Question

In: Accounting

From the following transactions as well as add't data, please complete the entire accounting cycle for...

From the following transactions as well as add't data, please complete the entire accounting cycle for Parker's Plowing (using the chart of accounts below) for 2018. (Journal Entries)

Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company.

Jan. 1 Paid rent for six months in advance for garage space, $6000

Jan. 6 Purchased snow supplies for $800 casj/

Jan. 8 Collected $14,000 from plowing local shopping centers.

Jan. 12 Parker muroney withdrew $4000 from the business for his own personal use.

Jan. 20 Plowed Alton Co. parking lots, payment not to be received until May, $1, 500.

Jan. 26 Paid salaries to employees, $1900.

Jan. 28 Paid Lumen Corp. one-half amount owed for office equipment

Jan. 29 Advertising bill received from Washington Co. but will not be paid until May, $700

Jan. 30 Paid telephone bill, $130

Adjustent Data

a. Snow supplies on hand, $700

b. Rent expired, $1000

c. Depreciation on office equipent, $210: (12,600/5 yr = $2,520/12 mo. = $210).

d. Depreciation on snow equipment, $200: ($12,000/5 yr = $2,400/12 mo. = $200).

e. Accrued salaries, $380

Chart of accounts

Assets

111 Cash

112 Accounts Receivable

114 Prepaid Rent

115 Snow Supplies

121 Office Equipment

122 Accumulated Depreciation, Office Equipment

123 Snow Equipment

124 Accumulated Depreciation, Snow Equipment

Liabilities

211 Accounts Payable

212 Salaries Payable

Owners Equity

311 Parker Muroney, Capital

312 Parker Muroney, Withdrawls

313 Income Summary

Revenue

411 Plowing Fees

Expenses

511 Salary Expense

512 Advertising Expense

513 Telephone Expense

514 Rent Expense

515 Snow Supplies Expense

516 Depreciation Expense, Office Equipment

517 Depreciation Expense, Snow Equipment

Solutions

Expert Solution

Journal entries:

Date

Account titles and explanations

Debit ($)

Credit ($)

Jan-01

Prepaid rent

        6,000.00

Cash

     6,000.00

(Being advance rent paid for garbage space)

Jan-06

Snow supplies

           800.00

Cash

         800.00

(Being supplies purchased)

Jan-08

Cash

     14,000.00

Plowing fees

   14,000.00

(Being plowing fees collected)

Jan-12

Drawings

        4,000.00

Cash

     4,000.00

(Being cash withdrawn for personal use)

Jan-20

Accounts receivable

        1,500.00

Plowing fees

     1,500.00

(Being plwoing fees receivable)

Jan-26

Salaries

      1,900.00

Cash

     1,900.00

(Being salaries paid)

Jan-28

Accounts payable (12000 x 1/2)

        6,000.00

Cash

     6,000.00

(Being the half due amount paid for office equipment)

Jan-29

Advertising expenses

           700.00

Accounts payable                                               

         700.00

(Being advertisement bill received)

Jan-30

Telephone expense

           130.00

Cash

         130.00

(Being telephone bill paid)


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