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college accounting 9th edition

by mcquaig and bille

problem 2-4A

64. Chapter 2 T Accounts, Debits and Credits, Trial Balance, and Financial Statements 3. Record the transactions in the Taccounts. Write the letter of each entry to identify the transaction. 4. Foot the accounts and show the balances 5. Prepare a trial balance as of July 31, 20 6. Prepare an income statement for July 31, 20- 7. Prepare a statement of owner's equity for July 31, 20 8. Prepare a balance sheet as of July 31, 20 P.O. 1,2,4,5,6 Problem 2-4A on July 1, K Rossy opened Rossy's Quick Clean Rossy accountant listed the following chart of accounts: Cash Prepaid Insurance Equipment Furniture and Fixtures Accounts Payable K. Rossy, Capital K. Rossy, Drawing Laundry Revenue Wages Expense Supplies Expense Rent Expense Utilities Expense Miscellaneous Expense During July, the following transactions were comple a. Rossy deposited $18,000 in a bank account in of the business b. Bought tables and chairs for cash, $625 CL NO c. Paid the rent for the current month. 5750, CE2 d. Bought washers and dryers from Forbes Equipment, $16,500. paying $4.000 in cash and placing the balance on account Ck No. 1202. e. Bought laundry supplies on account from Wicks Distributors, $515 1. Sold services for cash $872 g. Bought insurance for one year. $175, Ck. No. 1203 h. Paid on account to Forbes Equipment, a creditor, $500. Ck. No. 1204 i. Received and paid the electric bil. $238. Ck No. 1205. Paid on account to Wicks Distributors, a creditor, $225. Ck. No. 1206. k Sold services to customers for cash for the second half of the month. $1,015, 1 Received and paid the bill for the business license, 565, CK No. 1207 (Miscellaneous Expense) m. Paid wages to an employee. $900, Ck. No. 1208 n. Rossy withdrew cash for personal use. $700. Ck. No. 1209. Instructions Check Figure Net Loss (581) 1. Record the owner's name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account, and label the debit and credit sides of the accounts 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction 4. Foot the T accounts and show the balances 5. Prepare a trial balance as of July 31, 20 6. Prepare an income statement for July 31, 20 7. Prepare a statement of owner's equity for July 31, 20 8. Prepare a balance sheet as of July 31. 20 Chapter 2 T Accounts, Debits and Credits, Trial Balance, and Financial Statements entry 3. Record the transactions in the accounts. Write the lotter of each to identify the transaction. 4. Foot the Taccounts and show the balances. 5. Prepare a trial balance as of July 31, 20- 6. Prepare an income statement for July 31, 20- 7. Prepare a statement of owner's equity for July 31, 20 8. Prepare a balance sheet as of July 31, 20 - Problem 2-4A on July 1, K. Rossy opened Rossy's Quick Clean. Bovey accountant listed the following chart of accounts: 1,2,4,5,6 Cash Prepaid Insurance Equipment Furniture and Fixtures Accounts Payable K. Rossy, Capital K. Rossy, Drawing Laundry Revenue Wages Expense Supplies Expense Rent Expense Utilities Expense Miscellaneous Expense During July, the following transactions were completed: a. Rossy deposited $18,000 in a bank account in the name of the business. b. Bought tables and chairs for cash. 5625, Ck. No, 1200. c. Paid the rent for the current month, $750, Ck. No, 1201. d. Bought washers and dryers from Forbes Equipment, $16,500, paying $4,000 in cash and placing the balance on account, Ck. No. 1202. e. Bought laundry supplies on account from Wicks Distributors, $515. f. Sold services for cash, $872. & Bought insurance for one year. $475, Ck. No. 1203. h. Paid on account to Forbes Equipment, a creditor, $500. Ck. No. 1204. i. Received and paid the electric bill, $238, Ck. No. 1205. j. Pald on account to Wicks Distributors, a creditor, $225. Ck. No. 1206. k. Sold services to customers for cash for the second half of the month. $1,015. 1. Received and paid the bill for the business license. $65, Ck. No. 1207 (Miscellaneous Expense). m. Paid wages to an employee. $900, Ck. No. 1208. n. Rossy withdrew cash for personal use. $700, Ck. No. 1209. k Figure oss (5581) Instructions 1. Record the owner's name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each Taccount, and label the debit and credit sides of the accounts, 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of July 31, 20- 6. Prepare an income statement for July 31, 20- 7. Prepare a statement of owner's equity for July 31, 20 8. Prepare a balance sheet as of July 31, 20