test 1

N a 1 D 1 Share The Side The Service Beheer La Show The 10 10 15 GR 15 fox A B 1 C D F G H E Journal page 1 Post Ref. Description Credit Debit 2 Date 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Problem One Problem Two Beach 32 33 34 Cash Post. Ref. Debit Account #11 Balance Debit Credit 35 Date Item Credit 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Accounts receivable Post. 51 Date Item Ref. Debit 52 Account #12 Balance Credit Credit Debit 53 54 55 56 Supplies Post. Ref. Debit Account #13 Balance Debit Credit Item Credit 57 Date 58 59 60 61 Prepaid insurance Post. Ref. Debit Account #14 Balance Debit Credit 62 Date Item Credit 63 64 65 66 Equipment Post. Ref. Debit Account #16 Balance Credit Item Credit Debit 67 Date 68 69 B C D E H A 71 Land F G Account #17 Balance Debit Credit Post. Ref. Debit Item Credit 72 Date 73 74 75 76 Accounts payable Post. Ref. Debit Account #21 Balance Debit Credit 77 Date Item Credit 78 79 80 81 82 Notes payable Post Ref. Debit Account #23 Balance Debit Credit Credit 83 Date Item 84 85 86 87 Common Stock Post Ref. Debit Account #31 Balance Debit Credit Item Credit 88 Date 89 90 01 A B 92 Dividends Post. Ref. Debit Account #33 Balance Debit Credit 93 Date Item Credit 94 95 96 97 Fees Earned Post. Ref. Debit Account #41 Balance Debit Credit 98 Date Item Credit 99 Account #51 Balance Credit Credit Debit 100 101 102 103 Salary and commission expense Post. 104 Date Item Ref. Debit 105 106 107 108 Rent expense Post 109 Date Item Ref. Debit 110 111 Account #52 Balance Credit Credit Debit 113 Advertising expense Account #53 Post. Balance 114 Date Item Ref. Debit Credit Debit Credit 115 116 117 118 Miscellaneous expense Account #59 Post Balance 119 Date Item Ref. Debit Credit Debit Credit 120 121 122 123 Thompson Travel 124 Unadjusted Trial Balance 125 August 31, 2020 126 127 128 129 130 131 132 133 134 135 136 122 123 124 Thompson Travel Unadjusted Trial Balance August 31, 2020 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 SO $0 142 143 Problem One Problem Two ACC 120 IN Test One Problem One (50 points) The assets and liabilities of Snider Tutoring Service on April 30, 2020, and its revenue and expenses for the year are as follows: Accounts payable $ 5.120 Accounts receivable 31,200 Cash 11,520 Fees earned 188,000 Miscellaneous expense 2,800 Rent expense 36,000 Common stock 10,000 Supplies expense 4,500 Utilities expense 16,500 Supplies 3,000 Wages expense 56,800 Common stock was $8,000 and retained earnings was $6,200 at May 1, 2019. During the year, additional common stock of $2,000 was issued for cash, and dividends of $47.000 were paid during the current year. Instructions 1. Prepare an income statement for the year ended April 30, 2020 on the Excel template provided for problem one. 2. Prepare a statement of stockholders' equity for the year ended April 30, 2020 on the Excel template provided for problem one. 3. Prepare a balance sheet as of April 30, 2020 on the Excel template provided for problem one Problem Two (50 points) On August 1, 2020. Hunter Thompson established a travel agency. Thompson Travel. During the month, Hunter completed the following transactions related to the business: August 1. Hunter transferred cash from a personal checking account to an account to be used by the business in exchange for common stock, $36,300. 2. Paid rent for period of August 1" to the end of the month $7,000 3. Purchased equipment on account, $11,000. 5. Paid annual insurance premiums, $4,800. 10. Recorded jobs completed on account and sent invoices to customers, S52,000. 15. Purchased land for a future building site for $90,000, paying $10,000 in cash and giving a note payable for the remainder. 17. Received cash for job completed, $17,700 23. Paid advertising expense, $2,050. 27. Paid creditors on account, $9.100. 28. Purchased supplies for cash, $1,675. 29. Paid miscellaneous expenses, $390. 30. Received cash from customers on account, $48,400! 31. Paid salaries and commissions for the month, S24,000 31. Paid dividends of $7,500. Instructions 1. Joumalize the transactions for August in the journal provided in the Excel template numbered Page 1. Please refer to the following chart of accounts in selecting the accounts to be debited and credited. Journal entry explanations may be omitted 11 Cash 31 Common stock 12 Accounts receivable 33 Dividends 13 Supplies 41 Fees earned 14 Prepaid insurance 51 Salary and commission expense 16 Equipment 52 Rent expense 17 Land 53 Advertising expense 21 Accounts payable 59 Miscellaneous expense 23 Notes payable 2. Post the journal to a ledger of four-column accounts, provided in the Excel template, inserting appropriate dates and posting references as each item is posted. Also extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Thompson Travel as of August 31, 2020, on the space provided in the Excel template