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Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Neko Case incurred the following transactions during the month of June 2022. June 1 Neko Case invested $20,000 in cash to start a cleaning and laundry business on June 1. June 2 Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days. June 5 Purchased supplies for $1,200 cash. June 10 Received a bill from College News for $300 for advertising in the campus newspaper. June 12 Cash receipts from customers for cleaning and laundry amounted to $2,400. June 20 Billed the Lion Soccer Team $450 for cleaning and laundry services. June 25 Paid $300 to College News for advertising that was previously billed in Transaction 4. June 28 Neko Case withdrew $1,500 from the business for living expenses. June 30 Incurred utility expenses for month on account, $500. June 30 Paid salaries of $600 to student workers. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: Cash, Supplies, Accounts receivable, Equipment, Accounts Payable, Owner's capital, Withdrawal, Revenues, Expenses 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on June 30, 2022. Other data: a) The office equipment has an estimated useful life of 50 months with zero salvage value b) The physical count revealed $200 supplies on hand at the end of the month. Requirements: 5) Prepare necessary adjusting entries on June 30, 2022 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended June 30, 2022, an owner's equity statement on June 30, 2022 and a balance sheet on June 30, 2022. 8) Prepare necessary closing entries on June 30, 2022. 9) Prepare a post-closing trial balance on June 30, 2022

Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Neko Case incurred the following transactions during the month of June 2022. June 1 Neko Case invested $20,000 in cash to start a cleaning and laundry business on June 1. June 2 Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days. June 5 Purchased supplies for $1,200 cash. June 10 Received a bill from College News for $300 for advertising in the campus newspaper. June 12 Cash receipts from customers for cleaning and laundry amounted to $2,400. June 20 Billed the Lion Soccer Team $450 for cleaning and laundry services. June 25 Paid $300 to College News for advertising that was previously billed in Transaction 4. June 28 Neko Case withdrew $1,500 from the business for living expenses. June 30 Incurred utility expenses for month on account, $500. June 30 Paid salaries of $600 to student workers. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: Cash, Supplies, Accounts receivable, Equipment, Accounts Payable, Owner's capital, Withdrawal, Revenues, Expenses 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on June 30, 2022. Other data: a) The office equipment has an estimated useful life of 50 months with zero salvage value b) The physical count revealed $200 supplies on hand at the end of the month. Requirements: 5) Prepare necessary adjusting entries on June 30, 2022 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended June 30, 2022, an owner's equity statement on June 30, 2022 and a balance sheet on June 30, 2022. 8) Prepare necessary closing entries on June 30, 2022. 9) Prepare a post-closing trial balance on June 30, 2022

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Neko Case incurred the following transactions during the month of June 2022. June 1 Neko Case invested $20,000 in cash to start a cleaning and laundry business on June 1. June 2 Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days. June 5 Purchased supplies for $1,200 cash. June 10 Received a bill from College News for $300 for advertising in the campus newspaper. June 12 Cash receipts from customers for cleaning and laundry amounted to $2,400. June 20 Billed the Lion Soccer Team $450 for cleaning and laundry services. June 25 Paid $300 to College News for advertising that was previously billed in Transaction 4. June 28 Neko Case withdrew $1,500 from the business for living expenses. June 30 Incurred utility expenses for month on account, $500. June 30 Paid salaries of $600 to student workers. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: Cash, Supplies, Accounts receivable, Equipment, Accounts Payable, Owner's capital, Withdrawal, Revenues, Expenses 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on June 30, 2022. Other data: a) The office equipment has an estimated useful life of 50 months with zero salvage value b) The physical count revealed $200 supplies on hand at the end of the month. Requirements: 5) Prepare necessary adjusting entries on June 30, 2022 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended June 30, 2022, an owner's equity statement on June 30, 2022 and a balance sheet on June 30, 2022. 8) Prepare necessary closing entries on June 30, 2022 9) Prepare a post-closing trial balance on June 30, 2022
Transcribed Image Text:Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Neko Case incurred the following transactions during the month of June 2022. June 1 Neko Case invested $20,000 in cash to start a cleaning and laundry business on June 1. June 2 Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days. June 5 Purchased supplies for $1,200 cash. June 10 Received a bill from College News for $300 for advertising in the campus newspaper. June 12 Cash receipts from customers for cleaning and laundry amounted to $2,400. June 20 Billed the Lion Soccer Team $450 for cleaning and laundry services. June 25 Paid $300 to College News for advertising that was previously billed in Transaction 4. June 28 Neko Case withdrew $1,500 from the business for living expenses. June 30 Incurred utility expenses for month on account, $500. June 30 Paid salaries of $600 to student workers. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: Cash, Supplies, Accounts receivable, Equipment, Accounts Payable, Owner's capital, Withdrawal, Revenues, Expenses 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on June 30, 2022. Other data: a) The office equipment has an estimated useful life of 50 months with zero salvage value b) The physical count revealed $200 supplies on hand at the end of the month. Requirements: 5) Prepare necessary adjusting entries on June 30, 2022 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an income statement for the month ended June 30, 2022, an owner's equity statement on June 30, 2022 and a balance sheet on June 30, 2022. 8) Prepare necessary closing entries on June 30, 2022 9) Prepare a post-closing trial balance on June 30, 2022
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