Question

In: Accounting

Prepare Journal Entries, Trial Balance, and Income Statements Oct 1. Graham invested $90,000 cash, a 36,000...

Prepare Journal Entries, Trial Balance, and Income Statements

Oct 1. Graham invested $90,000 cash, a 36,000 computer system, and $18,000 of office equipment in the business

Oct 2. Paid rent in advance $9,000

Oct 3. Purchased computer supplies oncredit for $ 2,640 from Abbott Office Products.

Oct 5. Paid $4,320 cash for one yesr's premium on a property and liability insurance policy

Oct 6. Billed Capital Leasing $6,600 for installing new computer

Oct 8. Paid for the computer supplies purchased from Abbott Office Products

Oct 10. Hired Carly Smith as a part0time asistanat for $200 per day, as needed

Oct 12. Billed Capital Leasing another $2,400 for computer services rendered

Oct1 15. Received $6,600 from Capital leasing on its account

Oct 17. Paid $1,410 to repair computer equipment damaged when movng to a new office

Oct 20. Paid $3,720 for and advertisement in the local newspaper

Oct 22. Received $2,400 from Capital Leasing on its account

Oct 28. Billed Decker Company $6,450 for services

Oct 31. Paid Carly Smith for seven days work

Oct 31. Withdrew $7,200 cash from the business for personal use

Nov 1. Reimbursed graham's business automobile expense for 1,000 kilometers at $1.00 per kilometer

Nov 2. Received $9,300 cash from Elite Corporation for computer services rendered

Nov 5. Purchased $1,920 of computer supplies for cash from Abbott Office Products

Nov 8. Billed Fostek Co. $8,700 for computer services rendered

Nov 13. Notified by Alamo Engineering Co. that Echo's bid of $7,500 for an upcoming project was accepted

Nov 18. Received $3,750 from Decker Company againts the bill dated October 28

Nov 22. Donated $1,500 to the United Way in the company's name

Nove 24. Completed work fr Alamo Engineering Co. and sent a bill for $7,500

Nov 25. Sent another bill to Decker Company for the past due amount of $2,700

Nov 28. Reimbursed Graham's business expense for $1,200 kilometers at $1.00 per kilometer

Nov 30. Paid Carly Smith for 14 days work

Nov 30. Withdrew $3,600 cash from the business for personal use

Expert Solution

	GRAHAM
	General Journal
Date	Journal	Amount (DR)	Amount (CR)
01-Oct	Cash	$ 90,000.00
	Computer System	$ 36,000.00
	Office Equipment	$ 18,000.00
	To Common Stock		$ 1,44,000.00
	(Being amount of Cash,Computer System and Office Equipment invested)
02-Oct	Prepaid Rent	$ 9,000.00
	To Cash		$ 9,000.00
	(Being amount of Rent Paid in advance)
03-Oct	Computer Supplies	$ 2,640.00
	To Accounts Payble		$ 2,640.00
	(Being amount of computer supplies purchased on credit from Abbott Office Products)
05-Oct	Prepaid Insurance	$ 4,320.00
	To Cash		$ 4,320.00
	(Being amount of one year insurance paid )
06-Oct	Accounts Receivable	$ 6,600.00
	To Computer Service Revenue		$ 6,600.00
	(Being amount of computer revenue received from Capital Leasing)
08-Oct	Accounts Payable	$ 2,640.00
	To Cash		$ 2,640.00
	(Being amount of cash paid to Abbott Office Products)
10-Oct	No Entry because hired not paid to Carly


12-Oct	Accounts Receivable	$ 2,400.00
	To Computer Service Revenue		$ 2,400.00
	(Being amount billed to Capital Leasing)
15-Oct	Cash	$ 6,600.00
	To Accounts Receivable		$ 6,600.00
	(Being amount received from Capital leasing)
17-Oct	Repair Expenses	$ 1,410.00
	To Cash		$ 1,410.00
	(Being amount of Repair Expenses of computer repairs)
20-Oct	Advertisement Expenses	$ 3,720.00
	To Cash		$ 3,720.00
	(Being amount paid for advertisement in local newspaper)
22-Oct	Cash	$ 2,400.00
	To Accounts Receivable		$ 2,400.00
	(Being amount received for Capital leasing on account)
28-Oct	Accounts Receivable	$ 6,450.00
	To Computer Revenue		$ 6,450.00
	(Being amount billed to Decker)
31-Oct	Wages	$ 1,400.00
	To Cash		$ 1,400.00
	(Being amount paid to Carly Smith for 7 days work @$200 per day)
31-Oct	Drawings	$ 7,200.00
	To Cash		$ 7,200.00
	(Being amount withdraw for personla use)
01-Nov	Automobile Expenses	$ 1,000.00
	to Cash		$ 1,000.00
	(Being amount reimbursed fo automobile expenses 1000 kilometer @$1 per kilometer)
02-Nov	Cash	$ 9,300.00
	To Computer Service Revenue		$ 9,300.00
	(Being amount of Computer revenue received from Elite Corporation)
05-Nov	Computer Supplies	$ 1,920.00
	To Cash		$ 1,920.00
	(Being amount of Computer supplies purchased fro Abbott Office Products)
08-Nov	Accounts Receivable	$ 8,700.00
	To Computer Revenue		$ 8,700.00
	(Being amount billed to Fostek Co.)
13-Nov	No Entry
18-Nov	Cash	$ 3,750.00
	To Accounts Receivable		$ 3,750.00
	(Being amount received from Decker)

22-Nov
24-Nov	Accounts Receivable	$ 7,500.00
	To Computer Service Revenue		$ 7,500.00
	(Being amount billed to Alamo Engineering Co.)
25-Nov	Accounts Receivable	$ 2,700.00
	To Computer Service Revenue		$ 2,700.00
	(Being amount billed to Decker)
28-Oct	Automobile Expenses	$ 1,200.00
	to Cash		$ 1,200.00
	(Being amount reimbursed fo automobile expenses 1200 kilometer @$1 per kilometer)
30-Nov	Wages	$ 2,800.00
	To Cash		$ 2,800.00
	(Being amount paid to Carley Smith for 14 days @$200 per day)
30-Nov	Drawings	$ 3,600.00
	To Cash		$ 3,600.00
	(Being amount withdraw for personal use)


	Cash A/c			Balance
Date	Title	Debit	Credit	Debit	Credit
01-Oct	Common Stock	$ 90,000.00		$ 90,000.00
02-Oct	Prepaid Rent		$ 9,000.00	$ 81,000.00
05-Oct	Prepaid Insurance		$ 4,320.00	$ 76,680.00
08-Oct	Accounts Payable		$ 2,640.00	$ 74,040.00
15-Oct	Accounts Receivable	$ 6,600.00		$ 80,640.00
17-Oct	Repair Expenses		$ 1,410.00	$ 79,230.00
20-Oct	Advertisement Expenses		$ 3,720.00	$ 75,510.00
22-Oct	Accounts Receivable	$ 2,400.00		$ 77,910.00
31-Oct	Wages Expenses		$ 1,400.00	$ 76,510.00
31-Oct	Drawings		$ 7,200.00	$ 69,310.00
01-Nov	Automobile Expenses		$ 1,000.00	$ 68,310.00
02-Nov	Computer Service Revenue	$ 9,300.00		$ 77,610.00
05-Nov	Computer Supplies		$ 1,920.00	$ 75,690.00
18-Nov	Accounts Receivable	$ 3,750.00		$ 79,440.00
28-Nov	Automobile Expenses		$ 1,200.00	$ 78,240.00
30-Nov	Wages Expenses		$ 2,800.00	$ 75,440.00
30-Nov	Drawings		$ 3,600.00	$ 71,840.00

	Common Stock			Balance
Date	Title	Debit	Credit	Debit	Credit
01-Oct	Cash		$ 90,000.00		$ 90,000.00
	Computer Equipment		$ 36,000.00		$ 1,26,000.00
	Office Equipment		$ 18,000.00		$ 1,44,000.00

	Prepaid Rent
Date	Title	Debit	Credit	Debit	Credit
02-Oct	Cash	$ 9,000.00		$ 9,000.00


	Prepaid Insurance
Date	Title	Debit	Credit	Debit	Credit
05-Oct	Cash	$ 4,320.00		$ 4,320.00


	Computer Supplies
Date	Title	Debit	Credit	Debit	Credit
03-Oct	Accounts Payable	$ 2,640.00		$ 2,640.00
05-Nov	Cash	$ 1,920.00		$ 4,560.00


	Accounts Payable
Date	Title	Debit	Credit	Debit	Credit
03-Oct	Computer Supplies		$ 2,640.00	$ -
08-Oct	Cash			$ 2,640.00


	Accounts Receivable
Date	Title	Debit	Credit	Debit	Credit
06-Oct	Computer Service Revenue	$ 6,600.00		$ 6,600.00
12-Oct	Computer Service Revenue	$ 2,400.00		$ 9,000.00
15-Oct	Cash		$ 6,600.00	$ 2,400.00
22-Oct	Cash		$ 2,400.00	$ -
28-Oct	Computer Service Revenue	$ 6,450.00		$ 6,450.00
08-Nov	Computer Service Revenue	$ 8,700.00		$ 15,150.00
18-Nov	Cash		$ 3,750.00	$ 11,400.00
24-Nov	Computer Service Revenue	$ 7,500.00		$ 18,900.00
25-Nov	Computer Service Revenue	$ 2,700.00		$ 21,600.00


	Advertisement Expenses
Date	Title	Debit	Credit	Debit	Credit
20-Oct	Cash	$ 3,720.00		$ 3,720.00


	Repairs Expenses
Date	Title	Debit	Credit	Debit	Credit
17-Oct	Cash	$ 1,410.00		$ 1,410.00
				$ -

	Automobile Expenses
Date	Title	Debit	Credit	Debit	Credit
01-Nov	Cash	$ 1,000.00		$ 1,000.00
28-Nov	Cash	$ 1,200.00		$ 2,200.00

	Computer Service Revenue
Date	Title	Debit	Credit	Debit	Credit
06-Oct	Accounts Receivable		$ 6,600.00	$ 6,600.00
12-Oct	Accounts Receivable		$ 2,400.00	$ 9,000.00
28-Oct	Accounts Receivable		$ 6,450.00	$ 15,450.00
02-Nov	Cash		$ 9,300.00	$ 24,750.00
08-Nov	Accounts Receivable		$ 8,700.00	$ 33,450.00
24-Nov	Accounts Receivable		$ 7,500.00	$ 40,950.00
25-Nov	Accounts Receivable		$ 2,700.00	$ 43,650.00



	Wages Expenses
Date	Title	Debit	Credit	Debit	Credit
31-Oct	Cash	$ 1,400.00		$ 1,400.00
28-Nov	Cash	$ 2,800.00		$ 4,200.00


	Drawings
Date	Title	Debit	Credit	Debit	Credit
31-Oct	Cash	$ 7,200.00		$ 7,200.00
30-Nov	Cash	$ 3,600.00		$ 10,800.00


	Computer Equipment
Date	Title	Debit	Credit	Debit	Credit

02-Oct	Common Stock	$ 36,000.00		$ 36,000.00


	Office Equipment
Date	Title	Debit	Credit	Debit	Credit

02-Oct	Common Stock	$ 18,000.00		$ 18,000.00

ekkarill92 answered 1 year ago

1. Prepare the journal entries, T accounts and Trial Balance 2. Prepare Income Statement and Balance...

1. Prepare the journal entries, T accounts and Trial Balance 2. Prepare Income Statement and Balance Sheet Johan Johari began professional practice as a system analyst on July 1, 2019. He plans to prepare a monthly financial statement. During the month of July, Johan Johari completed the transactions as follows: July 1. Johan invested RM500,000 cash along with computer equipment that had a market value of RM120,000 two years ago but was now worth RM 100,000 only. July 2. Paid...

Prepare Journal Entries for January Activities Prepare Unadjusted Trial Balance Prepare Adjusting Entries Prepare Unadjusted Trial...

Prepare Journal Entries for January Activities Prepare Unadjusted Trial Balance Prepare Adjusting Entries Prepare Unadjusted Trial Balance Prepare Balance Sheet Prepare Income Statement Preare Statement of Cash Flows Prepare Statement of Stockholders Equity Prepare Analysis of Results The Wholesale Company began operations on January 1, 2019. During the month of January 2019, the following transactions occurred: Owners invest $50,000 cash in the corporation in exchange for 5,000 shares of common stock. Equipment is purchased for $20,000 cash. On the first...

Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet The following are...

Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet The following are transactions of Samantha Payapag Advertising Company for the month of July 2013 July 3 Samantha Payapag invested 500,000 in the business. July 5 Bought for cash, advertising supplies costing 80,000. Paid rental of the office, 7,300 July 9 Bought delivery truck from MJ Idos Trading, 350,000 on credit July 12 Received 43,000 cash as advertising income July 13 Bought furniture & fixtures, 32,000 in...

Prepare each item: Journal Entries T-Accounts Trial Balance Adjusted Trial Balance Income Statement Retained Earnings Statement...

Prepare each item: Journal Entries T-Accounts Trial Balance Adjusted Trial Balance Income Statement Retained Earnings Statement Balance Sheet Dinah Soars, Biff Wellington and Duane Pipe are the stockholders of Sharpe Incorporated. The charter of the corporation authorized 500,000 shares of $2 par common stock, and 100,000 shares of $30 par, 4%, preferred stock. As of January 1, 2020, there were 24,000 shares of common stock issued and outstanding and 5,000 shares of preferred stock issued and outstanding. Selected transactions completed...

Cash Dividends and Income Taxes 1. Prepare journal entries for the transactions. If an amount box...

Cash Dividends and Income Taxes 1. Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. During the year ended December 31, 20-2, Bebeto Company completed the following selected transactions: Apr. 15 Estimated that its 20-2 income tax will be $27,680. Based on this estimate, it will make four quarterly payments of $6,920 each on April 15, June 15, September 15, and December 15. Made the first payment. 25 Declared a semiannual...

Using the following information, complete journal entries, adjusted trial balance, financial statements (income statement, statement of...

Using the following information, complete journal entries, adjusted trial balance, financial statements (income statement, statement of owner’s equity and balance sheet) and closing entries (be sure to post the closing entries to the ledger accounts). On April 1, 2020, Jennifer Stafford created a new travel agency, See-It-Now Travel. The following transactions occurred during the company’s first month. April 1 Stafford invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying...

Prepare journal entries , and trial balance for the following transactions On January 3rd 2019, Lynn...

Prepare journal entries , and trial balance for the following transactions On January 3rd 2019, Lynn Sanders’ printing service company owner started his business $200,000 for cash. 2. On January 5, 2019, purchases equipment on account for $3,500, payment due within the month. 3. On January 9, 2019, receives $4,000 cash in advance from a customer for services not yet rendered/Delivered/performed. 4. On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the...

I have to create adjusting journal entries and prepare an adjusted trial balance. The following is...

I have to create adjusting journal entries and prepare an adjusted trial balance. The following is the data I am given plus the unadjusted trial balance. What are the adjusting entries with this information? a. $4,350 of prepaid insurance expired during the period b. the company estimates depreciation expense of $8,150 for the period c. a count showed earned $85,700 of supplies on hand d. interest earned and recieveable on the outstanding notes recieveable is $260 for the period

Prepare journal entries to record the transactions using both the Perpetual and Periodic Method. 1-Oct Purchased...

Prepare journal entries to record the transactions using both the Perpetual and Periodic Method. 1-Oct Purchased merchandise amounting to Php 25,000 from Ostan Corp. with terms 3/5, 2/10, n/30. Transportation cost is Php 1,500, FOB Shipping point.

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance...

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as well using only formulas. Grizzlies, Inc. Worksheet For the Year Ended December 31, 2017 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Income Stmt Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 36,000 Accounts Receivable 277,000 Inventory 242,500 Prepaid Insurance 11,200 Prepaid Rent 3,000 Store Supplies ...