From the following transactions as well as additional data, please complete the entire accounting cycle for Mikes
Question:
Adjusting Data
a. Plumbing supplies remaining at month-end were $328.
b. One months rent expired in May.
c. Amortization on office equipment uses the straight-line method, a life of five years, and a residual value of $500.
d. Amortization of plumbing equip mental souses the straight-line method, a life of three years, and zero residual value.
e. Salaries accrued amounted to 20% of the salaries paid on May 31.
Transcribed Image Text:
2013 May To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment 1 1 Paid rent for four months in advance, $1,980. 3 Purchased office equipment on account from MacKenzie Co., $3,800. 7 Bought plumbing supplies, $1,645. 8 Collected $3,600 for plumbing services provided. 9 Mike paid his home utility bill with a company cheque, $122. 10 Billed Western Construction Co. for plumbing fees earned but not to be received until later, $9,600 Advertising bill was received from ABCD Radio Co. but is not to be paid until next month, $420. Received cheque from Western Construction Co. in partial payment of transaction dated May 10, $4,800 14 21 TRAN'S COMPUTER REPAIR SERVICE WORKSHEET NOVEMBER 30, 2012 Trial Balance Cr Adjustments Dr. Adjusted Trial Balance Income Statement Balance Sheet Cr. Account Titles Dr. Dr. Cr. Dr. Cr. Dr. Cash Prepaid Insurance Accounts Receivable Repair Parts and Supplies Van Accumulated Amortization, Van Accounts Payable Megan Tran, Capital Megan Tran, Withdrawals Repair Revenue Advertising Expense Automotive Expense Cleaning Expense Miscellaneous Expense Postage and Office Expense Salaries Expense 236648 1456 52 7742 159 747 2167500 32964 47637 5 277 42 105720 21675 00 3684 1232964 (C) 2 3 8 19 A7637」 52 7742 , Σ54 027 1057294 167500 810365 377 260 1366358」 34740 845105 401 560 13 66 358 845105 0 1560 136 6358 () 24300 26 0000 260000 26 0000 164 5870 1645 870 164 5870 (F) 24 300 95738 71438 234551 37500 17814 28417 95738 234551 37500 17814 2 8417 429040 345 51 니고 37500 178 14 28417 290 40 (E) 4 2000 199853 4199853 Insurance Expense Bank Charges Expense Amortization Expense, Van Accrued Salaries Supplies Expense (C) 23819 3684 B)3474o 3819 684 34740 23819 684 (E) 4 2000 2000 4 2000 (D) 54027 54027 54027 959330 1645870 3341 563 2655023 686540 4300893 Net Income Paid MacKenzie Co. one-half of amount owed for office equipment, $1,900. Paid telephone bill of company, $184. Received bill from George's Cleaning to be paid in June, $215 Paid salaries to employees, $4,100. May 28 31 31 31
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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