Question

In: Accounting

JOURNAL PAGE 1 Date Account Title Post. Ref. Debit Credit 2018 Apr. 1 Cash 20000 Accounts...

JOURNAL PAGE 1
Date Account Title Post. Ref. Debit Credit
2018
Apr. 1 Cash 20000
Accounts receivable 14700
Supplies 3300
Office equipment 12000
Common stock 50000
(To record common stock issued)
Apr. 1 Prepaid rent 6000
Cash 6000
(To record rent prepaid)
Apr. 2 Prepaid insurance 4200
Cash 4200
(To record insurance prepaid)
Apr. 4 Cash 9400
Unearned fees 9400
(To record advance collected from customers)
Apr. 5 Office equipment 8000
Accounts payable 8000
(To record office equipment purchased on account)
Apr. 6 Cash 11700
Accounts receivable 11700
(To record collection on account)
Apr. 10 Miscellaneous expense 350
Cash 350
(To record advertising expense paid)
Apr. 12 Accounts payable 6400
Cash 6400
(To record collection on account)
Apr. 12 Accounts receivable 21900
Fees earned 21900
(To record fees earned on account)
Apr. 14 Salary expense 1650
Cash 1650
(To record salary paid)
JOURNAL PAGE 2
Date Account Title Post. Ref. Debit Credit
2018
Apr. 17 Cash 6600
Fees earned 6600
(To record cash fees earned)
Apr. 18 Supplies 725
Cash 725
(To record purchase of supplies)
Apr. 20 Accounts receivable 16800
Fees earned 16800
(To record fees earned on account)
Apr. 24 Cash 4450
Fees earned 4450
(To record cash fees earned)
Apr. 26 Cash 26500
Accounts receivable 26500
(To record collection on account)
Apr. 27 Salary expense 1650
Cash 1650
(To record salary paid)
Apr. 29 Miscellaneous expense 540
Cash 540
(To record telephone bill paid)
Apr. 30 Miscellaneous expense 760
Cash 760
(To record electricity bill paid)
Apr. 30 Cash 5160
Fees earned 5160
(To record cash fees earned)
Apr. 30 Accounts receivable 2590
Fees earned 2590
(To record fees earned on account)
Apr. 30 Dividends 18000
Cash 18000
(To record dividends paid)

Note: The advertising, telephone, and electricity expenses are debited to miscellaneous expense since there are no separate expense accounts provided for the same.

GENERAL JOURNAL PAGE 3
Date Account Title Post. Ref. Debit Credit
2018 Adjusting Entries
a. Apr. 30 Insurance expense 350
Prepaid insurance 350
(To record expired insurance)
b. Apr. 30 Supplies expense 2800
Supplies (3300 + 725 -1225) 2800
(To record supplies used)
c. Apr. 30 Depreciation expense 400
Accumulated depreciation 400
(To record depreciation expense)
d. Apr. 30 Salary expense 275
Salaries payable 275
(To record salary accrued)
e. Apr. 30 Rent expense 2000
Prepaid rent 2000
(To record expired rent)
f. Apr. 30 Unearned fees 7050
Fees earned (9400 - 2350) 7050
(To record fees earned)


Prepare an income statement, a retained earnings statement, and a balance sheet.

Rosebud Consulting
Income Statement
For the Month Ended April 30, 2018
Expenses:
Total Expenses


If an answer is zero, enter "0".

Rosebud Consulting
Retained Earnings Statement
For the Month Ended April 30, 2018


Rosebud Consulting
Balance Sheet
April 30, 2018
Assets Liabilities
Current assets: Current liabilities:
Total liabilities
Total current assets
Property, plant and equipment: Stockholders' Equity
Total property, plant and equipment Total stockholders' equity
Total assets Total liabilities and stockholders' equity

9. Journalize the closing entries on Page 4 of the journal. (Do not insert the account numbers in the journal at this time.) Post the closing entries to the general ledger in the spreadsheet. Then go back and enter the appropriate posting references in the journal. (Income Summary is account #34 in the chart of accounts.)

For a compound transaction, if an amount box does not require an entry, leave it blank.

GENERAL JOURNAL PAGE 4
Date Description Post.Ref. Debit Credit
2018 Closing Entries

10. Prepare a post-closing trial balance. List the accounts in order by type: Assets, Liablities, Capital, Dividends, Revenue, and Expenses. If an amount box does not require an entry, leave it blank.

Rosebud Consulting
Post-Closing Trial Balance
April 30, 2018
Debit Balances Credit Balances


Solutions

Expert Solution

Rosebud Company
T-Accounts
Cash A/c
Particular Amount Particular Amount
To Common Stock $      20,000.00 By Prepaid Rent $      6,000.00
To Unearned Fees $        9,400.00 By Prepaid Insurance $      4,200.00
To Accounts Receivable $      11,700.00 By Miscellaneous expenses $         350.00
To Fees Earned $        6,600.00 By Accounts Payable $      6,400.00
To Fees Earned $        4,450.00 By Salary Expenses $      1,650.00
To Accounts Receivable $      26,500.00 By Supplies $         725.00
To Fees Earned $        5,160.00 By Salary Expenses $      1,650.00
By Miscellaneous expenses $         540.00
By Miscellaneous expenses $         760.00
By Dividend $   18,000.00
By Balance C/d $   43,535.00
Total $      83,810.00 Total $   83,810.00
Accounts Receivable
Particular Amount Particular Amount
To Common Stock $      14,700.00 By Cash $   11,700.00
To Fees Earned $      21,900.00 By Cash $   26,500.00
To Fees Earned $      16,800.00 By Bal C/d $   17,790.00
To Fees Earned $        2,590.00
Total $      55,990.00 Total $   55,990.00
Accounts Payable
Particular Amount Particular Amount
To Cash $        6,400.00 By Office Equipment $      8,000.00
To Bal C/d $        1,600.00
$        8,000.00 $      8,000.00
Office Equipment
Particular Amount Particular Amount
To Common Stock $      12,000.00 By Bal c/d $   20,000.00
To Accounts Payable $        8,000.00
Total $      20,000.00 Total $   20,000.00
Prepaid Rent
Particular Amount Particular Amount
To Cash $        6,000.00 By Rent $      2,000.00
By Bal C/d $      4,000.00
Total $        6,000.00 Total $      6,000.00
Prepaid Insurance
Particular Amount Particular Amount
To Cash $        4,200.00 By Insurance $         350.00
By Bal C/d $      3,850.00
Total $        4,200.00 Total $      4,200.00
Salary Expenses
Particular Amount Particular Amount
To Cash $        1,650.00 By Balance C/d $      3,575.00
To Cash $        1,650.00
To Salary Payble $            275.00
Total $        3,575.00 Total $      3,575.00
Insurance
Particular Amount Particular Amount
To Prepaid Insurance $            350.00 By Bal b/d $         350.00
Total $            350.00 Total $         350.00
Miscellaneous Expenses
Particular Amount Particular Amount
To Cash $            350.00 By Balance C/d $      1,650.00
To Cash $            540.00
To Cash $            760.00
Total $        1,650.00 Total $      1,650.00
Salary Payable
Particular Amount Particular Amount
To Bal C/d $            275.00 By Salary Expenses $         275.00
Total $            275.00 Total $         275.00
Unearned Fees
Particular Amount Particular Amount
To Fees Earned $        7,050.00 By Cash $      9,400.00
To Balance C/d $        2,350.00
Total $        9,400.00 Total $      9,400.00
Supplies A/c
Particular Amount Particular Amount
To Common Stock $        3,300.00 By Supplies Expenses $      2,800.00
To cash $            725.00 By Balance C/d $      1,225.00
Total $        4,025.00 Total $      4,025.00
Supplies ExpensesA/c
Particular Amount Particular Amount
To supplies $        2,800.00 By Balance C/d $      2,800.00
Total $        2,800.00 Total $      2,800.00
Depreciation
Particular Amount Particular Amount
To Accumulated Depreciation $            400.00 By Balance C/d $         400.00
Total $            400.00 Total $         400.00
Accumulated Depreciation
Particular Amount Particular Amount
To Balance C/d $            400.00 By Depreciation $         400.00
Total $            400.00 Total $         400.00
Fees Earned
Particular Amount Particular Amount
To Balance C/d $      64,550.00 By Accounts receivable $   21,900.00
By Cash $      6,600.00
By Accounts receivable $   16,800.00
By Cash $      4,450.00
By Cash $      5,160.00
By Accounts receivable $      2,590.00
By Unearned Fees $      7,050.00
Total $      64,550.00 Total $   64,550.00
Dividend
Particular Amount Particular Amount
To Cash $      18,000.00 By Balance C/d $   18,000.00
Total $      18,000.00 $   18,000.00
Adjusted Trial Balance
Heads Debit Credit
Cash $      43,535.00
Accounts Receivable $      17,790.00
Supplies $        1,225.00
Prepaid Insurance $        3,850.00
Prepaid Rent $        4,000.00
Equipment $      20,000.00
Accumulated Depreciation- Equipment $                                    400.00
Accounts Payable $                                1,600.00
Salary Payable $                                    275.00
Unearned Fees $                                2,350.00
Common Stock $                              50,000.00
Serive Revenue $                              64,550.00
Salary Expenses $        3,575.00
Rent Expenses $        2,000.00
Insurance Expenses $            350.00
Supplies Expenses $        2,800.00
Miscellaneous $        1,650.00
Depreciation Expenses $            400.00
Dividend $      18,000.00
Total $    119,175.00 $                            119,175.00
Rosebud Company
Income Statement
For the Month Ended April30th,2018
Revenue
Fees Earned $                              64,550.00
Expenses:
Salaries $        3,575.00
Insurance $            350.00
Rent $        2,000.00
Depreciation-Office Equipment $            400.00
Supplies Expenses $        2,800.00
Miscellaneous Expenses $        1,650.00
Total Expenses $                              10,775.00
Net Income $                              53,775.00
Rosebud Company
Statement of Retained Earnings
Beginning Retained Earnings $                     -  
Add: Net Income $      53,775.00
Less: dividend Paid $      18,000.00
Ending Retained Earnings $      35,775.00
Rosebud Company
Balance Sheet
April 30th,2018
Liabilities Amount Assets Amount
Accounts Payable $        1,600.00 Cash $   43,535.00
Salary Payable $            275.00 Accounts Receivable $   17,790.00
Unearned Service Revenue $        2,350.00 supplies $      1,225.00
Accumulated Depreciation-Office Equipment $            400.00 Prepaid Rent $      3,850.00
Common Stock $      50,000.00 Prepaid Insurance $      4,000.00
Retained Earnings $      35,775.00 Office Equipment $   20,000.00
Total $      90,400.00 $   90,400.00

Related Solutions

Part 1 JOURNAL PAGE 1 Date Account Title Post. Ref. Debit Credit 2018 Apr. 1 Cash...
Part 1 JOURNAL PAGE 1 Date Account Title Post. Ref. Debit Credit 2018 Apr. 1 Cash 20000 Accounts receivable 14700 Supplies 3300 Office equipment 12000 Common stock 50000 (To record common stock issued) Apr. 1 Prepaid rent 6000 Cash 6000 (To record rent prepaid) Apr. 2 Prepaid insurance 4200 Cash 4200 (To record insurance prepaid) Apr. 4 Cash 9400 Unearned fees 9400 (To record advance collected from customers) Apr. 5 Office equipment 8000 Accounts payable 8000 (To record office equipment...
GENERAL JOURNAL Page 92     DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 20-- 1 2 Sept.  15   Accounts...
GENERAL JOURNAL Page 92     DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 20-- 1 2 Sept.  15   Accounts Payable, Jensen and Silva 212/✓ 291.50   2 3     Purchases Returns and Allowances 512 291.50   3 4         Credit memo no. 942 for return of merchandise. 4 5 5 Post the entry above to this general ledger account. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 212 DATE...
General Ledger Cash Account No. 111 Post. Balance Date Item Ref. Debit Credit Debit Credit 20xx...
General Ledger Cash Account No. 111 Post. Balance Date Item Ref. Debit Credit Debit Credit 20xx Balance June Accounts Receivable Account No. 113 Post. Balance Date Item Ref. Debit Credit Debit Credit 20XX Balance    —   June    —      —      —      —   Office Supplies Account No. 115 Post. Balance Date Item Ref. Debit Credit Debit Credit 20XX Balance    —   June    —      —   Pre-paid Rent Account No. 117 Post. Balance Date Item Ref. Debit Credit...
No. Date Account Titles and Explanation Debit Credit (1) Apr. 30 enter an account title to...
No. Date Account Titles and Explanation Debit Credit (1) Apr. 30 enter an account title to close revenue account on April 30 enter a debit amount enter a credit amount enter an account title to close revenue account on April 30 enter a debit amount enter a credit amount (To close revenue account) (2) Apr. 30 enter an account title to close expense accounts on April 30 enter a debit amount enter a credit amount enter an account title to...
journal date particulars debit ($) credit ($) 2018   march 1 cash account debit 350000    margate...
journal date particulars debit ($) credit ($) 2018   march 1 cash account debit 350000    margate bank 350000 dec 1 cash account debit 150000 sundi bank     150000 dec 31 interest expense(margate )       debit 41250 to accrual interest 41250 dec 31 interest expense (sundi) debit 5500 to accrued interest   5500 dec 31 profit and loss account debit 46750 to interest expense ( 41250+5500)        46750 2019 jan 1 sundi bank account debit 10000 accrued interest    debit 5500...
General Journal Date Description Post Ref Debit Credit April 1 Union Dues Payable 28 100.00 Cash...
General Journal Date Description Post Ref Debit Credit April 1 Union Dues Payable 28 100.00 Cash 11 100.00 April 15 Wages & Salaries “Expense” 8,310.00 FICA Taxes Payable - OASDI 515.22 FICA Taxes Payable – HI 120.50 FIT Payable 890.00 SIT Payable 166.20 Union Dues Payable 140.00 Cash 6,478.08 UNION DUES Payable                                         Account       28 Date Item Post Ref Debit Credit Balance Debit Credit April 1 Balance 100.00 April 1 GJ 1 100.00 April 15 Payable GJ 1 140.00...
How to make a General Journal with the following transactions: date, account title and explanations, debit,credit...
How to make a General Journal with the following transactions: date, account title and explanations, debit,credit Business ABC Solutions went into effect December 1, 2017 as a sole proprietorship. These transactions take place during the month of December: Dec. 1    To start the business, Andy deposits $60,000 into the ABC Solution’s bank account. Dec. 1    ABC Solutions purchased a office building for $250,000, paying $20,000 cash, and assuming a mortgage with a bank for the rest. The Mortgage is for...
March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 27,000.00 2 Accounts Receivable 60,000.00 3 Prepaid...
March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 27,000.00 2 Accounts Receivable 60,000.00 3 Prepaid Insurance 2,500.00 4 Office Supplies 1,600.00 5 Land 6 Accounts Payable 13,800.00 7 Unearned Rent 8 Notes Payable 9 Common Stock 10,000.00 10 Retained Earnings 36,900.00 11 Dividends 1,600.00 12 Fees Earned 232,000.00 13 Salary and Commission Expense 146,800.00 14 Rent Expense 27,000.00 15 Advertising Expense 18,000.00 16 Automobile Expense 4,500.00 17 Miscellaneous Expense 3,700.00 18 Totals 292,700.00 292,700.00 The following business transactions were...
May1. Paid rent for May $ 5000 Date Description post ref Debit Credit MAY 1. RENT...
May1. Paid rent for May $ 5000 Date Description post ref Debit Credit MAY 1. RENT EXPENSE A/C Dr 531 5000 To CASH A/C    110 5000 May 3.Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Date Description post ref Debit Credit MAY 3. INVENTORY A/C Dr 115 36000 To ACCOUNTS PAYABLE A/C 210 36000 May 4: Paid freight on purchase of May 3, $600. Date Description post ref Debit Credit MAY 4. INVENTORY...
No Date Account Title Debit Credit 1 Jan 02 Prepaid Rent 6,300 Cash 6,300 2 Jan...
No Date Account Title Debit Credit 1 Jan 02 Prepaid Rent 6,300 Cash 6,300 2 Jan 09 Supplies 3,600 Accounts Payable 3,600 3 Jan 13 Accounts Receivable 25,600 Service Revenue 25,600 4 Jan 17 Cash 3,800 Deferred Revenue 3,800 5 Jan 20 Salaries Expense 11,600 Cash 11,600 6 Jan 22 Cash 24,200 Accounts Receivable 24,200 7 Jan 29 Accounts Payable 4,100 Cash 4,100 8 Jan 31 Rent Expense 525 Prepaid Rent 525 9 Jan 31 Supplies Expense 3,900 Supplies 3,900...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT