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Submitted by Account_tutor on Fri, 2013-09-27 12:37
due on Tue, 2013-10-01 12:32
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accounting questions

On March 1, 2012, Mitch Quade established Mitch Realty, which completed the following transactions during the month:

          

(a)

Mitch Quade transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $18,000.

(b)

Purchase supplies on account, $1,200.

(c)

Earned sales commission, receiving cash, $14,000.

(d)

Paid rent on office and equipment for the month, $2,800.

(e)

Paid creditor on account, $750.

(f)

Paid office salaries, $3,000.

          
          
          

Instructions:

        
          

1

Journalize entries for transactions (a) through (f).  Omit the journal entry explanations. Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.

          

2

Post the journal entries the T accounts, placing the appropriate letter to the left of each amount to identify the transactions.  Determine the account balance after all posting is complete.  Accounts containing only a single entry do not need a balance.

          

3

Prepare and unadjusted trial balance as of March 31, 2012.

 

 

 

 

Jacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty.  Jacksonville Financial Services Co.'s accounting clerk prepared the unadjusted trial balance at December 31, 2011, shown below.

            
            
 

Jacksonville Financial Services Co.

       
 

Unadjusted Trial Balance

       
  

December 31, 2011

        
            

 

 

 

 

Debit

 

Credit

     

 

 

 

 

Balances

 

Balances

     

Cash

   

10,200

       

Accounts Receivable

  

34,750

       

Prepaid Insurance

  

6,000

       

Supplies

   

1,725

       

Land

   

50,000

       

Building

   

80,750

       

Accumulated Depreciation -- Building

  

37,850

     

Equipment

  

45,000

       

Accumulated Depreciation -- Equipment

  

17,650

     

Accounts Payable

    

3,750

     

Unearned Rent

    

3,600

     

Capital Stock

    

25,000

     

Retained Earnings

    

78,550

     

Dividends

   

8,000

       

Fees Earned

    

158,600

     

Salaries and Wages Expense

 

56,850

       

Utilities Expense

  

14,100

       

Advertising Expense

  

7,500

       

Repairs Expense

  

6,100

       

Miscellaneous Expense

 

4,025

       
    

325,000

 

325,000

     
            
            

The data needed to determine year end adustments are as follows:

     
            

(a)

Depreciation of building for the year, $2,100.

       

(b)

Depreciation of equipment for the year, $3000.

      

(c)

Accrued salaries and wages at December 31, $800.

      

(d)

Unexpired insurance at December 31, $1,500.

       

(e)

Fees earned but unbilled on December 31, $2,150.

      

(f)

Supplies on hand at December 31, $600.

       

(g)

Rent unearned at December 31, $1,500.

       
            

Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.

  
            

To Do:

           

Using the form provided on the next worksheet, journalize the adjusting entries.  Add additional accounts as needed.

 

 

 

 

 

 

 

Wizard Services Co. offers security services to business clients.

    
           

To Do:

          

1.

Complete the following end of period spreadsheet (work sheet) for Wizard Services Co.

 
 

Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.

           

2.

Prepare the following:

       
 

a. an income statement for July

      
 

b. a retained earnings statement for July

      
 

c. a balance sheet as of July 31.

      

 

 

 

Wizard Services  Co.

 

 

 

The cash account for Interactive Systems at February 28, 2011 indicated a balance of $7,635.  The bank statement indicated a balance of $13,333 on February 28, 2011. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:

              

a.

Checks outstanding totaled $4,118

         

b.

A deposit of $4,500, representing receipts of February 28, had been made too late to appear on the bank statement.

 

c.

The bank had collected $5,200 on a note left for collection.  The face of the note was $5,000.

    

d.

A check for $290 returned with the statement had been incorrectly recorded by Interactives Systems as $920.  The check was for the payment of an obligation to Busser Co. for the purchase of office supplies on account.

e.

A check drawn for $415 had been incorrectly charged by the bank as $145.

     

f.

Bank service charges for February amounted to $20.

       
              
              
              

To Do:

             
              

1

Prepare a bank reconciliation.  Use the provided form on the following worksheet.

     
 

Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.

   
              

2

Journalize the necessary entries.  The accounts have not been closed.  Use the provided form on the following worksheet.

 
              

 

 

Answer
Submitted by Account_tutor on Fri, 2013-09-27 12:38
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accounting questions

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Instructions

xxxxxxxxxxxx
AC2760
xxxx x xxxxxxxxxx
xxxx xxx following scenario, and complete xxx xxxx xx the xxxxxxxxx worksheet:
On xxxxx 1, xxxxx Mitch xxxxx established xxxxx Realty, which completed the following transactions xxxxxx xxx month:
xxxMitch xxxxx transferred xxxx xxxx x personal xxxx account xx xx account xx xx xxxx xxx xxx xxxxxxxx xx xxxxxxxx for xxxxxxx xxxxxx $18,000.
xxxPurchase xxxxxxxx on account, $1,200.
(c)xxxxxx xxxxx commission, xxxxxxxxx cash, $14,000.
xxxPaid xxxx xx xxxxxx xxx equipment xxx xxx month, xxxxxxx
(e) xxxx creditor on xxxxxxxx $750.
(f)xxxx office salaries, $3,000.
xxxxxxxxxxxxx
1 Journalize xxxxxxx xxx xxxxxxxxxxxx (a) through (f). Omit xxx xxxxxxx xxxxx explanations. xxxxxx use the xxxxxxxxx xxxx xxxxxx of the cell) xx xxxxx the account xxxxxxxxxxx box xx the xxxxxxxxxx
2 xxxx the xxxxxxx xxxxxxx xxx x xxxxxxxxx placing the xxxxxxxxxxx xxxxxx xx xxx xxxx of xxxx amount to xxxxxxxx xxx transactions. Determine the account balance

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file2..xlsx preview (484 words)

Instructions

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxx
Week 3 xxxxxxxxxx
xxxx xxx xxxxxxxxx xxxxxxxxx and complete the form xx xxx following xxxxxxxxxx
Jacksonville xxxxxxxxx xxxxxxxx Co., xxxxx specializes in appliance repair xxxxxxxxx is owned and xxxxxxxx by xxxxx Latty. xxxxxxxxxxxx Financial Services xxxxx xxxxxxxxxx clerk xxxxxxxx xxx xxxxxxxxxx xxxxx balance xx December 31, xxxxx shown below.
xxxxxxxxxxxx Financial Services Co.
xxxxxxxxxx Trial Balance
xxxxxxxx xxx xxxx
xxxxxCredit
xxxxxxxxBalances
Cash10,200
Accounts Receivable34,750
xxxxxxx Insurance xxxxx
Supplies xxxxx
Landxxxxxx
xxxxxxxx xxxxxx
xxxxxxxxxxx xxxxxxxxxxxx -- xxxxxxxx xxxxxx
Equipmentxxxxxx
Accumulated Depreciation -- Equipmentxxxxxx
Accounts Payable 3,750
xxxxxxxx xxxxxxxxx
xxxxxxx xxxxx 25,000
Retained Earnings xxxxxx
xxxxxxxxxxxxxx
xxxx Earned 158,600
Salaries xxx xxxxx Expense xxxxxx
Utilities xxxxxxxxxxxxx
xxxxxxxxxxx xxxxxxx7,500
Repairs Expense 6,100
xxxxxxxxxxxxx xxxxxxxxxxxx
325,000 xxxxxxx
The xxxx xxxxxx to xxxxxxxxx xxxx end xxxxxxxxxx are as xxxxxxxx
xxx xxxxxxxxxxxx xx building for xxx year, $2,100.
(b) xxxxxxxxxxxx of xxxxxxxxx for the year, xxxxxx
(c)xxxxxxx xxxxxxxx and wages xx xxxxxxxx 31, xxxxx
xxxxxxxxxxxx xxxxxxxxx at xxxxxxxx xxx $1,500.
xxxFees xxxxxx xxx xxxxxxxx xx xxxxxxxx 31, $2,150.
(f)xxxxxxxx on hand at December xxx $600.
(g) xxxx unearned xx xxxxxxxx xxx $1,500.
xxxxxx xxx xxx drop-down list (right xx the cell) to enter xxx account description

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file3..xlsx preview (1051 words)

xxxxxxxxxxxx

xxxxxxxx
AC2760
xxxx x xxxxxxxxxx
Wizard Services Co. offers xxxxxxxx services to business xxxxxxxx
To Do:
1.xxxxxxxx the following xxx xx xxxxxx spreadsheet xxxxx sheet) xxx xxxxxx xxxxxxxx xxx
xxxxxx use xxx xxxxxxxxx xxxx xxxxxx xx the xxxxx xx xxxxx xxx xxxxxxx xxxxxxxxxxx xxx on xxx xxxxxxxxxx
xx Prepare xxx xxxxxxxxxx
xx xx xxxxxx statement for xxxx
xx x xxxxxxxx earnings statement xxx July
xx x xxxxxxx xxxxx xx of xxxx xxx

xxxxx xxxxxxxxx

xxxxxx
Name:
Section (if xxxxxxxxxxxx
xxxxx xxx appropriate amount xx item xx the shaded cells.
xx xxxxxxxx (*) will xxxxxx next xx xx incorrect xxxxx in the outlined xxxxxx
Please use xxx drop-down xxxx (right xx xxx xxxxx xx enter xxx xxxxxxx description xxx on xxx xxxxxxxxx in part 2a-2c.
1.xxxxxx xxxxxxxx CO. 2. axxxxxx SERVICES CO.
xxxxxxxxxxxxx xxxxxxxxxxx xxxxx xxxxxx xxxxxx xxxxxxxxx July 31, 2012
For xxx xxxx Ended xxxx 31, 2012xxx the xxxxx Ended July xxx xxxxxxxxxx xxxxxxx xxxxx xxx xxxxxx xx time

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file4.xlsx preview (0 words)


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