liability, or an expense? Explain. re the February payments to YH Curling Club for ice rental...
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liability, or an expense? Explain. re the February payments to YH Curling Club for ice rental an asset, a reduction of a P2-12A Refer to the trial balance prepared in part (d) of P2-11A for YH Curling School. Instructions Use the trial balance to do the following: (a) Prepare an income statement for YH Curling School. (b) Prepare a statement of owner's equity. (c) Prepare a balance sheet. TAKING IT FURTHER Derek has reviewed the financial statements. He does not understand why the company's revenue is not equal to the cash he collected from customers. Explain. P2-13A The ledger of Super Delivery Service has the following account balances at the company's year end, August 31, 2017: Accounts Payable Accounts Receivable $ 3,250 Repairs Expense Salaries Expense Salaries Payable $ 1,549 5,698 883 37,800 299 2,606 48,840 4,226 Cash Equipment Gas Expense Insurance Expense Interest Expense Notes Payable Prepaid Insurance 49,660 Service Revenue 12,177 2,016 1,006 19,480 358 Supplies Supplies Expense T. Rowe, Capital T. Rowe, Drawings Unearned Revenue 25,000 643 Instructions (a) Prepare a trial balance, with the accounts arranged in ledger (financial statement) order, as illustrated in the chapter, and determine the missing amount for Cash. (b) Prepare an income statement, statement of owner's equity, and balance sheet. TAKING IT FURTHER The owner, Tom Rowe, is not sure how much cash he can withdraw from the company each year. After reviewing the financial statements, comment on the amount he withdrew this year. P2-14A A co-op student, working for Insidz Co., recorded the company's transactions for the month. At the end A. of the month, the owner of Insidz Co. reviewed the student's work and had some questions about the following t= transactions: 1. Insidz Co. received $425 cash from a customer on account, which was recorded as a debit to Cash of $425 and a credit to Accounts Receivable of $425. 2. A service provided for cash was posted as a debit to Cash of $2,000 and a credit to Service Revenue of $2,000. 3. A credit of $750 for interest earned was neither recorded nor posted. The debit was recorded and posted correctly. 4. The debit to record $1,000 of drawings was posted to the Salary Expense account. The credit was posted correctly. 5. Services of $325 were provided to a customer on account. The co-op student debited Accounts Receivable $325 and credited Unearned Revenue $325. 6. A purchase of supplies for $770 on account was recorded as a credit to Supplies and a credit to Accounts liability, or an expense? Explain. re the February payments to YH Curling Club for ice rental an asset, a reduction of a P2-12A Refer to the trial balance prepared in part (d) of P2-11A for YH Curling School. Instructions Use the trial balance to do the following: (a) Prepare an income statement for YH Curling School. (b) Prepare a statement of owner's equity. (c) Prepare a balance sheet. TAKING IT FURTHER Derek has reviewed the financial statements. He does not understand why the company's revenue is not equal to the cash he collected from customers. Explain. P2-13A The ledger of Super Delivery Service has the following account balances at the company's year end, August 31, 2017: Accounts Payable Accounts Receivable $ 3,250 Repairs Expense Salaries Expense Salaries Payable $ 1,549 5,698 883 37,800 299 2,606 48,840 4,226 Cash Equipment Gas Expense Insurance Expense Interest Expense Notes Payable Prepaid Insurance 49,660 Service Revenue 12,177 2,016 1,006 19,480 358 Supplies Supplies Expense T. Rowe, Capital T. Rowe, Drawings Unearned Revenue 25,000 643 Instructions (a) Prepare a trial balance, with the accounts arranged in ledger (financial statement) order, as illustrated in the chapter, and determine the missing amount for Cash. (b) Prepare an income statement, statement of owner's equity, and balance sheet. TAKING IT FURTHER The owner, Tom Rowe, is not sure how much cash he can withdraw from the company each year. After reviewing the financial statements, comment on the amount he withdrew this year. P2-14A A co-op student, working for Insidz Co., recorded the company's transactions for the month. At the end A. of the month, the owner of Insidz Co. reviewed the student's work and had some questions about the following t= transactions: 1. Insidz Co. received $425 cash from a customer on account, which was recorded as a debit to Cash of $425 and a credit to Accounts Receivable of $425. 2. A service provided for cash was posted as a debit to Cash of $2,000 and a credit to Service Revenue of $2,000. 3. A credit of $750 for interest earned was neither recorded nor posted. The debit was recorded and posted correctly. 4. The debit to record $1,000 of drawings was posted to the Salary Expense account. The credit was posted correctly. 5. Services of $325 were provided to a customer on account. The co-op student debited Accounts Receivable $325 and credited Unearned Revenue $325. 6. A purchase of supplies for $770 on account was recorded as a credit to Supplies and a credit to Accounts
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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