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Lecture_XII_HW_Solutions

Lecture_XII_HW_Solutions - Lecture XII-HW Solutions...

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Lecture XII-HW Solutions 3-37 (25-40 min.) This problem provides practice in journals and ledgers. 1. and 3. To save space, the year 20X8 is not shown in these accounts. All items dated 1/1 are the balances as of January 1, 20X8. Balances as of January 31, 20X8 are denoted with **. Cash Accounts Receivable Accounts Payable 1/1 5,000 1/7 500 1/1 3,000 1/2 3,000 1/27 1,500 1/1 1,900 1/2 3,000 1/11 1,000 1/19 3,600 1/9 900 1/3 4,200 1/13 500 ** 3,600 ** 1,300 1/24 1,300 1/27 1,500 Paid-in Capital 1/31 300 1/1 17,000 1/31 800 12,200 5,900 Retained Earnings ** 6,300 1/1 17,100 Parts Inventory Cost of Parts Sold Parts Revenue 1/1 2,000 1/3 300 1/3 300 1/3700 1/9 900 1/19 500 1/19 500 1/19 800 ** 2,100 ** 800 ** 1,500 Prepaid Rent Wages Expense Labor Revenue 1/1 2,000 1/31 1,000 1/11 1,000 1/3 3,500
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** 1,000 1/24 1,300 1/19 2,800 1/31 800 ** 6,300 ** 3,100 Trucks Rent Expense Legal Expense 1/1 36,000 1/31 1,000 1/7 500 Accumulated Depreciation, Depreciation Expense, Trucks Trucks Repairs Expense 1/1 15,000 1/31 600 1/13 500 1/31 600 ** 15,600
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3-37 (continued) Depreciation Expense, Equipment Equipment 1/1 8,000 1/31 200 Accumulated Depreciation, Equipment Gasoline Expense 1/1 5,000 1/31 300 1/31 200 ** 5,200 2. Jan. 2 Cash 3,000 Accounts receivable 3,000 Collections on account. Jan. 3 Cash 4,200 Parts revenue 700 Labor revenue 3,500 Services rendered. Jan. 3 Costs of parts sold 300 Parts inventory 300 Cost of parts sold to customers. Jan. 7 Legal expenses 500 Cash 500 Paid legal costs. Jan. 9 Parts inventory 900
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Accounts payable 900 Acquired parts on open account.
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