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Aucunung Tor LIS - First semester 1441/1442 (Assignment 1) Kate Browne has just rented space in a shopping mall. In this space, she will o a hair salon to be called "Hair It Is." A friend has advised Kate to set up a dou entry set of accounting records in which to record all of her business transactie Identify the balance sheet accounts that Kate will likely need to record transactions needed to open her business. Indicate whether the normal bala of each account is a debit or a credit. Kate Browne engaged in the following activities in establishing her salon, Ha Is: 1. Opened a bank account in the name of Hair It Is and deposited $20,000 of her own money in this account as her initial investment. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4.1 3. Interviewed three people for the position of hair stylist. epare the entries to record the transactions. The three activities would be recorded as follows. 1. Cash 2. Equipment 400 400 92 Kate Browne recorded the following transactions in a general journal during month of March Mar. 4 | Cash 2.280 Service Revenue 1 2,280 15 Salaries and Wages Expense Cash 1 1 Utilities Expense 92 Cash Post these entries to the Cash account of the general ledger to determine its ending balance. The beginning balance of Cash on March 1 was $600. The following accounts come from the ledger of SnowGo Company at Decem 31, 2017. 157 Equipment $88,000 301 Owner's Capital $20,000 306 Owner's Drawings 8,000 212 Salaries and Wages 201 Accounts Payable 22,000 Payable 2.000 726 Salaries and Wages 200 Notes Payable due in 3 months) 19,000 Expense 42.000 732 Utilities Expense 3,000 112 Accounts Receivable 4.000 130 Prepaid Insurance 6,000 400 Service Revenue 95,000 101 Cash 7.000 Prepare a trial balance in good form. Scanned with CamScanner Accounting for CIS - First Semester 1441/1442 (Assignment 1) Skolnick Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debit Credit Cash $ 6,700 Accumulated Depreciation- Accounts Receivable 600 Equipment $ 850 Prepaid Rent 900 Notes Payable 5,000 Supplies 1,000 Accounts Payable 1.510 Equipment 15,000 Salaries and Wages Payable 400 Owner's Drawings 600 Interest Payable Salaries and Wages Expense 9,400 Unearned Rent Revenue Rent Expense 1,500 Owner's Capital 14,000 Depreciation Expense 850 Service Revenue 14,200 Supplies Expense 200 Rent Revenue Utilities Expense 510 Interest Expense 50 $37,310 $37,310 50 500 800 (a) Determine the net income for the quarter April 1 to June 30. (b) Determine the total assets and total liabilities at June 30, 2017, for Skolnick Co. (e) Determine the amount of owner's capital at June 30, 2017. Solution (a) The net income is determined by adding revenues and subtracting expenses. The net income is computed as follows. Revenues Service revenue $14.200 Rent revenue 800 Total revenues $15,000 Expenses Salaries and wages expense 9,400 Rent expense 1,500 Depreciation expense 850 Utilities expense 510 Supplies expense 200 Interest expense 50 Total expenses 12,510 Net income $ 2,490 (b) Total assets and liabilities are computed as follows Assets Liabilities Cash $ 6,700 Notes payable $5,000 Accounts receivable 600 Accounts payable 1,510 Supplies 1.000 Uneamed rent Prepaid rent 900 revenue 500 Equipment $15,000 Salaries and wages Less: Accumulated payahle 400 depreciation- Interest payable 50 equipment 850 14,150 Total assets $23,350 Total liabilities $7,460 (e) Owner's capital, April Add: Investments Net income Less: Owner's drawings Owner's capital, June 30 $ 0 14.000 2.490 600 $15.890 9) The ledger of Hammond Company, on March 31, 2017, includes these selected accounts before adjusting entries are prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation Equipment $5,000 Unearned Service Revenue 9,200 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $100 per month. 2. Supplies on hand total $800. 3. The equipment depreciates $200 a month. 4. During March, services were performed for one-half of the uneared service revenue. Prepare the adjusting entries for the month of March. 10) Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares monthly financial statements. The following information relates to August. 1. At August 31, the company owed its employees $800 in salaries and wages that will be paid on September 1. 2. On August 1, the company borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 10%. 3. Revenue for services performed but unrecorded for August totaled $1,100. Prepare the adjusting entries needed at August 31, 2017. 3 AU Accounting for CIS - First Semester 1441/1442 (Assignment 1) Skolnick Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debit Credit Cash $ 6,700 Accumulated Depreciation- Accounts Receivable 600 Equipment s 850 Prepaid Rent 900 Notes Payable 5,000 Supplies 1.000 Accounts Payable 1.510 Equipment 15,000 Salaries and Wages Payable 400 Owner's Drawings 600 Interest Payable 50 Salaries and Wages Expense 9.400 Unearned Rent Revenue 500 Rent Expense 1,500 Owner's Capital 14,000 Depreciation Expense 850 Service Revenue 14,200 Supplies Expense 200 Rent Revenue 800 Utilities Expense 510 Interest Expense 50 $37,310 $37,310 (a) Determine the net income for the quarter April 1 to June 30. (b) Determine the total assets and total liabilities at June 30, 2017, for Skolnick Co. (e) Determine the amount of owner's capital at June 30, 2017. 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