The following transactions took place for Rudolph Corporation during November 2022, its first month of operation....
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The following transactions took place for Rudolph Corporation during November 2022, its first month of operation. The first transaction took place on November 1 and the company issued and sold $25,000 of it's shares. Record this as the first transaction then proceed to record the following entries. All entries were done in the month of November. 2 3 3 4 5 8 10 15 18 20 22 23 25 27 Purchased office equipment for cash in the amount of $5,000 Borrowed $50,000 from the bank. Paid $5,000 for office supplies. The supplies were put into the inventory storeroom. Paid for a 1-year insurance policy for the business, amount paid $8,000 Cash sales for repair revenue were made today for $15,000. Billed various customers for repair work totaling $25,000. Purchased $11,000 of additional office supplies on credit. Received $2,000 in cash from customers billed on November 8th. Paid $3,000 for advertising that ran for the first two weeks of this month. Received interest revenue from bank in the amount of $6,000 Paid 4,000 on the November 10th purchase. Collected $15,000 in fees earned today from various customers. Paid the following expenses in cash: Legal fees, $3,500; telephone $1,500; vehicle maintenance, $2,000 Wages, $10,000. Paid dividends, $5,000 in cash to the owner of the company. Required: 1. Open general ledger T-accounts for the following (account numbers are indicated in brackets): Cash (110), Accounts Receivable (120), Prepaid Rent (150), Prepaid Insurance (155) Office Supplies (170), Office equipment (180), Accounts Payable (215), Bank Loan (220), Share Capital (325), Dividends (330), Repair Revenue (450), Interest Revenue (470), Advertising Expense (615), Legal fees (660), Telephone Expense (665), Vehicle Maintenance Expense (670), and Wages Expense (675). 2. Prepare journal entries to record the November transactions. 3. Post the November entries to the T-accounts. 4. Prepare a trial balance at the end of November 2022 5. Prepare an income statement and statement of changes in equity for the month ended November and a statement of financial position for month end as well. The following transactions took place for Rudolph Corporation during November 2022, its first month of operation. The first transaction took place on November 1 and the company issued and sold $25,000 of it's shares. Record this as the first transaction then proceed to record the following entries. All entries were done in the month of November. 2 3 3 4 5 8 10 15 18 20 22 23 25 27 Purchased office equipment for cash in the amount of $5,000 Borrowed $50,000 from the bank. Paid $5,000 for office supplies. The supplies were put into the inventory storeroom. Paid for a 1-year insurance policy for the business, amount paid $8,000 Cash sales for repair revenue were made today for $15,000. Billed various customers for repair work totaling $25,000. Purchased $11,000 of additional office supplies on credit. Received $2,000 in cash from customers billed on November 8th. Paid $3,000 for advertising that ran for the first two weeks of this month. Received interest revenue from bank in the amount of $6,000 Paid 4,000 on the November 10th purchase. Collected $15,000 in fees earned today from various customers. Paid the following expenses in cash: Legal fees, $3,500; telephone $1,500; vehicle maintenance, $2,000 Wages, $10,000. Paid dividends, $5,000 in cash to the owner of the company. Required: 1. Open general ledger T-accounts for the following (account numbers are indicated in brackets): Cash (110), Accounts Receivable (120), Prepaid Rent (150), Prepaid Insurance (155) Office Supplies (170), Office equipment (180), Accounts Payable (215), Bank Loan (220), Share Capital (325), Dividends (330), Repair Revenue (450), Interest Revenue (470), Advertising Expense (615), Legal fees (660), Telephone Expense (665), Vehicle Maintenance Expense (670), and Wages Expense (675). 2. Prepare journal entries to record the November transactions. 3. Post the November entries to the T-accounts. 4. Prepare a trial balance at the end of November 2022 5. Prepare an income statement and statement of changes in equity for the month ended November and a statement of financial position for month end as well.
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Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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