5A-3. As the bookkeeper of Pat's Plowing, you have been asked to complete the entire accounting...
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5A-3. As the bookkeeper of Pat's Plowing, you have been asked to complete the entire accounting cycle for Pat from the following information. 201X Jan. 1 Pat invested $16,000 cash and $10,200 worth of snow equipment into the plowing company. 1 Paid rent 6 months in advance for garage space, $2,400. 4 Purchased office equipment from Lang Corp. for $12,000 on account. 6 Purchased snow supplies for $300 cash. 8 Collected $8,000 from plowing local shopping centers. 12 Pat Munro withdrew S8,000 from the business for personal use. 20 Plowed Hayfield parking lots, payment not to be received until March, $5,000. 26 Paid salaries to employees, $2,200. 28 Paid Lang Corp. one-half amount owed for office equipment. 29 Advertising bill received from Taft Co. but will not be paid until March, $800. 30 Paid telephone bill, $140. Use the following chart of accounts. Chart of Accounts Assets Owner's Equity 111 Cash 311 P. Munro, Capital 112 Accounts Receivable 312 P. Munro, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Snow Supplies Revenue 121 Office Equipment 411 Plowing Fees 122 Accumulated Depreciation, Office Equipment Expenses 123 Snow Equipment 511 Salaries Expense 124 Accumulated Depreciation, Snow Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 211 Accounts Payable 514 Rent Expense 212 Salaries Payable 515 Snow Supplies Expense 516 Depreciation Expense, Office Equipment 517 Depreciation Expense, Snow Equipment FIGURE 5.24 Works heet for Parihouse's Cleaning Service PARKHOUSE'S CLEANING SERVICE WORKSHEET FOR MONTH EN DED DECEMBER 31, 201X Trial Babnce Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Tides Dr. Cr. Dr. Cr. Dr. Cr. Dr. Dr. Cr. 40000 145000 46 600 Cash Alololoo 40oj00 Prepaid Insurance 105000 7600 304000 106000 76 00 304000 deaning Supplies (8)39000 Auto 304000 Accum.Depr, Auto 54000 bleloloo 59000 18100 5000 18100 Accounts Payable 8. Parihouse, Capital R Parihouse, Wihdrawab deaning Fees Salaries Experse Tekephone Expense 115000 11500 15000 6obloo 690000 141000 10so00 20500 26000 13000 821100 (D360 00 141000 260 00 5000 Advertking Epense Gas Expense Totals 821100 Insurance Expense A390 00 deaning Supplies Expense bleloloo (C45 00 500 50 00 Depr. Expense, Auto Salaries Payable (D)36000 1seo00 1590 00 S72000 212100 36 0500 s72600 Totals 902100 Net income 330500 s72600 Totals CHA Adjustment Data a. Snow supplies on hand, $100. b. Rent expired, $400. c. Depreciation on office equipment, $200: ($12,000/5 yr. = $2,400/12 mo. = $200). d. Depreciation on snow equipment, $170: ($10,200/5 yr. = $2,040/12 mo. = $170). e. Accrued salaries, $150. %3D 5A-3. As the bookkeeper of Pat's Plowing, you have been asked to complete the entire accounting cycle for Pat from the following information. 201X Jan. 1 Pat invested $16,000 cash and $10,200 worth of snow equipment into the plowing company. 1 Paid rent 6 months in advance for garage space, $2,400. 4 Purchased office equipment from Lang Corp. for $12,000 on account. 6 Purchased snow supplies for $300 cash. 8 Collected $8,000 from plowing local shopping centers. 12 Pat Munro withdrew S8,000 from the business for personal use. 20 Plowed Hayfield parking lots, payment not to be received until March, $5,000. 26 Paid salaries to employees, $2,200. 28 Paid Lang Corp. one-half amount owed for office equipment. 29 Advertising bill received from Taft Co. but will not be paid until March, $800. 30 Paid telephone bill, $140. Use the following chart of accounts. Chart of Accounts Assets Owner's Equity 111 Cash 311 P. Munro, Capital 112 Accounts Receivable 312 P. Munro, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Snow Supplies Revenue 121 Office Equipment 411 Plowing Fees 122 Accumulated Depreciation, Office Equipment Expenses 123 Snow Equipment 511 Salaries Expense 124 Accumulated Depreciation, Snow Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 211 Accounts Payable 514 Rent Expense 212 Salaries Payable 515 Snow Supplies Expense 516 Depreciation Expense, Office Equipment 517 Depreciation Expense, Snow Equipment FIGURE 5.24 Works heet for Parihouse's Cleaning Service PARKHOUSE'S CLEANING SERVICE WORKSHEET FOR MONTH EN DED DECEMBER 31, 201X Trial Babnce Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Tides Dr. Cr. Dr. Cr. Dr. Cr. Dr. Dr. Cr. 40000 145000 46 600 Cash Alololoo 40oj00 Prepaid Insurance 105000 7600 304000 106000 76 00 304000 deaning Supplies (8)39000 Auto 304000 Accum.Depr, Auto 54000 bleloloo 59000 18100 5000 18100 Accounts Payable 8. Parihouse, Capital R Parihouse, Wihdrawab deaning Fees Salaries Experse Tekephone Expense 115000 11500 15000 6obloo 690000 141000 10so00 20500 26000 13000 821100 (D360 00 141000 260 00 5000 Advertking Epense Gas Expense Totals 821100 Insurance Expense A390 00 deaning Supplies Expense bleloloo (C45 00 500 50 00 Depr. Expense, Auto Salaries Payable (D)36000 1seo00 1590 00 S72000 212100 36 0500 s72600 Totals 902100 Net income 330500 s72600 Totals CHA Adjustment Data a. Snow supplies on hand, $100. b. Rent expired, $400. c. Depreciation on office equipment, $200: ($12,000/5 yr. = $2,400/12 mo. = $200). d. Depreciation on snow equipment, $170: ($10,200/5 yr. = $2,040/12 mo. = $170). e. Accrued salaries, $150. %3D
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College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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