Question

Appendix E Analyzing Transactions with Journal Entries   The Concordia Construction Corporation (CCC) was formed on March 1 of this year. The company is a full service construction company, specializing in excavation and construction of commercial buildings.    Journalize the following transactions for the month of March for Concordia Construction Corporation and prepare a balance sheet and income statement for CCC for the month of March.   March 1. The corporation is organized by selling stock for $100,000.    March 1. Purchase a parcel of land for $28,000, paid $10,000 in cash and issued a promissory note for the balance.    March 1. Purchased excavating equipment with cash for $30,000.    March 1. Purchased a two-year liability insurance premium for $6,464, paying cash.    March 9. Purchased office supplies, on account, for $1,260.    March 11. Purchased a used backhoe for $7,500, paying cash.    March 13. Paid $4,800 to rent an office/warehouse building for one year.    March 14. Paid Brown Construction Company $8,000 for a pole-shed to be used as a yard office. Paid an additional cost of $2,000 to have the pole-shed moved to the Concordia Construction site.,

March 15. Paid employee wages of $14,000.    March 17. Billed Madison Construction Company $8,000 for excavating work preformed on March 13.    March 19. Received $15,000 from Brown Dear Contractors, Inc. for excavating work performed on March 5.    March 21. Paid $8,000 on the note payable signed on March 1.    March 23. Paid $2,300 for advertisement in trade magazine for March.    March 23. Received check from Madison Construction Corporation for $4,000 for work completed in March.     March 25. Received a bill for utilities from Alliant Energy Company for $1,200 to be paid in April.    March 25. Paid BP Oil Company bill for $4,000 for gasoline used during March.    March 27. Billed New Berlin Contractors, Inc. $7,500 for work preformed in March.    March 28. Paid $2,550 for repairs made on bulldozer.     March 29. Recognized insurance expense for the month of March.

March 30. Recognize the employee wages expense of $4,000; these wages to be paid in April.    March 30. Remaining office supplies amount is $600.    March 30. Recognized a portion of the prepaid rent on the office/warehouse.    Post all of the transactions to the appropriate income statement or balance sheet for Concordia Construction Corporation. Concordia Construction Corporation The Income Statement For the Month Ended March 31 Revenues:    Expenses: Excavating Revenues   Employee Wages Expense     Utilities Expense     Office Supply Expense     Advertising Expense     Rent Expense     Gasoline Expense     Insurance Expense     Repairs Expense   Concordia Construction Corporation Balance Sheet as of March 31 Assets:     Cash    Accounts Payable (A/P) Accounts Receivable (A/R) Note Payable Prepaid Insurance   Wages Payable Office Supplies    Land    Common Stock Building    Retained Earnings Equipment    

Analyzing Transactions with Journal Entries   Concordia Construction Corporation   Accounts Revenues   Excavating Revenues Expenses   Employee Wages Expense    Utilities Expense    Office Supplies Expense    Advertising Expense    Rent Expense    Gasoline Expense    Insurance Expense    Repairs Expense Assets   Cash    Accounts Receivable (A/R)    Prepaid Insurance    Prepaid Rent    Office Supplies    Land    Building    Equipment Liabilities   Accounts Payable (A/P)    Note Payable    Employee Wages Payable   Owners Equity Retained Earnings    Owners Equity

Answer 1

The Concordia Cunstruction Corporation
General journal for the month ending March 31, curent year
Date	Account Title	Debit	Credit
3/1	Cash	100000
	Common Stock		100000
	(Common stock issued)
3/1	Land	28000
	Cash		10000
	Note payable		18000
	(Purchase of land)
3/1	Equipment	30000
	Cash		30000
	(Purchase of equipment)
3/1	Prepaid Insurance	6464
	Cash		6464
	(Purchase of 2-year insurance)
3/5	Accounts Receivable	15000
	Excavation Revenue		15000
	(Billing of excavation work) *
3/9	Office Supplies	1260
	Accounts payable		1260
	(Purchase of office supplies on account)
3/11	Equipment	7500
	Cash		7500
	(Purchase of a used backhoe)
3/13	Prepaid Rent	4800
	Cash		4800
	(Payment of 1-year rent for office building)
3/14	Building	10000
	Cash		10000
	(Cash paid for pole-shed)
3/15	Employe Wages Espense	14000
	Cash		14000
	(Payment of employe wages)
3/17	Accounts Receivable	8000
	Excavation Revenues		8000
	(Billing of excavation work)
3/19	Accounts Receivable	15000
	Excavation Revenues		15000
	(Cash received for excavation work done on March 5)*
3/21	Note payable	8000
	Cash		8000
	(Payment of cash on note payable)
3/23	Advertising Expense	2300
	Cash		2300
	(Payment for advertising for March)
3/23	Cash	4000
	Accounts Receivable		4000
	(Payment received on account)
3/25	Utilities expense	1200
	Accounts payable		1200
	(Utilties bill for March )
3/25	Gasoline expenses	4000
	Cash		4000
	(Payment of gasoline expenses for March)
3/27	Accounts Receivable	7500
	Excavation Revenues		7500
	(Billing of excavation work)
3/28	Repairs Expense	2550
	Cash		2550
	(Repair expenses on bulldozer)
3/29	Insurance Expense	269
	Prepaid Insurance		269
	(Insuranceexpense for March -- 6464 / 24)
3/30	Employe Wages Espense	4000
	Wages payable		4000
	(Wages accrued and unpaid for March)
3/30	Office supplies expense	660
	Office supplies		660
	(Office supplies used in March)
3/30	Rent Expense	400
	Prepaid Rent		400
	(Rent expense for March)

The Concordia Cunstruction Corporation
Worksheet for the month ending March31, current year
	Transactions		Unadjusted trial balance		Adjustments		Adjusted trial balance
Account	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	119000	92114	26886				26886
Acounts Receivable	30500	19000	11500				11500
Prepaid insurance	6464		6464			269	6195
Prepaid Rent	4800		4800			400	4400
Office supplies	1260		1260			660	600
Land	28000		28000				28000
Building	10000		10000				10000
Equipment	37500		37500				37500
Accounts payable		9960		9960				9960
Note payable	8000	18000		10000				10000
Wages payable				0		4000		4000
Common Stock		100000		100000				100000
Retained earnings				0				0
Excavating Revenues		30500		30500				30500
Employee wage Expense	14000		14000		4000		18000
Utilities Expense	1200		1200				1200
office supplies Expense			0		660		660
Advertising Expense	2300		2300				2300
Rent Expense			0		400		400
Gasoline Expense	4000		4000				4000
Insurance Expense			0		269		269
Repairs Expense	2550		2550				2550
Total	269574	269574	150460	150460	5329	5329	154460	154460

The Concordia Cunstruction Corporation
Worksheet for the month ending March31, current year
	Transactions		Unadjusted trial balance		Adjustments		Adjusted trial balance		Income Statement		Balance Sheet
Account	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	119000	92114	26886				26886				26886
Acounts Receivable	30500	19000	11500				11500				11500
Prepaid insurance	6464		6464			269	6195				6195
Prepaid Rent	4800		4800			400	4400				4400
Office supplies	1260		1260			660	600				600
Land	28000		28000				28000				28000
Building	10000		10000				10000				10000
Equipment	37500		37500				37500				37500
Accounts payable		9960		9960				9960				9960
Note payable	8000	18000		10000				10000				10000
Wages payable				0		4000		4000				4000
Common Stock		100000		100000				100000				100000
Retained earnings				0				0				1121
Excavating Revenues		30500		30500				30500		30500
Employee wage Expense	14000		14000		4000		18000		18000
Utilities Expense	1200		1200				1200		1200
office supplies Expense			0		660		660		660
Advertising Expense	2300		2300				2300		2300
Rent Expense			0		400		400		400
Gasoline Expense	4000		4000				4000		4000
Insurance Expense			0		269		269		269
Repairs Expense	2550		2550				2550		2550
Total	269574	269574	150460	150460	5329	5329	154460	154460	29379	30500	125081	125081
Income Summary									1121
Grand total	269574	269574	150460	150460	5329	5329	154460	154460	30500	30500	125081	125081