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the chart of accounts of pete's delivery services includes the following: cash 111 accounts receivable 112...

the chart of accounts of pete's delivery services includes the following: cash 111 accounts receivable 112 office equipment 121 delivery trucks 122 accounts payable 211 pete jean capital 311 pete jean withdrawals 312 delivery fees earned 411 advertising expense 511 gas expense 512 salaries expense 513 telephone expense 514 the following tranactions resulted for pete's delivery service during the month of march? a. pete invested $40,000 in the business for his personal savings account b. bought delivery trucks on account $25,000 c. advertising bill received but unpaid $800 d. bought office eqipment for cash $2,500 e. received cash for delivery services rendered $13,000 f. paid salaries expense $1,850 g. paid gas expense for company trucks $750 h. billed customers for delivery services rendered $5,500 i. paid telephone bill $400 j. received $1,600 as partial payment of transaction h k. pete paid home telephone bill from company checkbook $88 As pete's newly employed account your task is to 1. set up T accounts in a ledger 2. record transactions in the T accounts (place the letter of the transaction next tot the entry) 3. foot the T accounts where appropriate 4. Prepare a trial balance at the end of March 5. Prepare from the trial balance, in proper form (a) an income statement for the month of March (b) a statement of owner's equity and (c) a balance sheet as of March 31

Solutions

Expert Solution

1., 2., & 3.

Cash Accounts Receivable
a. 40000 2500 d. h. 5500 1600 j.
e. 13000 1850 f.
j. 1600 750 g.
400 i.
88 k.
End. Bal. 49012 End. Bal. 3900
Office Equipment Delivery Trucks
d. 2500 b. 25000
End. Bal. 2500 End. Bal. 25000
Accounts Payable Pete Jean, Capital
25000 b. 40000 a.
800 c.
End. Bal. 25800 End. Bal. 40000
Pete Jean, Withdrawals Delivery Fees Earned
k. 88 13000 e.
5500 h.
End. Bal. 88 End. Bal. 18500
Advertising Expense Gas Expense
c. 800 g. 750
End. Bal. 800 End. Bal. 750
Salaries Expense Telephone Expense
f. 1850 i. 400
End. Bal. 1850 End. Bal. 400

4.

Pete's Delivery Services
Trial Balance
As at March 31
Account Debit Credit
Cash 49012
Accounts receivable 3900
Office equipment 2500
Delivery trucks 25000
Accounts payable 25800
Pete Jean, capital 40000
Pete Jean, withdrawals 88
Delivery fees earned 18500
Advertising expense 800
Gas expense 750
Salaries expense 1850
Telephone expense 400
Totals $ 84300 84300

5(a)

Pete's Delivery Services
Income Statement
For the Month Ended March 31
Revenue:
Delivery fees earned 18500
Expense:
Advertising expense 800
Gas expense 750
Salaries expense 1850
Telephone expense 400
Total expense 3800
Net income 14700

5(b)

Pete's Delivery Services
Statement of Owner's Equity
For the Month Ended March 31
Pete Jean, Capital, Beginning balance 0
Add:
Capital invested 40000
Net income 14700 54700
Less: Withdrawals 88
Pete Jean, Capital, Ending balance 54612

5(c)

Pete's Delivery Services
Balance Sheet
As of March 31
Assets
Current assets
Cash 49012
Accounts receivable 3900
Total current assets 52912
Property, plant, and equipment
Office equipment 2500
Delivery trucks 25000
Total property, plant, and equipment 27500
Total assets 80412
Liabilities and Owner's Equity
Current liabilities
Accounts payable 25800
Owner's equity
Pete Jean, capital 54612
Total liabilities and owner's equity 80412

ekkarill92 answered 1 year ago
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