Using these data, please prepare accounting statements

timer Asked: Nov 13th, 2016

Question description

Having trouble with a couple of questions on accounting.

Financial Accounting Please answer all questions in the space provided. Credit is spread fairly evenly throughout the exam, so don’ spend so much time on one part that you can’t finish the exam—timed for 2 hours. Good luck! 1. Provide general journal entries for each of these transactions in the space following the problem. Use typical general journal format—debits first, appended to the left margin, credits indented (both accounts and amounts). a. b. c. d. e. f. g. h. i. j. k. l. Paid $1,000 cash for a new printer. Depreciation expense for the month is $8,000. Sales for the month, all collected in cash, are $15,000. Purchased supplies of $400 for the supplies inventory. A month-end inventory of supplies shows $60 of the previous purchase left unused. Rent expense for the month totals $800, paid in cash. Sole proprietorship received $10,000 cash from its owner, Ferd Berful. Ferd withdrew $500 from his sole proprietorship for living expenses. Received $500 cash as an advance payment for services to be provided in the future. Employee wages total $5,000 for the month, $4,000 paid in cash and $1,000 to be paid early next month. The unearned revenue account has a balance of $9,000—your monthend analysis shows that all of this amount has now been earned. On the last day of the month, bought an insurance policy providing insurance protection for the next 6 months for $600 in cash. General Journal Debit Office equipment $ 1,000 Cash Depreciation expense $ $ 1,000 $ 8,000 8,000 Accumuated depreciation Cash Credit $ 15,000 Service revenue Accounts payable $ 15,000 $ 400 Supplies inventory Office supplies $ $ 60 $ 800 $ 10,000 Common stock Dividend (Withdrawl) $ 800 Cash Cash 400 60 Office supplies expense Rent $ $ 10,000 $ 500 Cash $ 500 $ 500 Cash $ 4,000 Accounts payable $ 1,000 $ 9,000 $ 600 Cash $ 500 Unearned revenue Wage expense Unearned revenue $ $ 5,000 9,000 Accounts receivable Prepaid insurance Cash $ 600 2. Below is the post-closing trial balance for Chaucer Cleaners, a sole proprietorship operating a laundry business. Use these numbers as the beginning balances for the year. Chaucer Cleaners Post-Closing Trial Balance December 31, 2014 Cash Accounts Receivable Supplies Inventory Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Long-Term Bank Note Payable Ferd Berful, Capital Dr. 15,000 10,000 12,000 46,000 ______ 83,000 Cr. 20,000 11,000 4,000 25,000 23,000 83,000 On the next page you will find the adjusted trial balance for the year ending December 31, 2015, for Chaucer Cleaners. Using these data, please prepare an income statement, a statement of owners equity, a classified balance sheet, and a statement of cash flows, all in good form, including headings, on the pages provided. In preparing the statement of cash flows, use the indirect method only. Chaucer Cleaners Adjusted Trial Balance December 31, 2015 Cash Accounts Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Unearned Revenues Long-Term Bank Note Payable Ferd Berful, Capital Ferd Berful, Withdrawals Sales Operating Expenses Selling and Admin. Expenses Interest Expense Depreciation Expense Put income statement here: Dr. 6,000 14,000 40,000 2,000 46,000 Cr. 22,000 9,000 5,000 25,000 23,000 4,000 61,000 24,000 5,000 2,000 2,000 145,000 ______ 145,000 Put statement of owners equity here: Put balance sheet here: Put statement of cash flows (indirect method) here:

Tutor Answer

(Top Tutor) Studypool Tutor
School: Boston College
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags
Study Guides

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors