Question

In: Accounting

The trial balance of Stephanie’s Steakhouse at the beginning of the day, July 1, 20X1, was:...

The trial balance of Stephanie’s Steakhouse at the beginning of the day, July 1, 20X1, was:

Cash                                                                                           $    1,500

Marketable Securities                                                                   5,000

Accounts Receivable (Erica Lee)                                                      20

Accounts Receivable (Monica Ray)                                                 15

Office Supplies                                                                              2,250

Cleaning Supplies                                                                            500

Furniture                                                                                        1,000

Equipment                                                                                     2,000

Accounts Payable (Stacie Supply, Inc.)                                                                $       400

Notes Payable (Mineral State Bank)                                                                           1,500

Stephanie Smith, Capital                                                                                             2,085

Food Sales                                                                                                                    25,000

Beverage Sales                                                                                                               7,000

Food Expense                                                                               10,000

Beverage Expense                                                                         2,000

Wages Expense                                                                              8,000

Utilities Expense                                                                           1,000

Rent Expense                                                                                 2,000

Insurance Expense                                                                           500

Office Supplies Expense                                                                  100

Advertising Expense                                                                       100

                                                                                                    $ 35,985                 $ 35,985

Transactions for July 1, 20X1, were as follows:

            a.     Received cash on account from Erica Lee, $10.

            b.     Paid rent for the month of June, $200.

             c.     Purchased food (to be expensed) on account from Stacie Supply, Inc., $250.

            d.     Paid utilities bill for June, $100.

            e.     Paid advertising bill for newspaper advertisement for July 1, $5.

             f.     Paid temporary help for their labor for the day, $20.

            g.     Sales on account to Monica Ray, $5 ($4 for food and $1 for beverages).

            h.     Cash food sales for the day and beverage sales for the day, $250 and $60 respectively.

Required:

            1.     Set up T–accounts for each account listed in the trial balance of Stephanie’s Steakhouse. Record the balance in each T–account per the trial balance. (Be sure to record the amounts on the proper side of the account.)

            2.     Record the transactions for July 1, 20X1. Identify each amount by its transaction letter.

            3.     Prepare a trial balance for July 1, 20X1 (end of day).

Solutions

Expert Solution


ekkarill92 answered 1 year ago
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