ACC1010_Principles of Accounting I_SerialProblem Ch 12.xlsx...

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Baker CollegeACC 1010 Principles of Accounting IKate's Cards Serial Problem Ch. 2aGeneral JournalDescriptionDebit 1 Deposited $10,000 into business checking account. 10,000 Received $10,000 in common stock Depsited cash in exchange for common stock, $10,0002 No entry necessary3 Consulting Fee 50 Cash Payment to employee Fred for critique of $50 4 Equipment4,800 Cash Purchas of iMac computer tablet, graphic arts software and commerical print5 Supplies 350 Accounts Payable purchase of paper, ink and supplies on account for $350 6 No entry required7 No entry required8 Supplies inventory 1,500 Accounts Payable Purchase of additional supplies on account for $1500 9 Cash 5,000 sales revenue Provided services for cash payment $500010 cost of goods sold 1,750 supplies inventory Cost of goods sold, $175011 Accounts Payable 1,850 Cash Paid account payable in full $1850Posting reference
12 Prepaid Insurance 1,100 Insurance expense 100 to record advance payment of insurance 13 Depreciation expense 1/48th 100 accumulated depreciation 1/48th Life of equipment 48 months 14 Wages expense 1,000 Cash Paid employee wages (kate), $100015 Paid Rent 1,200 Cash Paid monthly rent, $1200
bT-accounts Credit PRCash PR PRSupplies I1 10,000 50 3 5 350 10,000 9 5,000 4,800 4 8 1,500 1,850 11 $ 100 1,200 12 1,000 14 1,200 15 Equip$ 4,900 4 4,800 50 Accounts payable Commo11 1,850 350 5 4,800 1,500 8 ter for $4800$ - Cost of goods sold Consulting350 10 1,750 3 50 Depreciation expense Wages e13 100 14 1,000 1,500 cKate's Cards Trial Balance September 30, 20195,000 Debit Cash 4,900 Accounts Payable - supplies inventory 100 1,750 prepaid insurance 1,100 Equipment 4,800 Depreciation of equipment Accounts payable 1,850 Common stock sales revenue
cost of goods sold 1,750 consulting expense 50 1,200 Insurance expense 100 depreciation expense 100 wage expense 1,000 Rent expense 1,200 100 Retained earning Totals $ 15,100 1,000 1,200
Inventory PR PRPrepaid Insurance PR1,750 10 12 1,100 pment Accumulated Depreciation -- Equipment 100 13on stock Sales revenue 10,000 (1)5,000 9g expense Insurance expense 12 100 expense Rent expense 15 1,200 Credit 100 - 10,000 5,000
- $ 15,100
Baker CollegeACC 1010 Principles of Accounting IKate's Cards Serial Problem Ch. 3aGeneral JournalDescriptionDebit 1 No entry necessary2 Cash 450 Sales revenue Teaches class to aspiring designersis paid -$450 3 Accounts receivable 3,500 Sales revenueDelivers cards to new customers bills -$3500 4 Utility 250 Cash Pays utility bills- $250 5 Cash 500 Unearned revenue advance deposit from new customer for new designs- $500 6 Wage expense 200 Cash pay new employee for work done this month -$2007 Wage expense 100 wages payable determines new employee has worked 10 hours that has not been paidsupplies inventory 1,000 Cash 8paid for supplies- $10009 cost of goods sold 800 inventory Previous inventory balance $100+$1000 purchase-$300 remaining= $10 Depreciation and insurance expense 200 accumulated depreciation and prepaid insurance Posting reference
Record of the adjusting entries for depreciation and insurance expense -11 Wage expense 1,000 Cash pays herself salary- $1000 12 rent expense 1,200 Cash Paid monthly rent- $120013 utility expense 85 utility payable utility bill in Dec and determines that $85 applied to October- $8514 dividends 100 Cash Paid herself $100 dividend dKate's CardsIncome Statement

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Term
Fall
Professor
Ashley Harper
Tags
Balance Sheet, Generally Accepted Accounting Principles, Kate

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