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Question;Individual Assignment Week ThreeKimberly M JohnsonAcc/290August 14, 2012James MooreIndividual Assignment Week ThreeBE4-1 Transactions that affect earnings do not necessarily affect cash.Hint: Identify impact of transactions on cash and net income.(SO 2, 9)InstructionsIdentify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. Cash Net Income(a) Purchased $100 of supplies for cash. -$100 $ 0(b) Recorded an adjusting entry to record use of $30 of the above supplies.(c) Made sales of $1,300, all on account.(d) Received $800 from customers in payment of their accounts.(e) Purchased equipment for cash, $2,500.(f) Recorded depreciation of building for period used, $600.P4-2A Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows. WAEGELEIN CONSULTINGTrial BalanceJune 30, 2010 Debit CreditCash $ 6,850 Accounts Receivable 7,000 Prepaid Insurance 2,640 Supplies 2,000 Office Equipment 15,000 Accounts Payable $ 4,540Unearned Service Revenue 5,200Common Stock 21,750Service Revenue 8,000Salaries Expense 4,000 Rent Expense 2,000 $39,490 $39,490In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation?Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.Other data: 1. Supplies on hand at June 30 total $980.2. A utility bill for $180 has not been recorded and will not be paid until next month.3. The insurance policy is for a year.4. $3,900 of unearned service revenue has been earned at the end of the month.5. Salaries of $1,250 are accrued at June 30.6. The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.7. Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.Hint: Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.(SO 4, 5, 6)Instructions (a) Prepare the adjusting entries for the month of June.(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.Service rev. $15,400(c) Prepare an adjusted trial balance at June 30, 2010.Tot. trial balance $44,670P4-3A The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31. OLATHE HOTELTrial BalanceMay 31, 2010 Debit CreditCash $ 2,500 Prepaid Insurance 1,800 Supplies 2,600 Land 15,000 Lodge 70,000 Furniture 16,800 Accounts Payable $ 4,700Unearned Rent Revenue 3,300Mortgage Payable 36,000Common Stock 60,000Rent Revenue 9,000Salaries Expense 3,000 Utilities Expense 800 Advertising Expense 500 $113,000 $113,000Other data: 1. Insurance expires at the rate of $300 per month.2. A count of supplies shows $1,050 of unused supplies on May 31.3. Annual depreciation is $3,600 on the lodge and $3,000 on furniture.4. The mortgage interest rate is 7%. (The mortgage was taken out on May 1.)5. Unearned rent of $2,500 has been earned.6. Salaries of $750 are accrued and unpaid at May 31.Hint: Prepare adjusting entries, adjusted trial balance, and financial statements.(SO 4, 5, 6, 7)Instructions (a) Journalize the adjusting entries on May 31.(b) Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries.(c) Prepare an adjusted trial balance on May 31.Rent revenue $ 11,500Tot. adj. trial balance $114,510(d) Prepare an income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31.Net income $ 3,840(e) Identify which accounts should be closed on May 31.P4-8A Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed. July 1 Issued 11,000 shares of common stock for $11,000 cash.1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.3 Purchased cleaning supplies for $900 on account.5 Paid $1,800 cash on 1-year insurance policy effective July 1.12 Billed customers $3,200 for cleaning services.18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.20 Paid $2,000 cash for employee salaries.21 Collected $1,400 cash from customers billed on July 12.25 Billed customers $2,500 for cleaning services.31 Paid $260 for gas and oil used in the truck during month.31 Declared and paid $600 cash dividend.The chart of accounts for Cardinal Window Washing contains the following accounts: Cash, Accounts Receivable, Cleaning Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation?Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Gas & Oil Expense, Cleaning Supplies Expense, Depreciation Expense, Insurance Expense, Salaries Expense.Hint: Complete all steps in accounting cycle.(SO 4, 5, 6, 7, 8)Instructions (a) Journalize the July transactions.(b) Post to the ledger accounts. (Use T accounts.)(c) Prepare a trial balance at July 31.(d) Journalize the following adjustments. 1. Services provided but unbilled and uncollected at July 31 were $1,700.2. Depreciation on equipment for the month was $250.3. One-twelfth of the insurance expired.4. An inventory count shows $360 of cleaning supplies on hand at July 31.5. Accrued but unpaid employee salaries were $400.(e) Post adjusting entries to the T accounts.(f) Prepare an adjusted trial balance.Cash $ 4,240(g) Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 31.Tot. assets $21,000(h) Journalize and post closing entries and complete the closing process.(i) Prepare a post-closing trial balance at July 31.

 

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