Question: I am so lost on this class,any help would be great Review test for ACG2021 Chapters 1-2-3 1. Prepare journal entries a. Owner contributed cash
I am so lost on this class,any help would be great
Review test for ACG2021 Chapters 1-2-3 1. Prepare journal entries a. Owner contributed cash of 5000 and a truck worth 6000 into a business in exchange for stock b. Paid two months' rent in advance, 300 c. Painted a house, our business, and billed them 1000 d. Painted a house and received 1500 e. Purchased a computer and paid 500 f. Purchased supplies of 200 on credit g. Someone paid me 1200 to paint a house. I will paint it in a week. h. I painted the house in step g i. I paid off the supplies in f j. paid salary to a helper, 400 2. prepare adjusting journal entries a. there is a mortgage payable of 20000. As of the end of the year the accrued interest on the mortgage amounted to 1200 b. the supplies account had a beg. Balance of 500. we purchased more supplies of 200 during the year. The year-end inventory revealed supplies of 100 on hand. c. The depreciation on the building is 500 d. Income taxes are estimated to be 4000 e. Services totaling 300 hae been performed, the customer was just sent the bill f. Accrued wages are 300 g. Property taxes for six months, estimated at 1750 have accrued but have not been recorded h. Unrecorded interest receivable on US bonds is 1500 i. Unearned revenue has a balance of 1400, services for 400 received in advance have now been performed. 3. find the missing values X Land 10000 Cash 1500 Acc. Pay 500 Utilities expense 400 Acc. Rec. 400 Com. St.11000 Retained earnings ending X Building 15000 Unearned rev 600 Serv. Rev 5000 Wage exp 1500 Tel exp 300 Dividend 500 Net income X Beg ret. Earn X 4. prepare closing entries repair revenue 15000 land 10000 bld 15000 util. exp 5000 acct. pay 2000 unearned rev 10000 retained earnings beg 15000 salaries exp. 2000 comm. St. 5000 dividends 300
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