(10-15 min.) P 2-27A Req.

1 Account Cash Supplies Building Accounts payable Notes payable Cougliato, capital Cougliato, drawing Service revenue Salary expense Rent expense Property tax expense
Req. 1 Journal DATE Jul 1 Cash Yung, capital ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT 68,000 CREDIT

Req. 2 Account Type Asset Asset Asset Liability Liability Equity Equity Revenue Expense Expense Expense Normal Balance Debit Debit Debit Credit Credit Credit Debit Credit Debit Debit Debit
(45-60 min.) P 2-29A

68,000

Rent expense - equipment Cash

560 560 16,000

Land Cash

16,000 1,600 1,600 23,000

10

Supplies Accounts payable Cash Note payable

19

23,000 1,300 1,300 6,500 5,800 12,300 2,500 1,100 400 4,000 7,000 7,000

22

Accounts payable Cash Cash Accounts receivable Service revenue Salary expense Rent expense - office Utilities expense Cash Yung, drawing Cash

31

31

31

Req. 2 Cash 68,000 Jul 5 23,000 9 6,500 22 31 31 68,640 Accounts receivable Jul 31 5,800 Bal 5,800

Jul

1 19 31

560 16,000 1,300 4,000 7,000

Bal

Jul 10 Bal

Supplies 1,600 1,600

Jul 9 Bal

Land 16,000 16,000 Notes payable Jul 19 Bal Yung, drawing 7,000 7,000

Accounts payable Jul 22 1,300 July 10 Bal Yung, capital Jul 1 Bal Service revenue Jul 31 Bal

1,600 300

23,000 23,000

68,000 68,000

Jul 31 Bal

12,300 12,300

Rent expense - equipment Jul 5 560 Bal 560

Rent expense - office Jul 31 1,100 Bal 1,100

Jul 31 Bal

Salary expense 2,500 2,500

Jul 31 Bal

Utility expense 400 400

Req. 3 Vernon Yung, M.D. Trial Balance July 31, 2012 ACCOUNT Cash Accounts receivable Supplies Land Accounts payable Note payable Yung, capital Yung, drawing Service revenue Salary expense Rent expense - office Rent expense - equipment Utilities expense Total DEBIT $ 68,640 5,800 1,600 16,000 CREDIT

300 23,000 68,000 12,300

7,000 2,500 1,100 560 400 $103,600

$103,600

(45-60 min.) P 2-31A Req. 2 Journal DATE Sep 2 ACCOUNTS AND EXPLANATIONS Cash Moore, capital Supplies Furniture Accounts payable Cash Service revenue 7 Land Cash 11 Accounts receivable Service revenue Salary expense Cash Accounts payable Cash Cash Service revenue Accounts receivable Service revenue Cash Accounts receivable 700 700 590 590 600 600 2,400 2,400 800 800 700 700 26,000 26,000 POST. REF. DEBIT 39,000 CREDIT 39,000 600 2,000 2,600 1,300 1,300

15

16

18

19

29

30

Salary expense Cash Rent expense Cash Moore, drawing Cash

590 590 670 670 2,400 2,400

30

30

Reqs. 1 and 3 Cash 39,000 1,300 2,400 700 Accounts receivable 700 Sep 29 800 800 Supplies 600 600 Land 26,000 26,000 Moore, capital Sep 2 Bal Service revenue Sep 4 11 18 19 Bal Rent expense 670 670

Sep 2 4 18 29

Sep 7 15 16 30 30 30

26,000 590 600 590 670 2,400

Sep 11 19 Bal

700

Bal

12,550 Furniture 2,000 2,000 Accounts payable 600 Sep 3 Bal Moore, drawing 2,400 2,400

Sep 3 Bal

Sep 3 Bal

Sep 7 Bal

Sep 16

2,600 2,000

39,000 39,000

Sep 30 Bal

1,300 700 2,400 800 5,200

Sep 15 30 Bal
Req. 4

Salary expense 590 590 1,180

Sep 30 Bal

Trevor Moore, Attorney Trial Balance September 30, 2012 ACCOUNT Cash Accounts receivable Supplies Furniture Land Accounts payable Moore, capital Moore, drawing Service revenue Salary expense Rent expense Total DEBIT $ 12,550 800 600 2,000 26,000 CREDIT

$ 2,400

2,000 39,000 5,200

1,180 670 $46,200

$46,200

(20-30 min.) P 2-37A Req. 1 Showtime Amusements Company Income Statement Month Ended September 30, 2012 Revenue: Service revenue Expenses: Salary expense Property tax expense Rent expense Total expenses Net income $21,000 $2,500 1,500 1,400 5,400 $15,600

Req. 2 Showtime Amusements Company Statement of Owners Equity Month Ended September 30, 2012 Cougliato, capital, September 1, 2012 Owner investment Net income Drawing Cougliato, capital, September 30, 2012 Req. 3 Showtime Amusements Company Balance Sheet September 30, 2012 ASSETS LIABILITIES Cash $277,400 Accounts payable Supplies 1,400 Note payable Building 360,000 Total liabilities OWNERS EQUITY Cougliato, capital _______ Total liabilities and Total assets $638,800 owners equity

$ 0 370,000 15,600 385,600 (7,000) $378,600

$ 200 260,000 260,200 378,600 $638,800

(20-30 min.) P 2-40A Req. 1 Trevor Moore, Attorney Income Statement Month Ended September 30, 2012 Revenue: Service revenue Expenses: Salary expense Rent expense Total expenses Net income $ 5,200 $1,180 670 1,850 $ 3,350

Req. 2 Trevor Moore, Attorney Statement of Owners Equity Month Ended September 30, 2012 Moore, capital, September 1, 2012 Owner investment Net income Drawing Moore, capital, September 30, 2012 Req. 3 Trevor Moore, Attorney Balance Sheet September 30, 2012 ASSETS Cash Accounts receivable Supplies Furniture Land Total assets $ 12,550 800 600 2,000 26,000 _______ $ 41,950 LIABILITIES Accounts payable OWNERS EQUITY Moore, capital Total liabilities and owners equity 39,950 $ 41,950 $ 2,000

$ 0 39,000 3,350 42,350 (2,400) $39,950

(40-50 min.) P 2-45B Req. 1 Journal DATE Aug 1 ACCOUNTS AND EXPLANATIONS Cash Smith, capital Building Cash Cash Notes payable 10 Supplies Accounts payable Accounts payable Cash Property tax expense Cash Salary expense Rent expense Cash Smith, drawing Cash Cash Service revenue 1,300 1,300 1,000 1,000 1,200 1,200 2,700 1,700 4,400 8,000 8,000 25,000 25,000 POST. REF. DEBIT 400,000 CREDIT 400,000 350,000 350,000 200,000 200,000

15

15

16

28

31

Req. 2 Cash 400,000 Aug 2 200,000 15 25,000 15 16 28 260,400 Accounts payable 1,000 Aug 10 Bal Notes payable Aug 5 Bal Smith, capital Aug 1 Bal Service revenue Aug 31 Bal Salary expense 2,700 2,700

Aug 1 5 31

350,000 1,000 1,200 4,400 8,000

Aug15

1,300 300

Bal

200,000 200,000

Aug10 Bal

Supplies 1,300 1,300 Building 350,000 350,000 Smith, drawing 8,000 8,000

400,000 400,000

Aug 2 Bal

25,000 25,000

Aug 28 Bal

Aug 16 Bal

Aug 15 Bal

Property tax expense 1,200 1,200

Aug 16 Bal

Rent expense 1,700 1,700

PRACTICE SET: Chapter 2 (45-60 min.) Req. 1

Journal DATE Nov 1 ACCOUNTS AND EXPLANATIONS Cash Truck Hudson, capital Prepaid rent Cash Prepaid insurance Cash Supplies Accounts payable Equipment Accounts payable Equipment Cash Accounts receivable Service revenue Cash Accounts receivable Contract labor expense Cash Cash Unearned service revenue POST REF. DEBIT 35,000 8,000 CREDIT

43,000 2,000 2,000 2,400 2,400 270 270 1,000 1,000 1,200 1,200 3,000 3,000 100 100 500 500 3,600 3,600

10

15

16

17

Cash Service revenue Utilities expense Accounts payable Cash Note payable Cash Accounts receivable Accounts payable Cash Advertising expense Cash Hudson, drawing Cash

800 800 175 175 40,000 40,000 900 900 500 500 100 100 600 600

18

20

21

25

29

30

Req. 2 Cash 35,000 100 3,600 800 40,000 900 73,100 Accounts payable 500 Nov 4 5 18 Bal

Nov 1 10 16 17 20 21 Bal

Nov 2 3 7 15 25 29 30

2,000 2,400 1,200 500 500 100 600

Nov 25

270 1,000 175 945

Unearned service revenue Nov 16 3,600 Bal 3,600

Req. 2 (continued) Accounts receivable 3,000 Nov 10 21 2,000 Supplies 270 270 Prepaid rent 2,000 2,000 Prepaid insurance 2,400 2,400 Note payable Nov 20 Bal

Nov 9 Bal

100 900

40,000 40,000

Nov 4 Bal

Hudson, capital Nov 1 Bal Hudson, drawing 600 600 Service revenues Nov 9 17 Bal Contract labor expense Nov 15 500 Bal 500 Utilities expense 175 175

43,000 43,000

Nov 2 Bal

Nov 30 Bal

Nov 3 Bal

3,000 800 3,800

Nov 1 Bal

Truck 8,000 8,000 Equipment 1,000 1,200 2,200

Nov 5 7 Bal

Nov 18 Bal

Advertising expense Nov 29 100 Bal 100

Req. 3 Shine King Cleaning Trial Balance November 30, 2012 ACCOUNT Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Truck Equipment Accounts payable Unearned service revenue Note payable Hudson, capital Hudson, drawing Service revenue Contract labor expense Utilities expense Advertising expense Total DEBIT $ 73,100 2,000 270 2,000 2,400 8,000 2,200 CREDIT

945 3,600 40,000 43,000 3,800

600 500 175 100 $91,345

$91,345

Financial Statement Case 2-1 Req. 1 Journal DATE Dec. ACCOUNTS AND EXPLANATIONS Cash & cash equivalents Net sales revenue Cash & cash equivalents Long-term debt Fixed assets Accounts payable Accounts payable Cash & cash equivalents ($10,000 ) General & admin expense Cash & cash equivalents Long-term debt Interest expense Cash & cash equivalents POST. REF. DEBIT 60,000 CREDIT 60,000 200,000 200,000 10,000 10,000 5,000 5,000

12

22

28

3,000 3,000 100,000 1,000 101,000

31

Note: Amazon.com financial statements use slightly different terminology: cash and cash equivalents instead of cash, net sales instead of sales revenue, long-term debt instead of note payable, Fixed Assets instead of Equipment, General and Administrative Expense instead of Administrative Expense.