Nov. 15 Pays Green Jacket Co. remaining balance. Nov. 15 Withdraws $2,500 cash from the business for personal use. Receives $8,750 from customers on account. Nov. 20 Nov. 25 Bills customers $5,875 for services performed. Nov. 30 Pays the following expenses in cash. Salaries and wages $1,500; miscellaneous office expenses $125. Nov. 30 Office Supplies used during September, $520 Nov. 30 Receives $38 interest income on deposit accounts. Nov. 30 Reserve for Uncollectible Accounts of $1,250 Nov. 30 Accounts deemed uncollectible of $750 Nov. 30 Prepares Closing Entries for Nov. Dec. 1 Maintenance on equipment of $55, paid on account. Dec. 1 Invests in Research & Development with other consultants of $1,200 on account Dec. 1 Pays $1,000 on R&D payable. Pays rent for office space, $700 for the month. Dec. 2 Dec. 5 Receives $3,700 from customers on account. Dec. 5 Purchases office supplies for cash $325. Dec. 8 Receive cash of $3,750 from customers for services performed. Dec. 10 Pays miscellaneous office expenses, $175. Dec. 12 Bills customers $5,500 for services performed. Dec. 20 Receives $5,750 from customers on account. Dec. 24 Bills customers $4,125 for services performed. Dec. 30 Pays the following expenses in cash. Salaries and wages $1,900; miscellaneous office expenses $450. Dec. 31 Office Supplies used during December, $475 Dec. 31 Receives $23 interest income on deposit accounts. Dec. 31 Reserve for Uncollectible Accounts of $1,575 Dec. 31 Accounts deemed uncollectible of $250 Dec. 31 Prepares Closing Entries for Dec. Instructions: (a) Enter the transactions shown above in appropriate general ledger accounts (i.e. T-Accounts). Use the following ledger accounts: Cash, Accounts Receivable, Allowance for Uncollectible A/R, Supplies, Equipment, Accumulated Depreciation - Equipment, Accounts Payable, Owner's Capital, Revenue, Interest Income, Salaries/Wages Expense, Rent Expense, Repairs & Maintenance Exp, Research & Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts. (b) Prepare a trial balance for each month-end cutoff.
Nov. 15 Pays Green Jacket Co. remaining balance. Nov. 15 Withdraws $2,500 cash from the business for personal use. Receives $8,750 from customers on account. Nov. 20 Nov. 25 Bills customers $5,875 for services performed. Nov. 30 Pays the following expenses in cash. Salaries and wages $1,500; miscellaneous office expenses $125. Nov. 30 Office Supplies used during September, $520 Nov. 30 Receives $38 interest income on deposit accounts. Nov. 30 Reserve for Uncollectible Accounts of $1,250 Nov. 30 Accounts deemed uncollectible of $750 Nov. 30 Prepares Closing Entries for Nov. Dec. 1 Maintenance on equipment of $55, paid on account. Dec. 1 Invests in Research & Development with other consultants of $1,200 on account Dec. 1 Pays $1,000 on R&D payable. Pays rent for office space, $700 for the month. Dec. 2 Dec. 5 Receives $3,700 from customers on account. Dec. 5 Purchases office supplies for cash $325. Dec. 8 Receive cash of $3,750 from customers for services performed. Dec. 10 Pays miscellaneous office expenses, $175. Dec. 12 Bills customers $5,500 for services performed. Dec. 20 Receives $5,750 from customers on account. Dec. 24 Bills customers $4,125 for services performed. Dec. 30 Pays the following expenses in cash. Salaries and wages $1,900; miscellaneous office expenses $450. Dec. 31 Office Supplies used during December, $475 Dec. 31 Receives $23 interest income on deposit accounts. Dec. 31 Reserve for Uncollectible Accounts of $1,575 Dec. 31 Accounts deemed uncollectible of $250 Dec. 31 Prepares Closing Entries for Dec. Instructions: (a) Enter the transactions shown above in appropriate general ledger accounts (i.e. T-Accounts). Use the following ledger accounts: Cash, Accounts Receivable, Allowance for Uncollectible A/R, Supplies, Equipment, Accumulated Depreciation - Equipment, Accounts Payable, Owner's Capital, Revenue, Interest Income, Salaries/Wages Expense, Rent Expense, Repairs & Maintenance Exp, Research & Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts. (b) Prepare a trial balance for each month-end cutoff.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.1DC
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