62032649-Comprehensive-Problem

62032649-Comprehensive-Problem - Comprehensive Problem...

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Comprehensive Problem GENERAL JOURNAL DATE AC OUNT TITLES and EXPLANATION LP DEBIT $ CREDIT $ Sep 1 Cash 1 10 ,0 0 Anthony Fer ara Capital 30 10 ,0 0 Investment made by the owner 1 Prepaid rent 6 9,0 0 Cash 1 9,0 0 Paid rent in advance 180,0 0 1 Rental Equipmnet 10 90,0 0 Cash 1 1 0,0 0 Notes Payable 20 Purchased equipmnet on partail cash 4 Of ice sup lies 8 1,630 Ac ounts Payable 2 1,630 Purchased of ice sup lies on ac ounts 8 Cash 1 10,0 0 Unearned Rental Fe s 29 10,0 0 Received cash in advance 12 Salaries Expense 60 3,60 Cash 1 3,60 Paid salaries 15 Cash 1 5,30 Ac ounts Receivable 4 80 Rental Fe Earned 50 6,10 Received cash in advance 17 Maintenance Expense 61 340 Ac ounts payable 2 340 Purchased rental parts on ac ounts 23 Cash 1 210 Ac ounts Receivable 4 210 Received cash on ac ounts 25 NO ENTRY 26 Salaries Expense 60 3,60 Cash 1 3,60 Paid salaries 27 Ac ounts Payable 2 340 Cash 1 340 Paid cash on ac ounts 28 Anthony Fer ara Drawing 35 2,0 0 Cash 1 2,0 0 Withdrew Cash 29 NO ENTRY 29 Unexpired Insurance 7 2,70 Cash 1 2,70 Purchased insurance policy 30 Utilities expense 62 270 Ac ounts payable 2 270 Received a bil for utility 30 Cash 1 Rental fe Earned 50 Received cash in advance ADJUSTING ENTRIES DATE AC OUNT TITLES and EXPLANATION LP DEBIT $ CREDIT $ 30-Sep (a) Rent Expense 63 3,0 0 Prepaid Rent 6 3,0 0 Adjusted the Monthly rent in rent expense (b) Interest Expense 6 825 Interest Payable 25 825 Unrecorded expense being recorded © Depreciation Expense: Rental Equipment 65 150 Ac umulated Depriciation:Rental Equip 12 150 180,0 0 1 150 10 12 Recoded depreciation for rental equipment (d) Of ice Sup lies Expense 64 530 Of ice Sup lies 8 530 1630-150 =530 Unrecorded Expense being recorded (e) Unearned Rental Fe s 29 4,840 Rental fe s Earned 50 4,840 Part Of advances earned (f) Ac ounts Receivable 4 50 Rental Fe Earned 50 50 10 *5=50 Unrecorded revenue being recorded (g) Salaries Expense 60 90 Salaries Payable 26 90 unrecorded expense being recorded Tony's Rental Adjusted Trial Balance Sep 30, 20_ AC OUNTS TITLE DEBIT $ CREDIT $ Cash 32,720 Ac ounts Receivable 1,090 Prepaid Rent 6,0 0 Unexpired Insurance 2,70 Of ice Sup lies 1 0 Rental Equipment 180,0 0 Ac umulated Depriciation:Rental Equipment 1,50 Notes Payable 1 0,0 0 Ac ounts Payable 1,90 Interest Payable 825 Salaries Payable 90 Unearned Rental Fe 5,160 Anthony Fer ara Capital 10 ,0 0 Anthony Fer ara Drawings 2,0 0 Rental fe earned 19,890 Salaries Expense 8,10 Maintenance Expense 340 Utilities Expense 270 Rent Expense 3,0 0 Of ice Sup lies Expense 530 Depriciation Expense: Rental Equipment 1,50 Interest Expense 825 Total 240,175 240,175 Tony's Rental Income Statement Sep 30, 20_ EXPENSES $ REVENUES $ Salaries Expense 8,10 Rental fe Earned 19,890 Maintenance Expense 340 Utilities Expense 270 Rent Expense
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