Question

In: Accounting

Cycle Company had the following trial balance at 3/1/2021: Opening trial balance Account name Debit Credit...

Cycle Company had the following trial balance at 3/1/2021:

Opening trial balance
Account name Debit Credit
Cash 100
Accounts receivable 450
Supplies 0
Equipment 600
Accumulated depreciation 70
Payables 0
Long-term debt 0
Contributed capital--common stock 400
Retained earnings 680
Dividends 0
Revenue 0
Selling Expense 0
Administrative Expense 0
Depreciation expense 0
Other expense 0
Total      1,150      1,150

4.3 Activity for the month of March

Date

Activity
  1. 3/1/2021

The company borrowed $1,000 on a two-year note, with principle and 8% interest due at maturity. This loan from FNB Destin requires preparation of monthly financial statements.
  1. 3/1/2021

The company sold common stock to shareholders and received $90 cash.
  1. 3/1/2021

The company purchased one week worth of office supplies for use in the administrative offices, $500 cash.
  1. 3/1/2021

The company completed one tax return for a client and billed the client, Jenna Smart, $600 on invoice #101. Smart will pay the invoice within 30 days
  1. 3/4/2021

The company completed one consulting service and received cash from the client, Joseph Gerard, $100 on invoice #102.
  1. 3/5/2021

The company paid current month’s administrative expenses in cash, $150.
  1. 3/6/2021

The company paid sales commissions, $40.
  1. 3/15/2021

The company completed one tax return for a client, Regan Elise, and billed her $700 on invoice #103. Elise agreed to pay the invoice next month.
  1. 3/16/2021

Collected $450 from Joseph Smith on invoice #100 (from previous month).
  1. 3/17/2021

The company completed consulting service for a client, Riggs Auto, and billed him $300 on invoice #104. Riggs promised to pay next month.
  1. 3/31/2021

Collected $400 from Jenna Smart on invoice #101.
  1. 3/31/2021

The company paid administrative salaries, $70.
  1. 3/31/2021

The company accrues $7 of interest payable on the outstanding note payable.
  1. 3/31/3021

The company recognized that the equipment has lost value due to depreciation. Using straight-line depreciation, the controller computed depreciation of $5 for the month.
  1. 3/31/2021

Paid $25 dividends to owners.
  1. Use the general journal to record the March activity.
  2. Create the general ledger .
  3. Create the trial balance
  4. Create the financial statements,

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial...
Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial balance(credit) Cash 32,236.75 32,236.75 baking supplies 18,500 18,500 merchandise inventory(fifo) 175.65 175.65 prepaid rent 1500 1500 prepaid insurance 2400 2400 baking equipment 6000 6000 accumulated depreciation 208.33 208.33 office supplies 600 600 accounts receivable 7700 7700 notes payable 10,000 10,000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense rent expense...
Following is the adjusted trial balance of Wilson Trucking Company       Account Title Debit Credit...
Following is the adjusted trial balance of Wilson Trucking Company       Account Title Debit Credit Cash $ 5,400 Accounts receivable 29,000 Office supplies 6,573 Trucks 161,000 Accumulated depreciation—Trucks $ 33,166 Land 42,000 Accounts payable 9,400 Interest payable 20,000 Long-term notes payable 60,000 Common stock 23,624 Retained earnings 94,498 Dividends 17,000 Trucking fees earned 124,000 Depreciation expense—Trucks 21,392 Salaries expense 56,046 Office supplies expense 16,000 Repairs expense—Trucks 10,277 Totals $ 364,688 $ 364,688 Use the above adjusted trial balance to...
Morris Company had the following adjusted trial balance: Additional Resources Account Titles Debit Credit Cash $25,220...
Morris Company had the following adjusted trial balance: Additional Resources Account Titles Debit Credit Cash $25,220 Accounts Receivable 18,400 Supplies 8,680 Equipment 44,400 Accumulated Depreciation $7,000 Accounts Payable 4,850 Deferred Rent Revenue 2,280 Capital Stock 41,570 Retained Earnings 21,900 Dividends 15,700 Commission Revenue 49,200 Rent Revenue 6,600 Depreciation Expense 5,700 Utilities Expense 9,900 Supplies Expense 5,400 Total $133,400 $133,400 The president of Morris Company has asked you to close the books (prepare and process the closing entries). Required: After the...
Ross Company had the following adjusted trial balance: Additional Resources Account Titles Debit Credit Cash $25,580...
Ross Company had the following adjusted trial balance: Additional Resources Account Titles Debit Credit Cash $25,580 Accounts Receivable 18,500 Supplies 9,800 Equipment 35,100 Accumulated Depreciation $9,800 Accounts Payable 4,530 Deferred Rent Revenue 1,540 Capital Stock 21,510 Retained Earnings 22,400 Dividends 13,600 Commission Revenue 56,800 Rent Revenue 5,500 Depreciation Expense 5,900 Utilities Expense 8,500 Supplies Expense 5,100 Total $122,080 $122,080 The president of Ross Company has asked you to close the books (prepare and process the closing entries). Required: After the...
The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash...
The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash $     99,876 106 Accounts receivable 5,300 125 Supplies - inventory 10,000 128 Prepaid insurance 6,400 131 Prepaid rent 35,000 151 Office equipment 20,000 152 Accumulated depreciation - office equipment $             0 155 Computer equipment 15,000 156 Accumulated depreciation - computer equipment 0 201 Accounts payable 0 205 Wages payable 0 221 Unearned revenue 1,500 301 Common stock 150,000 315 Retained earnings 0 401 Service...
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash...
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash $ 32,000 Accounts receivable 29,000 Supplies 35,000 Inventory 65,000 Land 237,000 Accounts payable $ 38,000 Notes payable (7%, due next year) 30,000 Common stock 196,000 Retained earnings 134,000 Totals $ 398,000 $ 398,000 From January 1 to December 31, the following summary transactions occurred: Purchased inventory on account for $340,000. Sold inventory on account for $620,000. The cost of the inventory sold was $320,000....
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash...
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash $ 32,000 Accounts receivable 29,000 Supplies 35,000 Inventory 65,000 Land 237,000 Accounts payable $ 38,000 Notes payable (7%, due next year) 30,000 Common stock 196,000 Retained earnings 134,000 Totals $ 398,000 $ 398,000 From January 1 to December 31, the following summary transactions occurred: Purchased inventory on account for $340,000. Sold inventory on account for $620,000. The cost of the inventory sold was $320,000....
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable...
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable 900​ ​ Inventory 1800​ ​ Supplies 2000​ ​ Prepaid Rent 400​ ​ Land 6500​ ​ Building 39,800​ ​ Accumulated Depreciation—Building ​ $8000​ Accounts Payable ​ 7600​ Unearned Revenue ​ 4300​ Notes Payable, due 2020 ​ 2300​ Common Stock ​ 6400​ Retained Earnings ​ 2700​ Dividends 800​ ​ Service Revenue ​ 33,800​ Rent Expense 1300​ ​ Supplies Expense 1100​ ​ Salaries Expense 6200​ ​ Depreciation...
Wong PTY LTD Adjusted trial balance As at 31 October 2019 Account name Debit Credit Cash...
Wong PTY LTD Adjusted trial balance As at 31 October 2019 Account name Debit Credit Cash $15,400 Supplies 1,550 Equipment 5,000 Accumulated depreciation 40 Accounts payable 2,550 Salaries payable 2,000 Bank loan (non-current) 5,000 Share capital 10,000 Retained earnings 0 Dividends 500 Service revenue 10,600 Salaries expense 7,650 Interest expense 50 Depreciation expense 40 $30,190 $30,190 Required: Prepare a Profit or Loss Statement Prepare a Balance Sheet Based on the Profit or Loss Statement and Balance Sheet, calculate the following...
Chart of Accounts and Opening Balances 1st November Account Number Account Name Debit Credit 110 Cash...
Chart of Accounts and Opening Balances 1st November Account Number Account Name Debit Credit 110 Cash at Bank 18,835 120 Accounts receivable 16,140 121 Allowance for Doubtful Debts 646 130 Prepaid Insurance 140 Prepaid Rent 3000 150 Office Supplies 950 160 Inventory 19,000 180 Delivery Van 181 Accumulated Depreciation – Delivery Van 200 Accounts Payable 16,995 220 Wages Payable 377 230 GST Clearing 1,045 250 Superannuation Payable 756 300 Capital 38,106 310 Drawings 350 Income Summary 410 Sales Revenue 412...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT