On July 1, 2020, Melanie Thornhill began her third month of operating electronics repair shop called MT Repairs out of her dads garage. The following occurred during the third month of operations Required Prepare general entries to record the July transactions Set up the following T accounts with June 30 adjusted balances: cash (101) 6,400. Repair Supplies (131) 3,000; Tools (161) 16,800; Accumulated Depreciation Tools (162) $560; Accounts payable (201) 3,200; Unearned revenue (233) 700; Melanie Thornhill Capital (301)? Melanie Thornhill Withdrawals (302) 0; Revenue (4010 25,800; Depreciation expense tools (602) 560; wages expense (623) 1,960; rent expense (640) 8,000; repair supplies expense (696) 2,700 Post the entries to accounts; calculate ending balance in each amount Prepare an unadjusted trial balance at July 31,2020 Use the following information to prepare and post adjusting entries for the month of July: The tools have an estimated life of five years with no residual value One quarter of the repair supplies balance remained on hand at July 31. Accrued the July rent expense of $ 4,000 it will be paid in august 3,800 of unearned revenues remain unearned as July 31 Prepare an adjusted trial balance Prepare an income statement and statement of changes in equity for the three months ended July 31, 2020 and a July 31, 2020 balance sheet
On July 1, 2020, Melanie Thornhill began her third month of operating electronics repair shop called MT Repairs out of her dads garage. The following occurred during the third month of operations Required Prepare general entries to record the July transactions Set up the following T accounts with June 30 adjusted balances: cash (101) 6,400. Repair Supplies (131) 3,000; Tools (161) 16,800; Accumulated Depreciation Tools (162) $560; Accounts payable (201) 3,200; Unearned revenue (233) 700; Melanie Thornhill Capital (301)? Melanie Thornhill Withdrawals (302) 0; Revenue (4010 25,800; Depreciation expense tools (602) 560; wages expense (623) 1,960; rent expense (640) 8,000; repair supplies expense (696) 2,700 Post the entries to accounts; calculate ending balance in each amount Prepare an unadjusted trial balance at July 31,2020 Use the following information to prepare and post adjusting entries for the month of July: The tools have an estimated life of five years with no residual value One quarter of the repair supplies balance remained on hand at July 31. Accrued the July rent expense of $ 4,000 it will be paid in august 3,800 of unearned revenues remain unearned as July 31 Prepare an adjusted trial balance Prepare an income statement and statement of changes in equity for the three months ended July 31, 2020 and a July 31, 2020 balance sheet
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 33P
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On July 1, 2020, Melanie Thornhill began her third month of operating electronics repair shop called MT Repairs out of her dads garage. The following occurred during the third month of operations
Required
- Prepare general entries to record the July transactions
- Set up the following T accounts with June 30 adjusted balances: cash (101) 6,400. Repair Supplies (131) 3,000; Tools (161) 16,800;
Accumulated Depreciation Tools (162) $560; Accounts payable (201) 3,200; Unearned revenue (233) 700; Melanie Thornhill Capital (301)? Melanie Thornhill Withdrawals (302) 0; Revenue (4010 25,800; Depreciation expense tools (602) 560; wages expense (623) 1,960; rent expense (640) 8,000; repair supplies expense (696) 2,700 Post the entries to accounts; calculate ending balance in each amount- Prepare an unadjusted
trial balance at July 31,2020 - Use the following information to prepare and post
adjusting entries for the month of July:- The tools have an estimated life of five years with no residual value
- One quarter of the repair supplies balance remained on hand at July 31.
- Accrued the July rent expense of $ 4,000 it will be paid in august
- 3,800 of unearned revenues remain unearned as July 31
- Prepare an adjusted trial balance
- Prepare an income statement and statement of changes in equity for the three months ended July 31, 2020 and a July 31, 2020 balance sheet
Transcribed Image Text:1 Collected $3,600 as a deposit for work to be done at the local college in the fall.
1 Melanie Thornhill withdrew $4,000 cash for personal expenses.
2 Paid $2,200 for repair supplies purchased on account last month.
3 Did work for a client and immediately collected $1.400.
July
4 Performed services for a customer and collected $3,600.
7 Hired a new technician to start next week on a casual basis at $400 per day.
15 Melanie withdrew cash of $1,000 for personal use.
22 Purchased repair supplies for cash; $1,600.
31 Paid wages of $2,800.
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