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post university acc 111 mid term paper




Question;ACCOUNTING MID TERM;John?s;House Painting Company has the following transactions for the year;1. December 1 ? Issued capital stock for;$100,000 to start a house painting business.;2. December 1 - Paid;one year insurance premium costing $4,800.;3. December 1 - Paid gas expense $200.;4. December 1 - Purchased equipment costing $4,800;on credit.;5. December 12 - Purchased supplies costing $800;on credit.;6. December 18 - Painted three houses totaling $12,000;and billed customers.;7. December 23 - Painted three rooms and billed;customers $500.;8. December 28 - Received $2,000 for houses;painted in #6.;9. December 31 - Paid for equipment purchased in;#4.;10. December 31 - Received $1,000 for a job to;paint a house in January next year.;11. December 31 - Paid a $1,000 dividend.;Required;1. Prepare journal;entries for the above transactions.;2. Post the above;transactions to T Accounts.;3. Prepare a Trial;Balance.;4. Prepare;adjusting entries in journal format and post to T Accounts.;Supplies on Hand;December 31 was $400.;The Equipment is to;be depreciated over 48 months starting with December.;(HINT, Record one month depreciation;expense).;Wages owed but not;paid on December 31 was $200.;One month of insurance;has expired.;5. Prepare an Adjusted;Trial Balance.;6. Prepare an;Income Statement, Statement of Retained Earnings and a Balance Sheet.;7. Prepare closing;entries in journal format and post to the T Accounts.;8. Prepare a;Post-Closing Trial Balance.


Paper#44748 | Written in 18-Jul-2015

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