As of November 1, 2017. Mr. Bai decided to open an ice cream shop in Hangzhou....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
As of November 1, 2017. Mr. Bai decided to open an ice cream shop in Hangzhou. The business will be known as Dairy Queen. During November, Diary Queen entered into the On Nov 11", Dairy Queen paid cash for an advertisement published on Hangzhou Daily for RMB 1,500. following transactions: 1. On Nov 1", Mr. Bai invested RMB 90,000 cash into the business 2. 5. 6. 7. On Nov 20, Dairy Queen paid China Bank RMB S,000 for part of the debt incurred on Nov 6". 8. On Nov 20, Dairy Queen bought new supplies for RMB 7,000 in cash. 10. On Nov.22d, Mr. Bai withdrew RMB 16,000 for personal use. 12. In November, 10 customers bought Dairy Queen VIP cards for RMB 5,000 in total. 13. On Nov 31"“, Dairy Queen paid telephone bill and electricity bill for November They totaled RMB 250. The payment was made in cash. Step I Analyzing and Recording Transactions in the journal Step 2 Posting transactions to the ledger Step 3 Preparing an unadjusted trial balance Step 4 Preparing a worksheet The following data have been assembled on Nov 31", 2017 for analysis of possible adjustments for Dairy Queen. 1. 1/8 of insurance expired during November. 2. Supplies on hand on Nov.31" were RMB 5,000. 3. The office equipment was depreciated using straight-line basis. 4. One month' rent expired in November. 5. The wages of employees were deemed to be paid by the beginning of December. The total wages waiting to be paid were RMB 12,000. 6. In November, VIP customers spent 500 at Dairy Queen using VIP cards. Step 5 Assembling and journalizing adjusting entries. Step 6 Posting adjusting entries Step 7 Preparing an adjusted trail balance Step 8 Preparing the financial statements (Statement of Cash Flow not included) Step 9 Journaling and posting closing entries Step 10 Preparing a post-closing trail balance For the Month Ended Nov 31st, 2017 Dairy Queen End-of-Period Soreadsheet Post-Closing Balance Sheet Income Statement Cr Unadjusted Trial Balance Adjusted Trial Balance Dr Adjustments Dr. Cr. Dr. Trial Balance Cr. Dr Dr. Cr. Dr. Cr Account Title Cash A/R Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation A/P Unearned Fees Wages Payable Bai, Capital Bai, Drawing Fees earned Insurance Expense Supplies Expense Depreciation Expense Rent Expense Wages Expense Advertising Expense Miscellaneous Expense Total Net Income As of November 1, 2017. Mr. Bai decided to open an ice cream shop in Hangzhou. The business will be known as Dairy Queen. During November, Diary Queen entered into the On Nov 11", Dairy Queen paid cash for an advertisement published on Hangzhou Daily for RMB 1,500. following transactions: 1. On Nov 1", Mr. Bai invested RMB 90,000 cash into the business 2. 5. 6. 7. On Nov 20, Dairy Queen paid China Bank RMB S,000 for part of the debt incurred on Nov 6". 8. On Nov 20, Dairy Queen bought new supplies for RMB 7,000 in cash. 10. On Nov.22d, Mr. Bai withdrew RMB 16,000 for personal use. 12. In November, 10 customers bought Dairy Queen VIP cards for RMB 5,000 in total. 13. On Nov 31"“, Dairy Queen paid telephone bill and electricity bill for November They totaled RMB 250. The payment was made in cash. Step I Analyzing and Recording Transactions in the journal Step 2 Posting transactions to the ledger Step 3 Preparing an unadjusted trial balance Step 4 Preparing a worksheet The following data have been assembled on Nov 31", 2017 for analysis of possible adjustments for Dairy Queen. 1. 1/8 of insurance expired during November. 2. Supplies on hand on Nov.31" were RMB 5,000. 3. The office equipment was depreciated using straight-line basis. 4. One month' rent expired in November. 5. The wages of employees were deemed to be paid by the beginning of December. The total wages waiting to be paid were RMB 12,000. 6. In November, VIP customers spent 500 at Dairy Queen using VIP cards. Step 5 Assembling and journalizing adjusting entries. Step 6 Posting adjusting entries Step 7 Preparing an adjusted trail balance Step 8 Preparing the financial statements (Statement of Cash Flow not included) Step 9 Journaling and posting closing entries Step 10 Preparing a post-closing trail balance For the Month Ended Nov 31st, 2017 Dairy Queen End-of-Period Soreadsheet Post-Closing Balance Sheet Income Statement Cr Unadjusted Trial Balance Adjusted Trial Balance Dr Adjustments Dr. Cr. Dr. Trial Balance Cr. Dr Dr. Cr. Dr. Cr Account Title Cash A/R Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation A/P Unearned Fees Wages Payable Bai, Capital Bai, Drawing Fees earned Insurance Expense Supplies Expense Depreciation Expense Rent Expense Wages Expense Advertising Expense Miscellaneous Expense Total Net Income
Expert Answer:
Answer rating: 100% (QA)
Journal entries Credit Date Debit 01112017 Cash Bais Capital 02112017 Prepaid Rent ... View the full answer
Related Book For
Business Communication In Person, In Print, Online
ISBN: 978-1111533168
8th edition
Authors: Amy Newman, Scot Ober
Posted Date:
Students also viewed these corporate finance questions
-
During 2012, Gavin Corp. entered into the following transactions.1. Borrowed $60,000 by issuing bonds.2. Paid $9,000 cash dividend to stockholders.3. Received $13,000 cash from a previously billed...
-
The company entered into the following transactions during the year: Purchase of investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $400 Sale of investment securities . ....
-
The High Level Company entered into the following transactions involving short-term liabilities during 2014 and 2015: Required 1. Determine the maturity dates of the three notes just described. 2....
-
For each equation: a) Tell whether the equation describes a parabola, an ellipse, or a hyperbola. b) State whether the directrix is vertical or horizontal and give its location in relation to the...
-
Explain cognitive evaluation theory. What does it assume about the effects of intrinsic and extrinsic rewards on behaviour?
-
Smartphones are made on a 40-step assembly process. All 40 steps are connected through a conveyor belt and all of the 40 steps must work at the same rate even if some of them have more capacity than...
-
Calculate the following: 1. \(\left(4.3 \times 10^{3} ight) \times\left(1.8 \times 10^{7} ight)\) 2. \(\left(5 \times 10^{-13} ight) \times\left(7.3 \times 10^{6} ight)\)
-
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Morrow Enterprises Inc., with balances on January 1, 2014, are as follows: Common Stock , $20 stated value...
-
Hi, please answer the following question and show your work. Thank you and hope you have a good weekend.. Question 20 2.3 pts Sookie LLC placed in service on November 29, 2021, machinery (seven-year...
-
The data displayed in the plot below are from a nearly complete record of body masses of the worlds native mammals (in grams, then converted to log-base 10; Smith et al. 2003). The data were divided...
-
Cane Company manufactures two products called Alpha and Beta that sell for $215 and $160, respectively. Each product uses only one type of raw material that costs $7 per pound. The company has the...
-
Bramble Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Bramble Corp....
-
Discuss the culture of business Describe the culture of a specific business or organization. What creates this culture? How do the different members' characteristics affect the culture? How does the...
-
Is safety culture different than organizational culture, or is safety culture simply the part of organizational culture that deals with safety
-
my essay will be a bout Nigerians/Ebo Nigerians in America ... the contribution to the country Show graphs, tables and images of the Nigerian group in America Assignments Black Immigrant Group...
-
1. A common saying in our culture is to "forgive and forget." Do you think that this is possible, and if so, is it desirable? Why, or why not? 2. Can anything be forgiven, in your view? Why or why...
-
Santana Corporation manufactures snowmobiles in its Blue Mountain, Wisconsin, plant. The following costs are budgeted for the first quarter's operations. Machine setup, indirect materials $4,000...
-
What is EBIT/eps analysis? What information does it provide managers?
-
Research a local health club online. Look at all of the information on the clubs website, and find one question that isnt answered online. For example, you might ask a question about cancelling...
-
If you dont have much experience using VoIP, such as Skype or Google Voice, try calling another student or a coworker. Both services are free, have simple sign-up procedures, and include optional...
-
Choose one or two students from your class to discuss their experience traveling internationally. The students may use the following questions to guide their ten-minute presentation: What country...
-
What are the advantages of leasing from the lessee's perspective?
-
What types of leases are capitalized by a lessee? Under what condition would a lessee not capitalize a lease?
-
From a lessee's standpoint, leases are classified as finance or operating leases. What criteria are used to identify a finance lease?
Study smarter with the SolutionInn App