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BE4-1
Cash
a. -100
b.0
c.0
d.800
e. -2500
f.0
Net Income
0
-20
1300
800
0
-600
P4-2A
A. Adjusting Entries for June
Date
Account Titles and Explanations
2012
Adjusting Entries
06/30/12 Supplies Expense
Supplies
(To record Supplies used)
30 Utilities Expense
Utilities Payable
(to record unpaid utility)
30 Insurance Expense
Prepaid Insurance
(To record insurance expired)
30 Unearned Service Revenue
Service Revenue
(To record revenue earned)
30 Salaries and Wage Expense
Salaries and Wage Payable
(To record accrued salaries)
30 Depreciation Expense
Accumulated Depreciation-Equip
(To record monthly depreciation)
30 Accounts Payable
Service Revenue
(To record service revenue earned but not paid)
Page 1
Debit
1280
180
240
4100
1250
250
3900
Sheet1
6850
Balance as of 06/30/2012
6850
Prepaid Insurance
Balance as of 06/1/2012
06/30/12
2880
Balance as of 06/30/2012
2640
240
Equipment
Balance as of 06/1/2012
15000
Balance as of 06/30/2012
15000
Unearned Service Revenue
Balance as of 06/1/2012
06/30/12
5200
4100
Balance as of 06/30/2012
1100
Service Revenue
Balance as of 06/1/2012
06/30/12
06/30/12
8300
4100
3900
Balance as of 06/30/2012
16300
Page 2
Sheet1
Rent Expense
Balance as of 06/1/2012
2000
Balance as of 06/30/2012
2000
Utilities Payable
Balance as of 06/1/2012
06/30/12
180
Balance as of 06/30/2012
180
Depreciation Expense
Balance as of 06/1/2012
06/30/12
250
Balance as of 06/30/2012
250
Utilities Expense
Balance as of 06/1/2012
06/30/12
180
Balance as of 06/30/2012
180
Page 3
6850
10900
2640
720
15000
Sheet1
Accounts Payable
Unearned Service Revenue
Common Stock
Service Revenue
Salaries and Wages Expense
Rent Expense
Accumulated DepreciationEquipment
Utilities Payable
Salaries and Wages Payable
Depreciation Expense
Insurance Expense
Utilities Expense
Supplies Expense.
5250
2000
250
240
180
1280
45310
P4-3A
Date
Account Titles and Explanations
2012
Adjusting Entries
05/31/12 Insurance Expense
Prepaid Insurance
(To record insurance expired)
31 Supplies Expense
Supplies
(To record Supplies used)
31 Depreciation Expense
Accumulated Depreciation-Equip
(To record monthly depreciation)
31 Interest expense
Interest Payable
(To record 6% interest rate)
31 Unearned Rent Revenue
Rent Revenue
(To record unearned rent )
31 Salaries and Wages Expense
Salaries and Wage Payable
(To record accrued salaries)
Debit
450
1550
550
180
2500
900
Cash
Balance as of 05/1/2012
2500
Page 4
Sheet1
Balance as of 05/31/2012
2500
Supplies
Balance as of 05/1/2012
05/31/12
2600
Balance as of 05/31/2012
1050
1550
Buildings
Balance as of 05/1/2012
70000
Balance as of 05/31/2012
70000
Accounts Payable
Balance as of 05/1/2012
4700
Balance as of 05/31/2012
4700
Mortgage Payable
Balance as of 05/1/2012
36000
Balance as of 05/31/2012
36000
Rent Revenue
Balance as of 05/1/2012
05/31/12
9000
2500
Balance as of 05/31/2012
11500
Utilities Expense
Balance as of 05/1/2012
800
Page 5
Sheet1
Balance as of 05/31/2012
800
Insurance Expense
Balance as of 05/1/2012
05/31/12
450
Balance as of 05/31/2012
450
Depreciation Expense
Balance as of 05/1/2012
05/31/12
6600
Balance as of 05/31/2012
6600
Interest Payable
Balance as of 05/1/2012
05/31/12
180
Balance as of 05/31/2012
180
Cash
Prepaid Insurance
Supplies
Land
Buildings
Equipment
Accounts Payable
Unearned Rent Revenue
Mortgage Payable
Credit
4700
800
36000
Page 6
Sheet1
60000
11500
550
Common Stock
Rent Revenue
Accumulated Depreciation
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Insurance Expense
Supplies Expense
Depreciation Expense
Interest Expense
Interest Payable
Salaries and Wages Payable
3900
800
500
450
1550
550
180
114630
180
900
114630
11500
11500
Expenses
3900
800
500
450
1550
550
180
Total Expenses
7930
Net Income
3570
Vang Hotel
Retained Earnings Statement
For the Month Ended May 31, 2012
Retained earnings, May 1
Add: Net Income
0
3570
3570
0
3570
Less Dividends
Retained Earnings May 31
Page 7
Sheet1
Vang Hotel
Balance Sheet
For the Month Ended May 31, 2012
Assets
2500
1350
1050
Cash
Prepaid Insurance
Supplies
Land
Buildings
Equipment
Less: Accumulated Depreciation
15000
70000
16800
550
Total assets
101250
106150
Accounts Payable
Unearned Rent Revenue
Mortgage Payable
Interest Payable
Salaries and Wages Payable
Total Liabilities
42580
Common Stock
Retained Earnings
Total Stockholders Equity
Total Liabilities and stockholders' equity
60000
3570
63570
106150
E. Identify
The following accounts need to be Closed on May 31.
Summary Question
Page 8
Sheet1
Cash basis accounting is the accounting method that is only reported when a company receives or pays cash. The accrual ac
records when a events occurs regardless if cash was received or not. The difference between the different accounting method
Cash basis accounting transactions are posted when cash is received and accrual basis accounting post transactions when e
Page 9
Sheet1
Credit
1280
180
240
4100
1250
250
3900
Page 10
Sheet1
Balance as of 06/1/2012
06/30/12
Balance as of 06/30/2012
Balance as of 06/1/2012
06/30/12
Balance as of 06/30/2012
Accounts Receivable
7000
3900
10900
Supplies
2000
1280
720
Accounts Payable
Balance as of 06/1/2012
4230
Balance as of 06/30/2012
4230
Common Stock
Balance as of 06/1/2012
22000
Balance as of 06/30/2012
22000
Balance as of 06/1/2012
06/30/12
Balance as of 06/30/2012
5250
Page 11
Sheet1
Accumulated Depreciation
Balance as of 06/1/2012
06/30/12
250
Balance as of 06/30/2012
250
Salaries and Wage Payable
Balance as of 06/1/2012
06/30/12
1250
Balance as of 06/30/2012
1250
Insurance Expense
Balance as of 06/1/2012
06/30/12
240
Balance as of 06/30/2012
240
Supplies Expense
Balance as of 06/1/2012
06/30/12
1280
Balance as of 06/30/2012
1280
Credit
Page 12
Sheet1
4230
1100
22000
16300
250
180
1250
45310
Credit
450
1550
550
180
2500
900
Balance as of 05/1/2012
05/31/12
Prepaid Insurance
1800
450
Page 13
Sheet1
Balance as of 05/31/2012
1350
Balance as of 05/1/2012
Land
15000
Balance as of 05/31/2012
Balance as of 05/1/2012
15000
Equipment
16800
250
Balance as of 05/31/2012
16800
Balance as of 05/1/2012
05/31/12
Balance as of 05/31/2012
800
Common Stock
Balance as of 05/1/2012
60000
Balance as of 05/31/2012
60000
Balance as of 05/1/2012
05/31/12
Balance as of 05/31/2012
Balance as of 05/1/2012
3900
Advertising Expense
500
Page 14
Sheet1
Balance as of 05/31/2012
500
Supplies Expense
Balance as of 05/1/2012
05/31/12
1550
Balance as of 05/31/2012
1550
Interest Expense
Balance as of 05/1/2012
05/31/12
Balance as of 05/31/2012
180
180
Salaries Payable
Balance as of 05/1/2012
05/31/12
900
Balance as of 05/31/2012
900
Balance as of 05/1/2012
05/31/12
Accumulated Depreciation
0
550
Balance as of 05/31/2012
550
Page 15
Sheet1
Page 16
Sheet1
Page 17
Sheet1
Page 18