Question: From the following transactions as well as additional data please

From the following transactions as well as additional data, please complete the entire accounting cycle for Parker’s Plowing (use the chart of accounts for 5A-3).
Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company.
1 Paid rent for six months in advance for garage space, $6,000.
4 Purchased office equipment on account from Lumen Corp., $12,600.
6 Purchased snow supplies for $800 cash.
8 Collected $14,000 from plowing local shopping centers.
12 Parker Muroney withdrew $4,000 from the business for his own personal use.
20 Plowed Alton Co. parking lots, payment not to be received until May, $1,500.
26 Paid salaries to employees, $1,900.
28 Paid Lumen Corp. one-half amount owed for office equipment.
29 Advertising bill received from Washington Co. but will not be paid until May, $700.
30 Paid telephone bill, $130.
Adjustment Data
a. Snow supplies on hand, $700.
b. Rent expired, $1,000.
c. Depreciation on office equipment, $210: ($12,600/5 yr = $2,520/12 mo. = $210).
d. Depreciation on snow equipment, $200: ($12,000/5 yr = $2,400/12 mo. = $200).
e. Accrued salaries, $380.

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  • CreatedApril 24, 2014
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