The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations.
Cash No. 101
4/1 15,000 4/15 600
4/12 900 4/25 1,500
4/29 400
4/30 1,000
Accounts Receivable No. 112
4/7 3,200 4/29 400
Supplies No. 126
4/4 1,800
Accounts Payable No. 201
4/25 1,500 4/4 1,800
Unearned Revenue No. 205
4/30 1,000
Common Stock No. 311
4/1 15,000
Service Revenue No. 400
4/7 3,200
4/12 900
Salaries Expense No. 726
4/15 600
Instructions
(a) Prepare the complete general journal from which the postings to Cash were made.
Date Description/Account Debit Credit
Apr. 1
(Owner’s investment of cash in business.)
Apr. 12
(Received cash for services provided.)
Apr. 15
(Paid salaries to date.)
Apr. 25
(Paid creditors on account.)
Apr. 29
(Received cash in payment of account.)
Apr. 30
(Received cash for future services.)
(b) Prepare a trial balance at April 30, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)
SIMON LANDSCAPING COMPANY
Trial Balance
April 30, 2008
Debit Credit
Cash
P2 3A
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2007 (the end of its fiscal year).
BYTE REPAIR SERVICE, INC.
Trial Balance
December 31, 2007
Cash $8,000
Accounts Receivable 15,000
Parts Inventory 13,000
Prepaid Rent 3,000
Shop Equipment 21,000
Accounts Payable $19,000
Common Stock 30,000
Retained Earnings 11,000
$60,000 $60,000
Summarized transactions for January 2008 were as follows:
1. Advertising costs, paid in cash, $1,000.
2. Additional repair parts inventory acquired on account $4,000.
3. Miscellaneous expenses, paid in cash, $2,000.
4. Cash collected from customers in payment of accounts receivable $14,000.
5. Cash paid to creditors for accounts payable due $15,000.
6. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.)
7. Repair services performed during January: for cash $6,000; on account $9,000.
8. Wages for January, paid in cash, $3,000.
9. Dividends paid in January were $3,000.
Instructions
(a) Prepare journal entries to record each of the January transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Description/Account Debit Credit
1.
2.
3.
4.
5.
6.
7.
8.
9.
(b) Open T accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2008. Post the journal entries to the accounts in the ledger.
Cash Common Stock
Bal.
Bal.
(1)
(3)
(4)
Retained Earnings
(5)
Bal.
(7)
(8)
(9)
Dividends
(9)
Accounts Receivable
Bal.
Repair Services Revenue
(4)
(7)
(7)
Advertising Expense
Parts Inventory (1)
Bal.
(2)
(6)
Miscellaneous Expense
(3)
Prepaid Rent
Bal.
Repairs Parts Expense
(6)
Shop Equipment
Bal.
Wage Expense
(8)
Accounts Payable
Bal.
(2)
(5)
(c) Prepare a trial balance as of January 31, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)
BYTE REPAIR SERVICE, INC.
Trial Balance
January 31, 2008
Cash $
$
Accounts Receivable
Parts Inventory
Prepaid Rent
Shop Equipment
Accounts Payable
Common Stock
Retained Earnings
Dividends
Repair Services Revenue
Advertising Expense
Miscellaneous Expense
Repair Parts Expense
Wage Expense
$
$
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The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations.
Cash No. 101
4/1 15,000 4/15 600
4/12 900 4/25 1,500
4/29 400
4/30 1,000
Accounts Receivable No. 112
4/7 3,200 4/29 400
Supplies No. 126
4/4 1,800
Accounts Payable No. 201
4/25 1,500 4/4 1,800
Unearned Revenue No. 205
4/30 1,000
Common Stock No. 311
4/1 15,000
Service Revenue No. 400
4/7 3,200
4/12 900
Salaries Expense No. 726
4/15 600
Instructions
(a) Prepare the complete general journal from which the postings to Cash were made.
Date Description/Account Debit Credit
Apr. 1
(Owner’s investment of cash in business.)
Apr. 12
(Received cash for services provided.)
Apr. 15
(Paid salaries to date.)
Apr. 25
(Paid creditors on account.)
Apr. 29
(Received cash in payment of account.)
Apr. 30
(Received cash for future services.)
(b) Prepare a trial balance at April 30, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)
SIMON LANDSCAPING COMPANY
Trial Balance
April 30, 2008
Debit Credit
Cash
P2 3A
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2007 (the end of its fiscal year).
BYTE REPAIR SERVICE, INC.
Trial Balance
December 31, 2007
Cash $8,000
Accounts Receivable 15,000
Parts Inventory 13,000
Prepaid Rent 3,000
Shop Equipment 21,000
Accounts Payable $19,000
Common Stock 30,000
Retained Earnings 11,000
$60,000 $60,000
Summarized transactions for January 2008 were as follows:
1. Advertising costs, paid in cash, $1,000.
2. Additional repair parts inventory acquired on account $4,000.
3. Miscellaneous expenses, paid in cash, $2,000.
4. Cash collected from customers in payment of accounts receivable $14,000.
5. Cash paid to creditors for accounts payable due $15,000.
6. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.)
7. Repair services performed during January: for cash $6,000; on account $9,000.
8. Wages for January, paid in cash, $3,000.
9. Dividends paid in January were $3,000.
Instructions
(a) Prepare journal entries to record each of the January transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Description/Account Debit Credit
1.
2.
3.
4.
5.
6.
7.
8.
9.
(b) Open T accounts for each of the accounts listed in the trial balance, and enter the opening balances for 2008. Post the journal entries to the accounts in the ledger.
Cash Common Stock
Bal.
Bal.
(1)
(3)
(4)
Retained Earnings
(5)
Bal.
(7)
(8)
(9)
Dividends
(9)
Accounts Receivable
Bal.
Repair Services Revenue
(4)
(7)
(7)
Advertising Expense
Parts Inventory (1)
Bal.
(2)
(6)
Miscellaneous Expense
(3)
Prepaid Rent
Bal.
Repairs Parts Expense
(6)
Shop Equipment
Bal.
Wage Expense
(8)
Accounts Payable
Bal.
(2)
(5)
(c) Prepare a trial balance as of January 31, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)
BYTE REPAIR SERVICE, INC.
Trial Balance
January 31, 2008
Cash $
$
Accounts Receivable
Parts Inventory
Prepaid Rent
Shop Equipment
Accounts Payable
Common Stock
Retained Earnings
Dividends
Repair Services Revenue
Advertising Expense
Miscellaneous Expense
Repair Parts Expense
Wage Expense
$
$
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