid Insurance
Date
Jan 5
31

Item

PR

Payment for one-year insurance
Adjustment for insurance expense

Debit
6,000

ACCOUNT: Prepaid Rent
Date
Jan 6

Item

PR

Advance payment of rent

Debit
2,000

ACCOUNT: Deposits
Date

Item

PR

Debit

Jan 6

Paid $2,000 as a security deposit

2,000

ACCOUNT: Capital Stock (Common Stock)
Date
Jan 5

Item

PR

Debit

PR

Debit

PR

Debit

Issuance of capital stock

ACCOUNT: Decorating Fees
Date
Jan 10
12
20
25

Item
Collected $10,000 in decorating fees
Earned $6,000 decorating fees on account
Collected $8,000 in decorating fees
Earned $12,000 decorating fees on account

ACCOUNT: Salaries Expense -- Administrative
Date
Jan 30

Item
Payment for salaries

5,600

ACCOUNT: Rent Expense
Date
Jan 6

Item

PR

Payment for rent

Debit
2,000

ACCOUNT: Advertising Expense
Date
Jan 7

Item

PR

Payment of advertising expense

Debit
7,000

ACCOUNT: Automobile Expense
Date
Jan 30

Item

PR

Payment of automobile expense

Debit
450

ACCOUNT: Supplies Expense
Date
Jan 31

Item

PR

Adjustment for supplies expense

Debit
600

ACCOUNT: Insurance Expense
Date
Jan 31

Item

PR

Adjustment for insurance expense

Debit
500

ACCOUNT: Utilities Expense
Date
Jan 30

Item
Payment for utilities

PR

Debit
190

ACCOUNT: Telephone Expense
Date
Jan 30

Item

PR

Payment for use of telephone

Debit
300

ACCOUNT: Postage Expense
Date
Jan 30

Item
Payment for postage

PR

Debit
200

ACCOUNT NO. 1002
Balance
Credit
Debit
Credit
60,000
6,000
54,000
6,000
48,000
1,600
46,400
7,000
39,400
49,400
57,400
190
57,210
300
56,910
200
56,710
450
56,260
5,600
50,660
ACCOUNT NO. 1004
Balance
Credit
Debit
Credit
6,000
18,000
ACCOUNT NO. 1009
Balance
Credit
Debit
Credit
1,600
600
1,000
ACCOUNT NO. 1011
Balance
Credit
Debit
Credit
6,000
500
5,500
ACCOUNT NO. 1013
Balance
Credit
Debit
Credit
2,000
ACCOUNT NO. 1015
Balance
Credit
Debit
Credit

2,000
ACCOUNT NO. 3001
Balance
Credit
Debit
Credit
60,000
60,000
ACCOUNT NO. 4001
Balance
Credit
Debit
Credit
10,000
10,000
6,000
16,000
8,000
24,000
12,000
36,000
ACCOUNT NO. 5004
Balance
Credit
Debit
Credit
5,600
ACCOUNT NO. 5005
Balance
Credit
Debit
Credit
2,000
ACCOUNT NO. 5006
Balance
Credit
Debit
Credit
7,000
ACCOUNT NO. 5007
Balance
Credit
Debit
Credit
450
ACCOUNT NO. 5008
Balance
Credit
Debit
Credit
600
ACCOUNT NO. 5009
Balance
Credit
Debit
Credit
500
ACCOUNT NO. 5010
Balance
Credit
Debit
Credit
190

ACCOUNT NO. 5011
Balance
Credit
Debit
Credit
300
ACCOUNT NO. 5012
Balance
Credit
Debit
Credit
200

My Place, House of Décor
Unadjusted Trial Balance
January 31, 20--

Acct. No.
1002
1004
1009
1011
1013
1015
3001
4001
5004
5005
5006
5007
5010
5011
5012

Account Title
Cash -- Checking Account
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Capital Stock
Decorating Fees
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Utilities Expense
Telephone Expense
Postage Expense
Total

Debit
50,660
18,000
1,600
6,000
2,000
2,000

5,600
2,000
7,000
450
190
300
200
96,000

Credit

60,000
36,000

96,000

My Place, House of Décor
Adjusted Trial Balance
January 31, 20--

Acct. No.
1002
1004
1009
1011
1013
1015
3001
4001
5004
5005
5006
5007
5008
5009
5010
5011
5012

Account Title
Cash -- Checking Account
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Capital Stock
Decorating Fees
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Total

Debit
50,660
18,000
1,000
5,500
2,000
2,000

5,600
2,000
7,000
450
600
500
190
300
200
96,000

Credit

60,000
36,000

96,000

My Place, House of Décor
Schedule of Accounts Receivable
January 31, 20--

Accounts Receivable, Roberto Andriani
Accounts Receivable, Maribel Thompson
Total Accounts Receivable

$

6,000
12,000
$ 18,000

My Place, House of Décor
Post-Closing Trial Balance
January 31, 20--

Acct. No.
1002
1004
1009
1011
1013
1015
3001
3007

Account Title
Cash -- Checking Account
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Capital Stock
Retained Earnings
Total

Debit
50,660
18,000
1,000
5,500
2,000
2,000

79,160

Credit

60,000
19,160
79,160

My Place, House of Décor
Income Statement
For the Period Ended January 31, 20--

Revenue:
Decorating Fees
Expenses:
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Net Income

$ 36,000

$

5,600
2,000
7,000
450
600
500
190
300
200

(16,840)
$ 19,160

My Place, House of Décor
Retained Earnings Statement
For the Period Ended January 31, 20--

Retained Earnings, as at January 1, 20-Net Income
Retained Earnings, as at January 31, 20--

$

19,160
$ 19,160

My Place, House of Décor
Balance Sheet
January 31, 20--

Assets
Current Assets
Cash and Cash Equivalents
Trade and Other Receivables
Prepayments

1
2

$ 50,660
20,000
8,500

Total Assets

$ 79,160

Liabilities and Shareholders' Equity
Shareholders' Equity
Capital Stock
Retained Earnings

$ 60,000
19,160

Total Liabilities and Shareholders' Equity

$ 79,160

Note 1 - Trade and Other Receivables
Accounts Receivable
Deposits
Total Trade and Other Receivables

$ 18,000
2,000
$ 20,000

Note 2 - Prepayments
Supplies
Prepaid Insurance
Prepaid Rent
Total Prepayments

$

$

1,000
5,500
2,000
8,500

JANUARY ANALYSIS
From the statements you prepared for January, provide the following amounts:
Adjusted Trial Balance
1) Trial balance totals

96,000

Schedule of Accounts Receivable
2) Schedule of accounts receivable total

18,000

Income Statement
3) Total revenue for the period (January)
4) Total expenses
5) Net income

36,000
16,840
19,160

Retained Earnings Statement
6) Ending retained earnings amount transferred to balance sheet

19,160

Balance Sheet
7) Total assets as of January 31, 20-8) Total liabilities and stockholder's equity as of January 31, 20--

79,160
79,160

Post-Closing Trial Balance
9) Post-closing trial balance total

79,160


Journal

Date
Feb 4

Description
Advertising Expense
Cash -- Checking Account

PR

Debit
5,500

6

Rent Expense
Cash -- Checking Account

7

Cash -- Checking Account
Decorating Fees

11

Cash -- Checking Account
Accounts Receivable, Maribel Thompson

6,000

15

Cash -- Checking Account
Decorating Fees

4,800

22

Cash -- Checking Account
Accounts Receivable, Roberto Andriani

8,000

25

Accounts Receivable, Riviera's Café
Decorating Fees

27

Utilities Expense
Cash -- Checking Account

225

Telephone Expense
Cash -- Checking Account

350

Postage Expense
Cash -- Checking Account

230

Automobile Expense
Cash -- Checking Account

500

Salaries Expense -- Administrative
Cash -- Checking Account

2,000

10,300

11,500

5,600

Adjusting Entries
31

Insurance Expense
Prepaid Insurance

500

Supplies Expense

325

Supplies

Credit
5,500

2,000

10,300

6,000

4,800

8,000

11,500

225

350

230

500

5,600

500

325

Accounts Receivable Ledger

Name: Roberto Andriani
Date
Jan 25
Feb 22

Item

PR

Earned $12,000 decorating fees on account
Receipt from the Roberto Andriani acct.

Debit
12,000

Name: Maribel Thompson
Date
Jan 25
Feb 11

Item

PR

Earned $6,000 decorating fees on account
Receipt from the Maribel Thompson acct.

Debit
6,000

Name: Riviera's Café
Date
Feb 25

Item
Earned $11,500 decorating fees on account

PR

Debit
11,500

Credit
8,000

Credit
6,000

Credit

Balance
Debit
Credit
12,000
4,000

Balance
Debit
Credit
6,000
-

Balance
Debit
Credit
11,500
11,500

General Ledger

ACCOUNT: Cash -- Checking Account
Date
Feb 1
4
6
7
11
15
22
27

Item

PR

Beginning Balance
Payment for advertising
Payment for rent
Receipt for decorating fees
Receipt from the Maribel Thompson acct.
Receipt for decorating fees
Receipt from the Roberto Andriani acct.
Payment for utilities
Payment for telephone usage
Payment for postage
Payment for automobile expense
Payment for salaries

Debit

10,300
6,000
4,800
8,000

ACCOUNT: Accounts Receivable
Date
Feb 1
11
22
25

Item

PR

Beginning Balance
Receipt from the Maribel Thompson acct.
Receipt from the Roberto Andriani acct.
Earned $11,500 decorating fees on account

Debit

11,500

ACCOUNT: Supplies
Date
Feb 1
28

Item

PR

Debit

PR

Debit

PR

Debit

Beginning Balance
Adjustment for supplies expense

ACCOUNT: Prepaid Insurance
Date
Feb 1
28

Item
Beginning Balance
Adjustment for insurance expense

ACCOUNT: Prepaid Rent
Date
Feb 1
ACCOUNT: Deposits

Item
Beginning Balance

Date
Feb 1

Item

PR

Debit

Item

PR

Debit

Item

PR

Debit

PR

Debit

Beginning Balance

ACCOUNT: Capital Stock (Common Stock)
Date
Feb 1

Beginning Balance

ACCOUNT: Decorating Fees
Date
Jan 10
12
20
25
Feb 7
15
25

Collected $10,000 in decorating fees
Earned $6,000 decorating fees on account
Collected $8,000 in decorating fees
Earned $12,000 decorating fees on account
Collected $10,300 in decorating fees
Collected $4,800 in decorating fees
Earned $11,500 decorating fees on account

ACCOUNT: Salaries Expense -- Administrative
Date
Jan 30
Feb 27

Item
Payment for salaries
Payment for salaries

5,600
5,600

ACCOUNT: Rent Expense
Date
Jan 6
Feb 6

Item

PR

Payment for rent
Payment for rent

Debit
2,000
2,000

ACCOUNT: Advertising Expense
Date
Jan 7
Feb 4

Item

PR

Payment of advertising expense
Payment of advertising expense

Debit
7,000
5,500

ACCOUNT: Automobile Expense
Date
Jan 30
Feb 27

Item

PR

Payment of automobile expense
Payment of automobile expense

Debit
450
500

ACCOUNT: Supplies Expense
Date
Jan 31
Feb 28

Item
Adjustment for supplies expense
Adjustment for supplies expense

PR

Debit
600
325

ACCOUNT: Insurance Expense
Date
Jan 31
Feb 28

Item

PR

Adjustment for insurance expense
Adjustment for insurance expense

Debit
500
500

ACCOUNT: Utilities Expense
Date
Jan 30
Feb 27

Item

PR

Payment for utilities
Payment for utilities

Debit
190
225

ACCOUNT: Telephone Expense
Date
Jan 30
Feb 27

Item

PR

Payment for use of telephone
Payment for use of telephone

Debit
300
350

ACCOUNT: Postage Expense
Date
Jan 30
Feb 27

Item
Payment for postage
Payment for postage

PR

Debit
200
230

ACCOUNT NO. 1002
Balance
Credit
Debit
Credit
50,660
5,500
45,160
2,000
43,160
53,460
59,460
64,260
72,260
225
72,035
350
71,685
230
71,455
500
70,955
5,600
65,355
ACCOUNT NO. 1004
Balance
Credit
Debit
Credit
18,000
6,000
12,000
8,000
4,000
15,500
ACCOUNT NO. 1009
Balance
Credit
Debit
Credit
1,000
325
675
ACCOUNT NO. 1011
Balance
Credit
Debit
Credit
5,500
500
5,000
ACCOUNT NO. 1013
Balance
Credit
Debit
Credit
2,000
ACCOUNT NO. 1015

Credit

Balance
Debit
Credit
2,000

ACCOUNT NO. 3001
Balance
Credit
Debit
Credit
60,000
ACCOUNT NO. 4001
Balance
Credit
Debit
Credit
10,000
10,000
6,000
16,000
8,000
24,000
12,000
36,000
10,300
46,300
4,800
51,100
11,500
62,600
ACCOUNT NO. 5004
Balance
Credit
Debit
Credit
5,600
11,200
ACCOUNT NO. 5005
Balance
Credit
Debit
Credit
2,000
4,000
ACCOUNT NO. 5006
Balance
Credit
Debit
Credit
7,000
12,500
ACCOUNT NO. 5007
Balance
Credit
Debit
Credit
450
950
ACCOUNT NO. 5008
Balance
Credit
Debit
Credit
600
925

ACCOUNT NO. 5009
Balance
Credit
Debit
Credit
500
1,000
ACCOUNT NO. 5010
Balance
Credit
Debit
Credit
190
415
ACCOUNT NO. 5011
Balance
Credit
Debit
Credit
300
650
ACCOUNT NO. 5012
Balance
Credit
Debit
Credit
200
430

My Place, House of Décor
Unadjusted Trial Balance
February 28, 20--

Acct. No.
1002
1004
1009
1011
1013
1015
3001
4001
5004
5005
5006
5007
5008
5009
5010
5011
5012

Account Title
Cash -- Checking Account
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Capital Stock
Decorating Fees
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Total

Debit
65,355
15,500
1,000
5,500
2,000
2,000

11,200
4,000
12,500
950
600
500
415
650
430
122,600

Credit

60,000
62,600

122,600

My Place, House of Décor
Adjusted Trial Balance
February 28, 20--

Acct. No.
1002
1004
1009
1011
1013
1015
3001
4001
5004
5005
5006
5007
5008
5009
5010
5011
5012

Account Title
Cash -- Checking Account
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Capital Stock
Decorating Fees
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Total

Debit
65,355
15,500
675
5,000
2,000
2,000

11,200
4,000
12,500
950
925
1,000
415
650
430
122,600

Credit

60,000
62,600

122,600

My Place, House of Décor
Schedule of Accounts Receivable
February 28, 20--

Accounts Receivable, Roberto Andriani
Accounts Receivable, Riviera's Café
Total Accounts Receivable

$

4,000
11,500
$ 15,500

My Place, House of Décor
Post-Closing Trial Balance
February 28, 20--

Acct. No.
1002
1004
1009
1011
1013
1015
3001
3007

Account Title
Cash -- Checking Account
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Capital Stock
Retained Earnings
Total

Debit
65,355
15,500
675
5,000
2,000
2,000

90,530

Credit

60,000
30,530
90,530

My Place, House of Décor
Income Statement
For the Period Ended February 28, 20--

Revenue:
Decorating Fees
Expenses:
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Net Income

$ 26,600

$

5,600
2,000
5,500
500
325
500
225
350
230

(15,230)
$ 11,370

My Place, House of Décor
Retained Earnings Statement
For the Period Ended February 28, 20--

Retained Earnings, as at January 1, 20-Net Income
Retained Earnings, as at February 28, 20--

$

11,370
$ 11,370

My Place, House of Décor
Balance Sheet
February 28, 20--

Assets
Current Assets
Cash and Cash Equivalents
Trade and Other Receivables
Prepayments

1
2

$ 65,355
17,500
7,675

Total Assets

$ 90,530

Liabilities and Shareholders' Equity
Shareholders' Equity
Capital Stock
Retained Earnings

$ 60,000
11,370

Total Liabilities and Shareholders' Equity

$ 71,370

Note 1 - Trade and Other Receivables
Accounts Receivable
Deposits
Total Trade and Other Receivables

$ 15,500
2,000
$ 17,500

Note 2 - Prepayments
Supplies
Prepaid Insurance
Prepaid Rent
Total Prepayments

$

$

675
5,000
2,000
7,675

FEBRUARY ANALYSIS
From the statements you prepared for February, provide the following amounts:
Adjusted Trial Balance
1) Trial balance totals

122,600

Schedule of Accounts Receivable
2) Schedule of accounts receivable total

15,500

Income Statement
3) Total revenue for the two months ended February 28
4) Total expenses for the two months ended February 28
5) Net income for the two months ended February 28

62,600
32,070
30,530

Retained Earnings Statement
6) Ending retained earnings amount transferred to balance sheet

30,530

Balance Sheet
7) Total assets as of February 28, 20-8) Total liabilities and stockholder's equity as of February 28, 20--

90,530
90,530

Post-Closing Trial Balance
9) Post-closing trial balance total

90,530

Adjusting entries are entries made to update the balances of certain accounts because
daily updating is not practical and the result on daily operations is not material. These
entries are important in the accounting cycle because they allow fair presentation of the
financial statements. On the other hand, closing entries are prepared to "empty" or
reduce to zero temporary accounts to facilitate calculation of net income. These entries
are made to isolate the effect of transactions that lead to increases/decreases in equity
other than those initiated by the owners.


Journal

Date
Mar 3

Description
Advertising Expense
Cash -- Checking Account

PR

Debit
7,500

6

Rent Expense
Cash -- Checking Account

2,000

8

Cash -- Checking Account
Decorating Fees

13

Accounts Receivable, Nancy's Accounting Firm
Decorating Fees

20

Accounts Receivable, La Epoca Beauty Boutique
Decorating Fees

26

Accounts Receivable, Andrea's Gourmet Food
Decorating Fees

30

Utilities Expense
Cash -- Checking Account

280

Telephone Expense
Cash -- Checking Account

300

Postage Expense
Cash -- Checking Account

240

Automobile Expense
Cash -- Checking Account

550

11,500

8,600

18,000

4,300

Adjusting Entries:
31

Insurance Expense
Prepaid Insurance

500

Supplies Expense
Supplies

425

Salaries Expense -- Administrative
Accrued Salaries

5,600

Uncollectible Accounts Expense
Allowance for Doubtful Accounts

927

Credit
7,500

2,000

11,500

8,600

18,000

4,300

280

300

240

550

500

425

5,600

927

Accounts Receivable Ledger

Name: Andrea's Gourmet food
Date
Mar 26

Item

PR

Earned $4,300 decorating fees on account

Debit
4,300

Name: Roberto Andriani
Date
Jan 25
Feb 22

Item

PR

Earned $12,000 decorating fees on account
Receipt from the Roberto Andriani acct.

Debit
12,000

Name: La Epoca Beauty Boutique
Date
Mar 20

Item

PR

Earned $18,000 decorating fees on account

Debit
18,000

Name: Maribel Thompson
Date
Jan 25
Feb 11

Item

PR

Earned $6,000 decorating fees on account
Receipt from the Maribel Thompson acct.

Debit
6,000

Name: Nancy's Accounting Firm
Date
Mar 13

Item

PR

Earned $8,600 decorating fees on account

Debit
8,600

Name: Riviera's Café
Date
Feb 25

Item
Earned $11,500 decorating fees on account

PR

Debit
11,500

Credit

Credit
8,000

Credit

Credit
6,000

Credit

Credit

Balance
Debit
Credit
4,300
4,300

Balance
Debit
Credit
12,000
4,000

Balance
Debit
Credit
18,000
18,000

Balance
Debit
Credit
6,000
-

Balance
Debit
Credit
8,600
8,600

Balance
Debit
Credit
11,500
11,500

General Ledger

ACCOUNT: Cash -- Checking Account
Date
Mar 1
3
6
8
30

Item

PR

Beginning Balance
Payment for advertising
Payment for rent
Receipt for decorating fees
Payment for utilities
Payment for usage of telephone
Payment for postage
Payment for automobile expense

Debit

11,500

ACCOUNT: Accounts Receivable
Date
Mar 1
13
20
26

Item

PR

Beginning Balance
Earned $8,600 decorating fees on account
Earned $18,000 decorating fees on account
Earned $4,300 decorating fees on account

Debit
8,600
18,000
4,300

ACCOUNT: Allowance for Doubtful Accounts
Date
Mar 31

Item

PR

Debit

PR

Debit

PR

Debit

PR

Debit

Adjustment for uncollectible accounts

ACCOUNT: Supplies
Date
Mar 1
31

Item
Beginning Balance
Adjustment for supplies expense

ACCOUNT: Prepaid Insurance
Date
Mar 1
31

Item
Beginning Balance
Adjustment for insurance expense

ACCOUNT: Prepaid Rent
Date
Mar 1

Item
Beginning Balance

ACCOUNT: Deposits
Date
Mar 1

Item

PR

Debit

Item

PR

Debit

Item

PR

Debit

Item

PR

Debit

PR

Debit

Beginning Balance

ACCOUNT: Accrued Salaries
Date
Mar 31

Adjustment for unpaid salaries

ACCOUNT: Capital Stock (Common Stock)
Date
Mar 1

Beginning Balance

ACCOUNT: Decorating Fees
Date
Jan 10
12
20
25
Feb 7
15
25
Mar 8
13
20
26

Collected $10,000 in decorating fees
Earned $6,000 decorating fees on account
Collected $8,000 in decorating fees
Earned $12,000 decorating fees on account
Collected $10,300 in decorating fees
Collected $4,800 in decorating fees
Earned $11,500 decorating fees on account
Collected $11,500 in decorating fees
Earned $8,600 decorating fees on account
Earned $18,000 decorating fees on account
Earned $4,300 decorating fees on account

ACCOUNT: Salaries Expense -- Administrative
Date
Jan 30
Feb 27
Mar 31

Item
Payment for salaries
Payment for salaries
Adjustment for unpaid salaries

5,600
5,600
5,600

ACCOUNT: Rent Expense
Date
Jan 6
Feb 6
Mar 6

Item

PR

Payment for rent
Payment for rent
Payment for rent

Debit
2,000
2,000
2,000

ACCOUNT: Advertising Expense
Date

Item

PR

Debit

Jan 7
Feb 4
Mar 3

Payment of advertising expense
Payment of advertising expense
Payment of advertising expense

7,000
5,500
7,500

ACCOUNT: Automobile Expense
Date
Jan 30
Feb 27
Mar 30

Item

PR

Payment of automobile expense
Payment of automobile expense
Payment of automobile expense

Debit
450
500
550

ACCOUNT: Supplies Expense
Date
Jan 31
Feb 28
Mar 31

Item

PR

Adjustment for supplies expense
Adjustment for supplies expense
Adjustment for supplies expense

Debit
600
325
425

ACCOUNT: Insurance Expense
Date
Jan 31
Feb 28
Mar 31

Item

PR

Adjustment for insurance expense
Adjustment for insurance expense
Adjustment for insurance expense

Debit
500
500
500

ACCOUNT: Utilities Expense
Date
Jan 30
Feb 27
Mar 30

Item

PR

Payment for utilities
Payment for utilities
Payment for utilities

Debit
190
225
280

ACCOUNT: Telephone Expense
Date
Jan 30
Feb 27
Mar 30

Item

PR

Payment for use of telephone
Payment for use of telephone
Payment for use of telelphone

Debit
300
350
300

ACCOUNT: Postage Expense
Date
Jan 30
Feb 27
Mar 30

Item

PR

Payment for postage
Payment for postage
Payment for postage

Debit
200
230
240

ACCOUNT: Uncollectible Accounts Expense
Date

Item

PR

Debit

Mar 31

Adjustment for uncollectible accounts

927

ACCOUNT NO. 1002
Balance
Credit
Debit
Credit
65,355
7,500
57,855
2,000
55,855
67,355
280
67,075
300
66,775
240
66,535
550
65,985
ACCOUNT NO. 1004
Balance
Credit
Debit
Credit
15,500
24,100
42,100
46,400
ACCOUNT NO. 1005
Balance
Credit
Debit
Credit
927
927
ACCOUNT NO. 1009
Balance
Credit
Debit
Credit
675
425
250
ACCOUNT NO. 1011
Balance
Credit
Debit
Credit
5,000
500
4,500
ACCOUNT NO. 1013
Balance
Credit
Debit
Credit
2,000

ACCOUNT NO. 1015
Balance
Credit
Debit
Credit
2,000
ACCOUNT NO. 2003
Balance
Credit
Debit
Credit
5,600
5,600

ACCOUNT NO. 3001
Balance
Credit
Debit
Credit
60,000
ACCOUNT NO. 4001
Balance
Credit
Debit
Credit
10,000
10,000
6,000
16,000
8,000
24,000
12,000
36,000
10,300
46,300
4,800
51,100
11,500
62,600
11,500
74,100
8,600
82,700
18,000
100,700
4,300
105,000
ACCOUNT NO. 5004
Balance
Credit
Debit
Credit
5,600
11,200
16,800
ACCOUNT NO. 5005
Balance
Credit
Debit
Credit
2,000
4,000
6,000
ACCOUNT NO. 5006
Balance
Credit
Debit
Credit

7,000
12,500
20,000
ACCOUNT NO. 5007
Balance
Credit
Debit
Credit
450
950
1,500
ACCOUNT NO. 5008
Balance
Credit
Debit
Credit
600
925
1,350
ACCOUNT NO. 5009
Balance
Credit
Debit
Credit
500
1,000
1,500
ACCOUNT NO. 5010
Balance
Credit
Debit
Credit
190
415
695
ACCOUNT NO. 5011
Balance
Credit
Debit
Credit
300
650
950
ACCOUNT NO. 5012
Balance
Credit
Debit
Credit
200
430
670
ACCOUNT NO. 5015
Balance
Credit
Debit
Credit

927
927
927

My Place, House of Décor
Unadjusted Trial Balance
March 31, 20--

Acct. No.
1002
1004
1009
1011
1013
1015
3001
4001
5004
5005
5006
5007
5008
5009
5010
5011
5012

Account Title
Cash -- Checking Account
Accounts Receivable
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Capital Stock
Decorating Fees
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Total

Debit
65,985
46,400
675
5,000
2,000
2,000

11,200
6,000
20,000
1,500
925
1,000
695
950
670
165,000

Credit

60,000
105,000

165,000

My Place, House of Décor
Adjusted Trial Balance
March 31, 20--

Acct. No.
1002
1004
1005
1009
1011
1013
1015
2003
3001
4001
5004
5005
5006
5007
5008
5009
5010
5011
5012
5015

Account Title
Cash -- Checking Account
Accounts Receivable
Allowance for Doubtful Accounts
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Accrued Salaries
Capital Stock
Decorating Fees
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Uncollectible Accounts Expense
Total

Debit
65,985
46,400
250
4,500
2,000
2,000

16,800
6,000
20,000
1,500
1,350
1,500
695
950
670
927
171,527

Credit

927

5,600
60,000
105,000

171,527

My Place, House of Décor
Schedule of Accounts Receivable
March 31, 20--

Accounts Receivable, Andrea's Gourmet Food
Accounts Receivable, Roberto Andriani
Accounts Receivable, La Epoca Beauty Boutique
Accounts Receivable, Nancy's Accounting Firm
Accounts Receivable, Riviera's Café
Total Accounts Receivable

$

4,300
4,000
18,000
8,600
11,500
$ 46,400

My Place, House of Décor
Post-Closing Trial Balance
March 31, 20--

Acct. No.
1002
1004
1005
1009
1011
1013
1015
2003
3001
3007

Account Title
Cash -- Checking Account
Accounts Receivable
Allowance for Doubtful Accounts
Supplies
Prepaid Insurance
Prepaid Rent
Deposits
Accrued Salaries
Capital Stock
Retained Earnings
Total

Debit
65,985
46,400
250
4,500
2,000
2,000

121,135

Credit

927

5,600
60,000
54,608
121,135

My Place, House of Décor
Income Statement
For the Period Ended March 31, 20--

Revenue:
Decorating Fees
Expenses:
Salaries Expense -- Administrative
Rent Expense
Advertising Expense
Automobile Expense
Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Postage Expense
Uncollectible Accounts Expense
Net Income

$

5,600
2,000
7,500
550
425
500
280
300
240
927

$

42,400

(18,322)
$

24,078

My Place, House of Décor
Retained Earnings Statement
For the Period Ended March 31, 20--

Retained Earnings, as at January 1, 20-Net Income
Retained Earnings, as at February 31, 20--

$

24,078
$ 24,078

My Place, House of Décor
Balance Sheet
March 31, 20--

Assets
Current Assets
Cash and Cash Equivalents
Trade and Other Receivables
Prepayments
Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Accrued Salaries
Shareholders' Equity
Capital Stock
Retained Earnings
Total ...

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