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HOMEWORK PROBLEM #2 CHAPTER 3 SUPPLEMENT TO CHAPTER 3 PAGE 194 P 2. On May 1, 2011, Javier Munoz opened Javier's Repair Service, Inc. During the month, he completed the following transactions for the company: May 1 Began business by depositing $5,000 in a bank account in the name of the company in exchange for 500 shares of $10 par value common stock. 1 Paid the rent for a store for current month, $425. 1 Paid the premium on a one-year insurance policy, $480. 2 Purchased repair equipment from Motley Company, $4,200. Terms were $600 down and $300 per month for one year. First payment is due June 1. 5 Purchased repair supplies from AWD Company on credit, $468. 8 Paid cash for an advertisement in a local newspaper, $60. 15 Received cash repair revenue for the first half of the month, $400. 21 Paid AWD Company on account, $225. 31 Received cash repair revenue for the second half of May, $975. 31 Declared and paid a cash dividend, $300. REQUIRED FOR MAY 1. Prepare journal entries to record the May transactions. 2. Open the following accounts: Cash (111); Prepaid Insurance (117); Repair Supplies (119); Repair Equipment (144); (212); Income Taxes Payable (213); Common Stock (311); Retained Earnings (312); Dividends (313); Income Summary (314); Repair Revenue (411); Store Rent Expense (511); Advertising Expense (512); Insurance Expense (513); Repair Supplies Expense (514); to the ledger accounts. Depreciation ExpenseRepair Equipment (515); and Income Taxes Expense (516). Post the May entries. 3. Using the following information, record adjusting entries in the journal and post to the ledger accounts: (a) one month's insurance has expired; (b) remaining inventory of unused repair supplies, $169; (c) estimated depreciation on repair equipment, $70; and (d) estimated income taxes, $50. 4. From the accounts in the ledger, prepare an adjusted trial balance. (Note: Normally a trial balance is prepared before adjustments but is omitted here to save time.) 5. From the adjusted trial balance, prepare an income statement, a statement of retained earnings, and a balance sheet for May. 6. Prepare and post closing entries. 7. Prepare a post-closing trial balance. Chapter 3S, P 2. 1. 3. 6. Entries for May prepared Adjusting entries for May prepared Closing entries for May prepared General Journal Date 2011 May Description 1 1 1 2 5 8 15 21 Page 1 Post. Ref. Debit Credit Chapter 3S, P 2. (Continued) General Journal Date 2011 May Description 31 31 May 31 31 31 31 Page 2 Post. Ref. Debit Credit Chapter 3S, P 2. (Continued) General Journal Date Description Closing entries: 2011 May 31 31 31 31 Page 3 Post. Ref. Debit Credit Chapter 3S, P 2. (Continued) 4. May adjusted trial balance prepared Javier's Repair Service, Inc. Adjusted Trial Balance May 31, 2011 Cash Prepaid Insurance Repair Supplies Repair Equipment Accumulated DepreciationRepair Equipment Accounts Payable Income Taxes Payable Common Stock Dividends Repair Revenue Store Rent Expense Advertising Expense Insurance Expense Repair Supplies Expense Depreciation ExpenseRepair Equipment Income Taxes Expense Chapter 3S, P 2. (Continued) 5. May income statement, statement of retained earnings, and balance sheet prepared Javier's Repair Service, Inc. Income Statement For the Month Ended May 31, 2011 Revenue Expenses Store Rent Expense Advertising Expense Insurance Expense Repair Supplies Expense Depreciation ExpenseRepair Equipment Income Taxes Expense Total expenses Net income Javier's Repair Service, Inc. Statement of Retained Earnings For the Month Ended May 31, 2011 Net Income Subtotal Less dividends Retained earnings Chapter 3S, P 2. (Continued) Javier's Repair Service, Inc. Balance Sheet May 31, 2011 Assets Liabilities Stockholders' Equity 7. May post-closing trial balance prepared Javier's Repair Service, Inc. Post-Closing Trial Balance May 31, 2011 Cash Prepaid Insurance Repair Supplies Repair Equipment Accumulated DepreciationRepair Equipment Accounts Payable Income Taxes Payable Common Stock Retained Earnings Chapter 3S, P 2. (Continued) Cash Account No. 111 Date Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 1 1 1 2 8 15 21 31 31 Prepaid Insurance Date Item 2011 May 1 31 June Account No. 117 30 Post. Ref. Balance Debit Credit Debit Credit Chapter 3S, P 2. (Continued) Repair Supplies Date Account No. 119 Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 5 31 Repair Equipment Date Account No. 144 Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 2 Accumulated DepreciationRepair Equipment Date Item Post. Ref. Account No. 145 Balance Debit Credit Debit Credit 2011 May 31 Accounts Payable Date Item 2011 May Account No. 212 2 5 21 Post. Ref. Balance Debit Credit Debit Credit Chapter 3S, P 2. (Continued) Income Taxes Payable Date Item Account No. 213 Post. Ref. Balance Debit Credit Debit Credit 2011 May 31 Common Stock Date Account No. 311 Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 1 Retained Earnings Date Account No. 312 Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 31 31 Dividends Date Item 2011 May Account No. 313 31 31 Post. Ref. Balance Debit Credit Debit Credit Chapter 3S, P 2. (Continued) Income Summary Date Account No. 314 Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 31 31 31 Repair Revenue Date Account No. 411 Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 15 31 31 Store Rent Expense Date Item 2011 May Account No. 511 1 31 Post. Ref. Balance Debit Credit Debit Credit Chapter 3S, P 2. (Continued) Advertising Expense Date Item Account No. 512 Post. Ref. Balance Debit Credit Debit Credit 2011 May 8 31 Insurance Expense Date Account No. 513 Item Post. Ref. Balance Debit Credit Debit Credit 2011 May 31 31 Repair Supplies Expense Date Item Account No. 514 Post. Ref. Balance Debit Credit Debit Credit 2011 May 31 31 Depreciation ExpenseRepair Equipment Date Item 2011 May 31 31 Post. Ref. Account No. 515 Balance Debit Credit Debit Credit Chapter 3S, P 2. (Continued) Income Taxes Expense Date Item 2011 May 31 31 Account No. 516 Post. Ref. Balance Debit Credit Debit Credit Chapter 3S, P 2. (Continued) Javier's Repair Service, Inc. Balance Sheet June 30, 2011 Assets Total assets Liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 13. June post-closing trial balance prepared Javier's Repair Service, Inc. Post-Closing Trial Balance June 30, 2011