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Account# 111 - Cash Date Description Debits Credits Balance   Beginning Balance $0.00 CR 9/01/2015   CR 1...

Account# 111 - Cash

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/01/2015   CR 1 owner's investment $21,000.00 $21,000.00 DR
9/02/2015   Race Car Purchase $13,500.00 $7,500.00 DR
9/03/2015   Track Rent $4,185.00 $3,315.00 DR
9/04/2015   Newpaper Advertising $251.19 $3,063.81 DR
9/06/2015   Cash Collected $1,200.00 $4,263.81 DR
9/07/2015   Service Provided $2,000.00 $6,263.81 DR
9/07/2015   Payment on Sep. 6 $450.00 $5,813.81 DR
9/09/2015   Sept. Advertising $325.68 $5,488.13 DR
9/11/2015   Payment on Sep. 3 $1,100.00 $4,388.13 DR
9/11/2015   (AR Collection) $400.00 $4,788.13 DR
9/12/2015   Purchase of Equipment $1,812.45 $2,975.68 DR
9/12/2015   Sept. Salary Paid $2,300.00 $675.68 DR
9/13/2015   AR collection $750.00 $1,425.68 DR
9/13/2015   Service Provided $1,600.00 $3,025.68 DR
9/14/2015   supplies on Account $311.53 $2,714.15 DR
9/17/2015   Sept.6 Payment $440.24 $2,273.91 DR
9/17/2015   Service Provided $1,620.00 $3,893.91 DR
9/18/2015   AR collection $600.00 $4,493.91 DR
9/20/2015   Sept. Advertising $156.28 $4,337.63 DR
9/21/2015   Racing Supplies $158.42 $4,179.21 DR
9/21/2015   AR collection $700.00 $4,879.21 DR
  Ending Balance $4,879.21 DR

Account# 113 - Accounts Receivable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/05/2015   Service Provided $1,600.00 $1,600.00 DR
9/06/2015   Cash Collected $1,200.00 $400.00 DR
9/10/2015   Service Provided $2,050.00 $2,450.00 DR
9/11/2015   (AR Collection) $400.00 $2,050.00 DR
9/13/2015   AR collection $750.00 $1,300.00 DR
9/18/2015   AR collection $600.00 $700.00 DR
9/20/2015   Services on account $1,170.00 $1,870.00 DR
9/21/2015   AR collection $700.00 $1,170.00 DR
  Ending Balance $1,170.00 DR

Account# 115 - Racing Supplies

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/06/2015   Purchase of Supplies $890.24 $890.24 DR
9/10/2015   supplies on Account $190.28 $1,080.52 DR
9/14/2015   supplies on Account $311.53 $1,392.05 DR
9/19/2015   supplies on Account $187.05 $1,579.10 DR
9/21/2015   Racing Supplies $158.42 $1,737.52 DR
  Ending Balance $1,737.52 DR

Account# 117 - Prepaid Rent

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/03/2015   Track Rent $4,185.00 $4,185.00 DR
  Ending Balance $4,185.00 DR

Account# 151 - Race Car

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/02/2015   Race Car Purchase $13,500.00 $13,500.00 DR
  Ending Balance $13,500.00 DR

Account# 152 - Accumulated Depreciation, Race Car

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 155 - Racing Equipment

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/03/2015   Purchase Equipment on Account $2,006.11 $2,006.11 DR
9/12/2015   Purchase of Equipment $1,812.45 $3,818.56 DR
9/18/2015   Equipment on Account $1,771.99 $5,590.55 DR
  Ending Balance $5,590.55 DR

Account# 156 - Accumulated Depreciation, Racing Equipment

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 211 - Accounts Payable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/03/2015   Purchase Equipment on Account $2,006.11 $2,006.11 CR
9/06/2015   Purchase of Supplies $890.24 $2,896.35 CR
9/07/2015   Payment on Sep. 6 $450.00 $2,446.35 CR
9/10/2015   supplies on Account $190.28 $2,636.63 CR
9/11/2015   Payment on Sep. 3 $1,100.00 $1,536.63 CR
9/17/2015   Sept.6 Payment $440.24 $1,096.39 CR
9/18/2015   Equipment on Account $1,771.99 $2,868.38 CR
9/19/2015   supplies on Account $187.05 $3,055.43 CR
  Ending Balance $3,055.43 CR

Account# 213 - Dividends Payable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/16/2015   the board of directors dividend $85.00 $85.00 CR
  Ending Balance $85.00 CR

Account# 215 - Income Taxes Payable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 311 - Common Stock

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/01/2015   CR 1 owner's investment $21,000.00 $21,000.00 CR
  Ending Balance $21,000.00 CR

Account# 361 - Retained Earnings

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 371 - Dividends

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/16/2015   the board of directors dividend $85.00 $85.00 DR
  Ending Balance $85.00 DR

Account# 399 - Income Summary

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 411 - Fees Revenue

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/05/2015   Service Provided $1,600.00 $1,600.00 CR
9/07/2015   Service Provided $2,000.00 $3,600.00 CR
9/10/2015   Service Provided $2,050.00 $5,650.00 CR
9/13/2015   Service Provided $1,600.00 $7,250.00 CR
9/17/2015   Service Provided $1,620.00 $8,870.00 CR
9/20/2015   Services on account $1,170.00 $10,040.00 CR
  Ending Balance $10,040.00 CR

Account# 511 - Salary Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/12/2015   Sept. Salary Paid $2,300.00 $2,300.00 DR
  Ending Balance $2,300.00 DR

Account# 515 - Advertising Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/04/2015   Newpaper Advertising $251.19 $251.19 DR
9/09/2015   Sept. Advertising $325.68 $576.87 DR
9/20/2015   Sept. Advertising $156.28 $733.15 DR
  Ending Balance $733.15 DR

Account# 523 - Miscellaneous Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 551 - Income Taxes Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR
Date Description Posting
Ref.		 Debits Credits
9/01/2015 Cash 111 $21,000.00
   Common Stock 311 $21,000.00
      CR 1 owner's investment
9/02/2015 Race Car 151 $13,500.00
   Cash 111 $13,500.00
      Race Car Purchase
9/03/2015 Prepaid Rent 117 $4,185.00
   Cash 111 $4,185.00
      Track Rent
9/03/2015 Racing Equipment 155 $2,006.11
   Accounts Payable 211 $2,006.11
      Purchase Equipment on Account
9/04/2015 Advertising Expense 515 $251.19
   Cash 111 $251.19
      Newpaper Advertising
9/05/2015 Accounts Receivable 113 $1,600.00
   Fees Revenue 411 $1,600.00
      Service Provided
9/06/2015 Racing Supplies 115 $890.24
   Accounts Payable 211 $890.24
      Purchase of Supplies
9/06/2015 Cash 111 $1,200.00
   Accounts Receivable 113 $1,200.00
      Cash Collected
9/07/2015 Accounts Payable 211 $450.00
   Cash 111 $450.00
      Payment on Sep. 6
9/07/2015 Cash 111 $2,000.00
   Fees Revenue 411 $2,000.00
      Service Provided
9/09/2015 Advertising Expense 515 $325.68
   Cash 111 $325.68
      Sept. Advertising
9/10/2015 Accounts Receivable 113 $2,050.00
   Fees Revenue 411 $2,050.00
      Service Provided
9/10/2015 Racing Supplies 115 $190.28
   Accounts Payable 211 $190.28
      supplies on Account
9/11/2015 Accounts Payable 211 $1,100.00
   Cash 111 $1,100.00
      Payment on Sep. 3
9/11/2015 Cash 111 $400.00
   Accounts Receivable 113 $400.00
      (AR Collection)
9/12/2015 Salary Expense 511 $2,300.00
   Cash 111 $2,300.00
      Sept. Salary Paid
9/12/2015 Racing Equipment 155 $1,812.45
   Cash 111 $1,812.45
      Purchase of Equipment
9/13/2015 Cash 111 $1,600.00
   Fees Revenue 411 $1,600.00
      Service Provided
9/13/2015 Cash 111 $750.00
   Accounts Receivable 113 $750.00
      AR collection
9/14/2015 Racing Supplies 115 $311.53
   Cash 111 $311.53
      supplies on Account
9/16/2015 Dividends 371 $85.00
   Dividends Payable 213 $85.00
      the board of directors dividend
9/17/2015 Cash 111 $1,620.00
   Fees Revenue 411 $1,620.00
      Service Provided
9/17/2015 Accounts Payable 211 $440.24
   Cash 111 $440.24
      Sept.6 Payment
9/18/2015 Racing Equipment 155 $1,771.99
   Accounts Payable 211 $1,771.99
      Equipment on Account
9/18/2015 Cash 111 $600.00
   Accounts Receivable 113 $600.00
      AR collection
9/19/2015 Racing Supplies 115 $187.05
   Accounts Payable 211 $187.05
      supplies on Account
9/20/2015 Accounts Receivable 113 $1,170.00
   Fees Revenue 411 $1,170.00
      Services on account
9/20/2015 Advertising Expense 515 $156.28
   Cash 111 $156.28
      Sept. Advertising
9/21/2015 Cash 111 $700.00
   Accounts Receivable 113 $700.00
      AR collection
9/21/2015 Racing Supplies 115 $158.42
   Cash 111 $158.42
      Racing Supplies
1. What is the dollar amount of cash to be distributed as a dividend by JP Racing?
A. $7,006.85 B. $0.00
C. $6,921.85 D. $85.00
2. What is the dollar amount owed to JP Racing by its customers on September 21?
A. $3,055.43 B. $10,040.00
C. $3,140.43 D. $1,170.00
3. What is the dollar amount of JP Racing's total resources on September 21?
A. $27,921.85 B. $4,879.21
C. $7,006.85 D. $31,062.28
4. On which financial statement is the dollar amount of total resources reported?
A. General ledger B. Balance sheet
C. Income statement D. Statement of retained earnings
5. What is the dollar amount of JP Racing's resources obtained from its owner as of September 21?
A. $21,000.00 B. $31,062.28
C. $27,921.85 D. $7,006.85
6. What is the dollar amount of the cost of advertising JP Racing during the three weeks ended September 21?
A. $733.15 B. $251.19
C. $156.28 D. $0.00
7. What is the dollar amount of cash paid by JP Racing for track rent during the three weeks ended September 21?
A. $0.00 B. $13,500.00
C. $4,185.00 D. $7,006.85
8. What is the net dollar amount of JP Racing's resources generated by management in the three weeks ended September 21?
A. $10,040.00 B. $7,006.85
C. $1,170.00 D. $4,879.21
9. On which financial statements is the net dollar amount of resources generated by management reported?
A. Statement of retained earnings and balance sheet B. Income statement and balance sheet
C. Income statement and statement of retained earnings D. Trial balance and income statement
10. What is the dollar amount of services provided to customers by JP Racing during the week ended September 21? Hint: the week ended September 21 covers the seven days from September 15 through September 21.
A. $10,400.00 B. $2,790.00
C. $7,006.85 D. $2,633.72

Solutions

Expert Solution

1. Answer: Option D. $85.00

The balance in the Dividends Payable account.

2. Answer: Option D. $1,170.00

The balance in the Accounts Receivable account.

3. Answer: Option D. $31,062.28

Cash 4879.21
Accounts receivable 1170.00
Racing supplies 1737.52
Prepaid rent 4185.00
Race Car 13500.00
Racing equipment 5590.55
Total resources $ 31062.28

4. Answer: Option B. Balance Sheet

5. Answer: Option A. $21,000.00

The balance in the Common Stock account

6. Answer: Option A. $733.15

Balance in Advertising Expense account

7. Answer: Option C. $4,185.00

Balance in Prepaid Rent account.

8. Answer: Option B. $7,006.85

Fees revenue 10040.00
Salary expense 2300.00
Advertising expense 733.15 3033.15
Net income $ 7006.85

9. Answer: Option C. Income statement and statement of retained earnings

10. Answer: Option B. $2,790.00

9/17/2015 1620.00
9/20/2015 1170.00
Total services provided $ 2790.00

ekkarill92 answered 1 year ago
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