Question

In: Accounting

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
Next > < Previous

Related Solutions

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...
Chart of Accounts Assets 111 Cash 112 Accounts Receivable 114 Prepaid Insurance 121 Land 122 Building...
Chart of Accounts Assets 111 Cash 112 Accounts Receivable 114 Prepaid Insurance 121 Land 122 Building 123 Accumulated Depreciation, Building 124 Pool/Slide Facility 125 Accumulated Depreciation, Pool/Slide Facility 126 Pool Furniture 127 Accumulated Depreciation, Pool Furniture Liabilities 221 Accounts Payable 222 Wages Payable 223 Mortgage Payable Owner's Equity 311 L. Judar, Capital 312 L. Judar, Drawing 313 Income Summary Revenue 411 Income from Services 412 Concessions Income Expenses 511 Pool Maintenance Expense 512 Wages Expense 513 Advertising Expense 514 Utilities...
Solve the follwing problem. CHART OF ACCOUNTSSherwood Co.General Ledger ASSETS 110 Cash 111 Accounts Receivable 112...
Solve the follwing problem. CHART OF ACCOUNTSSherwood Co.General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment 127 Tools 128 Accumulated Depreciation-Tools LIABILITIES 210 Accounts Payable-Kirkwood Co. 211 Accounts Payable-Greenwood Co. 212 Accounts Payable-Poulin Co. 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees...
  Cash $ 80 Accounts Payable $ 26   Accounts Receivable 12 Wages and Other Expenses Payable 111...
  Cash $ 80 Accounts Payable $ 26   Accounts Receivable 12 Wages and Other Expenses Payable 111   Inventories 188 Long-Term Debt 203   Other Current Assets 26 Other Long-Term Liabilities 44   Property, Plant, and Equipment 355 Contributed Capital 356   Other Assets 99 Retained Earnings 20 Assume that the following events occurred in the quarter ended December 31 (amounts provided are in whole dollars): Paid $2,000,000 cash for an additional “other asset”. Issued additional shares for $2,000,000 in cash. Purchased property, plant, and...
Chart of Accounts for Techno Engineering Supplies Company Assets: 101       Cash 105       Accounts Receivable 110       Note...
Chart of Accounts for Techno Engineering Supplies Company Assets: 101       Cash 105       Accounts Receivable 110       Note Receivable 115       Inventory 120       Prepaid Insurance 125       Warehouse Building 130       Equipment Liabilities: 201       Account Payable 205       Note Payable 210       Wages Payable 215       Loan Payable 220       Interest Payable Owners’ Equity: 301       Capital Stock 310       Dividends Revenues: 401       Sales Revenue 405       Interest Revenue Expenses: 501       Cost of Goods Sold 505       Wages Expense 510       Utilities Expense 515       Insurance Expense 520       Income Tax Expense ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Assume...
CHART OF ACCOUNTSBeartooth Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory...
CHART OF ACCOUNTSBeartooth Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610...
CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14...
CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on...
SANCHEZ COMPUTER CENTER Chart of Accounts- Assets 1000 Cash 1020 Accounts Receivable 1030 Supplies 1080 Computer...
SANCHEZ COMPUTER CENTER Chart of Accounts- Assets 1000 Cash 1020 Accounts Receivable 1030 Supplies 1080 Computer Shop Equipment 1090 Office Equipment Liabilities 2000 Accounts Payable Owner's Equity 3000 Freedman, Capital 3010 Freedman, Withdrawls Revenue 4000 Service Revenue Expenses 5010 Advertising Expense 5020 Rent Expense 5030 Utilities Expense 5040 Phone Expense 5050 Supplies Expense 5060 Insurance Expense 5070 Postage Expense During the month of November the following transactions occurred. a. Record the following transactions in the general journal and post them...
7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131...
7. CHART OF ACCOUNTS Lawn Spray Inc. General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in...
Solve the follwing problem. CHART OF ACCOUNTSBeartooth Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125...
Solve the follwing problem. CHART OF ACCOUNTSBeartooth Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT