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Practice Set - Blue & Gray Photo Services 3864 Da...




Practice Set - Blue & Gray Photo Services 3864 Dallas Cowboys Road Suite 10,000 Dallas, TX 75207 (972) 555-3800 (business) (972) 555-3801 (fax) Fed Employer ID 54-000000 State Employee ID 54-000000 State Unemployment ID 54-0000 Business type: sole proprietorship Start accounting period January 20XX Blue & Gray Photo Services completed the following transactions during its first month of operations, September 1, 20XX. Blue & Gray Photo Services, a sole proprietorship, began operations by receiving from the owner $12,000 cash; office equipment valued at $23,000; photographic equipment valued at $45,000; and a vehicle valued at $17,500. The business gave Dallas Cowboys, the owner, capital in the business on Sept. 1. Received a check on Sept. 1 for $12,000 from Tom Landry Country Club to photograph events held at the club over the next 12 months Purchased insurance from Emmitt Smith Insurance, Inc.?$3,600 on Sept. 1 for 12 months On Sept. 1, paid $3,600 rent to Tony Dorsett Realty from Sept. 1, 20XX to December 31, 20XX Purchased photographic supplies from Drew Pearson Camera Suppliers for $564 on account terms net 30 Received $1,635 cash for performing photography services On Sept. 7, purchased office equipment from Terrell Owens Equipment Co. for $3,500 on account Paid miscellaneous expense for $18; paid with check 101 on Sept. 8 Performed photography services Sept. 9 on account for Ed "Too Tall" Jones; $1,500, due in 30 days Received $1,828 cash for performing photography services on Sept. 10 On Sept. 11, paid Roger Staubach Oil Company $500; used check 102 for gas and oil Borrowed $25,000 from Randy White National Bank as a 60-day, 10% note Placed an ad in the Cowboys News Journal on Sept. 13 for $450; paid with check 103 Performed photography services Sept. 14 on account?$4,200 for Aikman Energy Group On Sept. 15, received $4,978 cash for performing photography services Purchased office supplies Sept. 16 on account from Herschel Walker Inc. for $585 Jay Novacek Janitorial Co. provided services for $300; paid check 104 on Sept. 17 Sept. 18, purchased photographic camera equipment for $2,800, photographic supplies for $900 on account from Michael Irvin Camera Suppliers Cowboys withdrew $3,500 for personal use on Sept. 19 Purchased land from Deion Sanders Developers, Inc. for a tract of land for $9,500; paid with check 105 on Sept. 20 Received $6,475 cash for performing photography services on Sept. 21 Paid employee salaries on Sept. 22 for $4,200 Paid Dallas Water Works & Power for $822 with check 106 on Sept. 23 Sept. 24, issued check 107 for $564 to Drew Pearson Camera Supplies in payment of transaction #5 Use the transaction number as the date if a date is not listed in the transaction. For example, in transaction #5, the date should be Sept. 5. Blue & Gray Photo Services Chart of Accounts *Acct. No. Assets 10100 cash 10200 accounts receivable 10300 prepaid rent 10400 prepaid insurance 10500 photographic supplies 10600 office supplies 10700 land 10800 photographic equipment 10900 accumulated depreciation?photographic equipment 11000 office equipment 11100 accumulated depreciation?office equipment 11200 vehicle 11300 accumulated depreciation?vehicle Liabilities 20100 accounts payable 20200 note payable 20300 salary payable 20400 interest payable 20500 unearned photographic service revenue Owner's Equity 30100 Dallas Cowboys, capital 30200 Dallas Cowboys, withdrawals 30300 income summary Revenue 40100 photographic service revenue Expenses 50100 salary expense 50200 rent expense 50300 utilities expense 50400 photographic supplies expense 50500 office supplies expense 50600 insurance expense 50700 depreciation expense?photographic equipment 50800 depreciation expense?office equipment 50900 depreciation expense?vehicle 51000 gas and oil expense 51100 janitorial expense 51200 advertising expense 51300 interest expense 51400 miscellaneous expense *The account numbers do not have to be changed, but missing accounts must be added using any account number. Adjust entries, September 30, 20XX. Adjust unearned photographic service revenue for September. Assume photographic revenue is earned evenly over the entire month (refer to transaction #2). Expired insurance (refer to transaction #3) Expired rent (refer to transaction #4) Photographic supplies on hand September 30, $420 Office supplies on hand September 30, $200 Depreciation on photographic equipment for September, $700 Depreciation on office equipment for September, $500 Depreciation on vehicle for September, $650 Salaries accrued on September 30, $950 Accrue interest on note payable (refer to transaction #12, use a 360-day year). Provide the following documents: chart of accounts general journal general ledger trial balance statement of retained earnings/owner's equity income statement balance sheet post-closing trial balance


Paper#4937 | Written in 18-Jul-2015

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