Kendrick Lamar opened a plumbing service, Kehlani Plumbing. Operations began on April 1, 2021, and the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Kendrick Lamar opened a plumbing service, Kehlani Plumbing. Operations began on April 1, 2021, and the following transactions were completed during the month: Apr. 1 2 3 6 7 8 9 11 15 16 19 20 21 22 24 25 27 Withdrew P67,000 from a personal savings account and used it to open a new account in the name of Kehlani Plumbing. Acquired a service vehicle costing P81,000. A payment of P17,500 in cash was made and a note payable given for the P63,500 remainder. Paid rent for the month, P7,150. Acquired plumbing supplies on account P15,700. Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. Cash in the amount of P18,350 was received for plumbing services rendered. Acquired additional plumbing supplies for cash, P8,050. Paid salaries, P11,600. Rendered plumbing services and billed the customer, P42,200. Paid P5,700 of the amount owed from the transaction of Apr. 6. Paid miscellaneous expenses, P4,300. Collected P21,000 from the customer on the Apr. 15 transaction. Withdrew P14,500 from the business. Paid salaries, P14,100. Paid the first installment of the note payable, P3,850. Paid telephone expense, P1,250. Billed the Trilogy Resort for plumbing services rendered, P14,150. Required: 1. Establish the following accounts in a chart of accounts: Cash; Accounts Receivable; Plumbing Supplies; Prepaid Advertising; Service Vehicle; Notes Payable; Accounts Payable; Lamar, Capital; Lamar, Withdrawals; Plumbing Revenues; Salaries Expense: Rent Expense; Telephone Expense; and Miscellaneous Expense. 2. Journalize each transaction. 3. Prepare a T-account for each. 4. Prepare a trial balance. Kendrick Lamar opened a plumbing service, Kehlani Plumbing. Operations began on April 1, 2021, and the following transactions were completed during the month: Apr. 1 2 3 6 7 8 9 11 15 16 19 20 21 22 24 25 27 Withdrew P67,000 from a personal savings account and used it to open a new account in the name of Kehlani Plumbing. Acquired a service vehicle costing P81,000. A payment of P17,500 in cash was made and a note payable given for the P63,500 remainder. Paid rent for the month, P7,150. Acquired plumbing supplies on account P15,700. Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000. Cash in the amount of P18,350 was received for plumbing services rendered. Acquired additional plumbing supplies for cash, P8,050. Paid salaries, P11,600. Rendered plumbing services and billed the customer, P42,200. Paid P5,700 of the amount owed from the transaction of Apr. 6. Paid miscellaneous expenses, P4,300. Collected P21,000 from the customer on the Apr. 15 transaction. Withdrew P14,500 from the business. Paid salaries, P14,100. Paid the first installment of the note payable, P3,850. Paid telephone expense, P1,250. Billed the Trilogy Resort for plumbing services rendered, P14,150. Required: 1. Establish the following accounts in a chart of accounts: Cash; Accounts Receivable; Plumbing Supplies; Prepaid Advertising; Service Vehicle; Notes Payable; Accounts Payable; Lamar, Capital; Lamar, Withdrawals; Plumbing Revenues; Salaries Expense: Rent Expense; Telephone Expense; and Miscellaneous Expense. 2. Journalize each transaction. 3. Prepare a T-account for each. 4. Prepare a trial balance.
Expert Answer:
Answer rating: 100% (QA)
1 Chart of Accounts Assets Cash Accounts Receivable Plumbing Supplies Prepaid Advertising Service Vehicle Liabilities Notes Payable Accounts Payable Equity Lamar Capital Lamar Withdrawals Revenues Plu... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on January 1, 2021, and the following transactions were completed during the month: 1.Mr. Lopez withdrew...
-
The transactions completed by PS Music during June 2014 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations:...
-
The transactions completed by Music Depot during November 2015 were described at the end of Chapter 1. The following transactions were completed during December, the second month of the businesss...
-
Determine which of the fundamental laws of algebra is demonstrated. 8(3 2) = 8(3) 8(2)
-
Verify that the function satisfies the hypotheses of the Mean Value Theorem on the given interval. Then find all numbers c that satisfy the conclusion of the Mean Value Theorem. 11. f(x) = 3r + 2r +...
-
An oil film (n = 1.45) floating on water is illuminated by white light at normal incidence. The film is 280 nm thick. Find (a) The color of the light in the visible spectrum most strongly reflected...
-
Find sample interrogatories propounded in California state courts and in federal court cases. Are there any striking differences between the two?
-
Baker, CPA, was engaged to audit Mill Company's financial statements for the year ended September 30, 20X1. After obtaining an understanding of Mill's internal control structure, Baker decided to...
-
1.1 Critically analyse strategic and operational strengths and weaknesses for different organisations in a range of sectors.
-
isabelle sterling, the partner you work for, unexpectedly had to travel to Hong Kong. She left you the Tang Aluminum Products file for your client, Global Bank. Global will be lending Tang 1.9...
-
10 points On January 1, 2021, Corzine Inc. acquired 15% of Hammon Co.'s outstanding common stock for $82,400 and did not exercise significant influence. Hammon eamed net income of $90,000 in 2021 and...
-
You are the Commander of the Major Crimes Unit at the Kennewick Police Department in Kennewick, Washington. It is a late Sunday afternoon. The on-call Detective sergeant supervising the Major Crimes...
-
On a certain farm alfalfa yields have been 4.3, 7.2, 5.6, and 3.6 tons per acre in the last 4 years. What is the expected value for the farm's alfalfa yield, if each past result is given equal weight...
-
The first part of the course we discuss methods of legal dispute settlement (i.e. how the law aims to resolve disputes/ how we use legal processes to settle or end disputes). In W3 and W4 we examine...
-
Company Monash's share price is currently traded at $100. Over each of the next two 6-month periods, it is expected to go up by 10% or down by 10%. The risk-free interest rate is 10% per annum with...
-
Having recorded, posted (to the General Ledger) and began the '12-31-22 Trial Balance' worksheet with the unadjusted balances, we are now going to prepare the Adjusting Journal Entries so that we can...
-
In a particular year, the spot exchange rate between the Canadian dollar and U.S. dollar was $0.7554 (per Canadian collar). Interest rates in the U.S. and Canada were 1.5 percent and 1.25 percent per...
-
$10,000 was borrowed at 3.5% on July 17. The borrower repaid $5000 on August 12, and $2000 on September 18. What final payment is required on November 12 to fully repay the loan?
-
Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen,...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family. Ivan and Irene have the following investment income, in addition to that reported in Chapter 1: Dividends...
-
Frank Willingham has the following transactions during the year: Sale of office equipment on March 15 that cost $20,000 when purchased on July 1, 2010. Frank has claimed $5,000 in depreciation and...
-
Fill in the Blank. In the finite element method, \(a(n)\) ___________ solution is assumed within each element.
-
The stiffness matrix of a bar element is given by a. \(\frac{E A}{l}\left[\begin{array}{ll}1 & 1 \\ 1 & 1\end{array} ight]\) b. \(\frac{E A}{l}\left[\begin{array}{rr}1 & -1 \\ -1 & 1\end{array}...
-
What is the basis for the derivation of transformation matrices?
Study smarter with the SolutionInn App