Question

October

1. S.Erickson invested $50,000 cash, a $16,000 pool equipment, and $12,000 of office equipment in the company.

2. The company paid $4,000 cash for five months’ rent.

3. The company purchased $1,620 of office supplies on credit from Todd’s Office Products.

5. The company paid $4,220 cash for one year’s premium on a property and liability insurance policy.

6. The company billed Deep End Co $4,800 for services performed in installing a new pool

8. The company paid $1, 620 cash for the office supplies purchased from Todd’s Office Products on October 3.

10. The company hired Julie Kruitas a part-time assistant for $136 per day, as needed.

12. The company billed Deep End Co another $1,600 for services performed.

15. The company received $4,800 cash from Deep End Co as partial payment on its account.

17. The company paid $750 cash to repair pool equipment that was damaged when moving it.

20. The company paid $1,958 cash for advertisements published in the local newspaper.

22. The company received $1,600 cash from Deep End Co. on its account.

28. The company billed Happy Summer Corp $6,802 for consulting services performed.

31. The company paid $952 cash for Julie Kruit’s wages for seven days’ work.

31. S.Erickson withdrew $3,500 cash from the company for personal use.

November

1. The Company reimbursed S. Erickson in cash for business automobile mileage allowance (Erickson logged 1,500 miles at $0.32 per mile).

2. The company received $5,630 cash from Underground Inc. for consulting services performed.

5. The company purchased office supplies for $1,325 cash from Todd’s Office Products.

8. The company billed Slides R Us $7,568 for services performed.

13. The company agreed to perform future services for Henry’s Pool and Spa Co. No work has been performed.

18. The company received $2,802 cash from Happy Summer Corp as partial payment of the October 28 bill.

22. The company donated $450 cash to the United Way in the company’s name.

24. The company completed work and sent a bill for $4,800 to Henry’s Pool and Spa Co.

25. The company sent another bill to Happy Summer Corp for the past-due amount of$4,000.

28. The company reimbursed S. Erickson in cash for business automobile mileage(1,300miles at $0.32 per mile).

30. The company paid cash to Julie Kruit for 14 days’ work.

30. S.Erickson withdrew $1,500 cash from the company for personal use.

December

2. Paid $1,200 cash to West Side Mall for Splashing Around’s share of mall advertising costs.

3. Paid $350 cash for minor repairs to the company’s pool equipment.

4. Received $ 4,800 cash from Henry’s Pool and Spa Co. for the receivable from November.

10. Paid cash to Julie Kruit for six days of work at the rate of $136 per day.

14. Notified by Henry’s Pool and Spa Co. that Splashing Around’s bid of $10,000 on a proposed project has been accepted. Henry’s paid a $6,500 cash advance to Splashing Around

15. Purchased $1,400 of office supplies on credit from Todd’sOffice Products.

16. Sent a reminder to Slides R Us to pay the fee for services recorded on November 8.

20. Completed a project for Underground Inc and received $6,545 cash.

22–26. Took the week off for the holidays.

28. Received $4,500 cash from Slides R Us on its receivable.

29. Reimbursed S.Erickson for business automobile mileage (500 miles at $0.32 per mile).31.S.Erickson withdrew $2,500 cash from the company for personal use

Prepare an income statement for the three months ended December 31, 2019

Prepare a statement of owner’s equity for the three months ended December 31, 2019

Prepare a classified balance sheet as of December 31, 2019

Record the closing entries for Splashing Around

Post the closing entries to the general ledger under "closing entry"

Prepare a post-closing trial balance as of December 31, 2019.

Answer 1

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