Accounting
MalbarakFor the month of January Jim’s Landscaping Company has the following transactions:
- Borrowed $5,000 from First National Bank on a note due in two years.
- Received $12,500 cash from investors and issued them stock.
- Purchased a vehicle for $12,000, paying $8,000 cash and signing a note for the balance that is due in three years.
- Purchased supplies costing $600 on account.
- Purchased supplies costing $400 paying cash.
- Cut three lawns totaling $500 and billed customers.
- Cut one lawn and was paid $300.
- Paid wages totaling $600.
- Purchased gas costing $200 on credit.
- Paid for the gas purchased above.
Required:
1. Prepare journal entries for the above transactions.
2. Post the above transactions to T Accounts.
3. Prepare a Trial Balance.
2. Joan’s dance studio had the following transactions during May.
- Sold dance lessons totaling $5,000 to customers and was paid $3,000 in cash and the remainder on account.
- Paid $800 in wages for May.
- Received a utility bill for May totaling $600 that will be paid in June.
- Received $1,000 deposit from customers in May for dance lessons to be conducted in June.
Required:
Prepare a cash basis and an accrual basis income statement.
- 7 years ago
- 5
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