Question

The trail balance sheet of Moe’s Mowing, Inc is dated August 31, 2019: Assets Liabilities Cash 6,000 Account Payable 5,000 Account Receivable 400 Notes payable 2,500 Supplies 6000 salary payable 2,000 Prepaid rent 13,000 Loan Payable 13,000 Inventory 2,500 Unearned Revenue 4000 Total current assts 27,900 Total Liabilities 26,500 Cars 7,500 building 1500 Shareholder’s Equity furniture 2500 Common Stocks 6,700 Retained Earning 6,200 Total fixed asset 11,500 Total owner's equity 12,900 Total Assets 39,400 Total Liabilities and Equity 39,400 During the month of September, the business incurred the following transactions: 9/1/2019 Deposited $5,000 cash in the business’s bank account. The company received the cash and issued common stocks. 9/2/2019 The company purchased a car for $1,750 on account from Melton Supply 9/3/2019 The company bought equipment, paying cash, 1,750 9/4/2019 The company purchased office supplies for $1000 cash. 9/5/2019 The company provided services to the Walker Company for $18000 on account. 9/6/2019 The company paid $500 to Melton Office Supply 9/7/2019 The company borrowed a short-term debt (notes payable) from the bank, $20,000 9/8/2019 The company received $8,000 in cash for services provided to a new customer. 9/9/2019 Shortly after opening the business, the company paid the month’s rent of $650. 9/10/2019 1% of the inventory has been expired (bad goods expense). 9/11/2019 The company paid $100 cash to repair car. 9/12/2019 Sold merchandise on account to Kara Elsworth, $14,500, term 2/10, n/30 9/13/2019 The company sold 12% of its furniture for cash at price of $40,000. 9/14/2019 Kara Elsworth returned $500 of the merchandise purchased on September 11 9/16/2019 The company received $1,100 cash from Walker Company 9/16/2019 Declared and paid dividends of $600. 9/17/2019 Collecting 70% of accounts receivable. 9/18/2019 Collected payment from Kara Elsworth for September 11 sale. 9/19/2019 The company paid 35% of its accounts payable. 9/20/2019 Supplies on hand at month-end, $4000 9/21/2019 Salary owed but not paid yet $1000 9/22/2019 Prepaid rent expired, $8,000 9/23/2019 $2000 out of the unearned service revenue was earned during September. 9/24/2019 The loan accrues interest at 1% per month. No interest was paid in September 9/25/2019 The bookkeeper recorded a collection from accounts receivable of $100 as $10 9/26/2019 On May 18, Moe’s Mowing, Inc purchased on account equipment costing $450. The transaction was journalized and posted as a debit to Equipment $45 and a credit to Accounts Payable $45. The error was discovered on 9/26/2019. 9/27/2019 Income tax is 2.5% Required: Record theses business transactions in Journal entry, and create the financial statements

Answer 1

9/1/2019 Deposited $5,000 cash in the business’s bank account.The company received the cash and issued common stocks.
Cash Dr	5000
Common Stock Cr		5000
Bank Dr	5000
Cash Cr		5000
9/2/2019 The company purchased a car for $1,750 on account from Melton Supply
Car Dr	1750
Melton Supply Cr		1750
9/3/2019 The company bought equipment, paying cash, 1,750
Equipment Dr	1750
Cash Cr		1750
9/4/2019 The company purchased office supplies for $1000 cash
Purchases Dr	1000
Cash Cr		1000
9/5/2019 The company provided services to the Walker Company for $18000 on account
Accounts Receivable Dr	18000
Revenue Cr		18000
9/6/2019 The company paid $500 to Melton Office Supply
Melton Supply Dr	500
Cash		500
9/7/2019 The company borrowed a short-term debt (notes payable) from the bank, $20,000
Bank Dr	20000
Notes payable Cr		20000
9/8/2019 The company received $8,000 in cash for services provided to a new customer.
Cash Dr	8000
Revenue Cr		8000
9/9/2019 Shortly after opening the business, the company paid the month’s rent of $650.
Rent Dr	650
Cash Cr		650
9/10/2019 1% of the inventory has been expired (bad goods expense).
Stock loss Dr	70
Supplies Cr		70
9/11/2019 The company paid $100 cash to repair car.
Repais Dr	100
Cash		100
9/12/2019 Sold merchandise on account to Kara Elsworth, $14,500, term 2/10, n/30
Account Receivable Dr	14500
Sales		14500
9/13/2019 The company sold 12% of its furniture for cash at price of $40,000.
Cash Dr	40000
Furniture Cr		300	(2500*12%)
Gain on sale of furniture		39700
9/14/2019 Kara Elsworth returned $500 of the merchandise purchased on September 11
Sales Dr	500
Accounts Receivable		500
9/16/2019 The company received $1,100 cash from Walker Company
Cash Dr	1100
Accounts Receivable		1100
9/16/2019 Declared and paid dividends of $600.
Dividend Dr	600
Cash		600
9/17/2019 Collecting 70% of accounts receivable.
Cash Dr	280
Accounts Receivable		280
9/18/2019 Collected payment from Kara Elsworth for September 11 sale.
Cash Dr	14000
Accounts Receivable		14000
9/19/2019 The company paid 35% of its accounts payable.
Accounts payable Dr	1750
Cash Cr		1750
9/20/2019 Supplies on hand at month-end, $4000
Closing stock BS Dr	4000
Closing stock P&L Cr		4000

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