Good afternoon, I need help with this assignment. Please use the table below. Thank you Adler's
Question:
Good afternoon, I need help with this assignment. Please use the table below. Thank you
Adler's Delivery Service completed the following transactions during the month of July:
A.Genesis Adler invested $30,000 in the delivery service from his personal savings account.
B.Bought delivery trucks on account, $14,000.
C.Bought office equipment for cash, $1,500.
D. Paid advertising expense, $500.
E.Collected cash for delivery services rendered, $2,400.
F. paid drivers' salaries, $900.
G.Paid gas expense for trucks, $1,100.
H. Performed delivery services for a customer on account, $900.
I. Telephone expense due but unpaid, $100.
J. Received $600 as partial payment of Transaction H.
K. Genesis withdrew cash for personal use, $250.
As Genesis Adler's newly hired accountant, you must perform the following:
1. Set up T accounts using the chart of accounts. Record transactions in the T accounts. (Place the letter of the transaction next to the entry.)
2. Foot the T accounts where appropriate and determine the ending balances.
3. Prepare a trial balance at the end of July.
4. Prepare from the trial balance, in proper form, (a) an income statement for the month of July, (b) a statement of owner's equity, and (c) a balance sheet as of July 31, 20XX.
Problem 2-6A | ||||||
(1 & 2) | Cash 111 | G. Adler, Withdrawals 312 | ||||
Accounts Receivable 112 | Delivery Fees Earned 411 | |||||
Office Equipment 121 | Advertising Expense 511 | |||||
Delivery Trucks 122 | Gas Expense 512 | |||||
Accounts Payable 211 | Salaries Expense 513 | |||||
G. Adler, Capital 311 | Telephone Expense 514 | |||||
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill