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...
-
What are the potential penalties for a tax return preparer who intentionally ignores information reported to him by the taxpayer in an attempt to understate the tax liability shown on the return?
-
Calculate the value with which you divide molar magnetization M mol in emu/mol in order to get the amount of Bohr magnetons per mole.
-
Catastrophe Management Solutions is a customer service support center for insurance companies. In 2010, the company put out a help wanted ad for customer service representatives who had basic...
-
Multiple-Choice Questions 1. Which of the following will increase the breakeven quantity? a. A decrease in overall fixed costs b. A decrease in the marginal costs c. A decrease in the price level d....
-
18.A sine wave is travelling in a medium. The minimum distance between the two particles, always having same speed, is (1) (2)
-
Write a program to calculate the average age of a group of unknown size.
-
Pendart, Inc., which uses a predetermined overhead rate of $45 per direct labor hour, incurred actual overhead costs of $900,000 and used 22,000 direct labor hours. How much was Bendarts over- or...
-
If X1, X2,...,X, constitute a random sample from an infinite population with the mean and variance a, then find a. the expected value of sample mean X. b. the variance of sample mean X.
-
Alpha Investment Services (AIS) Crisis Communication It's a generalized question. Answer and organize it in the same order. A-11.1 Identify the major controls in place and rate as Excellent, Good,...
-
Suppose Bob is indifferent between these two consumption bundles {10 pens, 6 notebooks} and {6 pens, 8 notebooks}. This indifference shows that Bob is willing to give up _______ pen(s) for an...
-
2. For a lamp that has a total luminous flux, of 4.5104 lm and total radiant flux, of 300 W, (a) what is the overall luminous efficiency, K for this lamp? (b) if this lamp has a luminous intensity of...
-
Glass can be coated with a thin material as an antireflective coating. As per the image below, if the antireflective coating has a refractive index of n1 = 1.6 and the glass has a refractive index of...
-
Nike manufactures shoes and sportswear. How has the Internet changed the way this company communicates with its suppliers and retail customers?
-
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...
-
Indonesia produces about 60 percent of the worlds palm oil. Palm oil is used in the production of shampoo, ice cream, and chocolate. Assume that Switzerland does not produce palm oil but companies in...
-
An article in the Wall Street Journal stated that Chinas treatment of American know-how has been a central issue to U.S.-China trade tensions over the past five years. a. What does the article mean...
-
An article in the Wall Street Journal explained that despite rising national security tensions between the United States and China in 2023, trade between the two nations was rising. China is a...
Study smarter with the SolutionInn App