Jun 30 Retained earnings 900 Dividends 900 To close the dividends account

Jun 30 retained earnings 900 dividends 900 to close

This preview shows page 39 - 44 out of 94 pages.

Jun 30Retained earnings900Dividends900To close the dividends accountcontinued next page©Cambridge Business Publishers, 2017Solutions Manual, Chapter 33-39
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P3-12A. continuedg. MEHL DANCE STUDIOPost-Closing Trial BalanceJune 30DebitCreditCash$ 6,325Accounts receivable10,180Piano5,000Accounts payable$ 465Notes payable5,080Common stock7,870Retained earnings8,090Totals$21,505$21,505P3-13A. Transaction Analysis, Trial Balance, and Financial Statements(LO3, LO4, LO5) a.General Journal DateDescriptionPost Ref.DebitCreditDec.Cash135,000Common Stock135,000To record issuance of common stockRent expense21,200Cash21,200To record payment of office rentAdvertising expense3750Accounts payable3750To record purchase on account of t-shirts used in advertisingAccounts payable4750Cash4750To record payment owed on account.Cash54,500Want ad revenue54,500To record collection of want ad revenue.continued next page©Cambridge Business Publishers, 20173-40Financial Accounting for Undergraduates, 3rdEdition
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P3-13A. continuedDateDescriptionPost Ref.DebitCreditDec.Delivery expense6910Cash6910To record payment to post office for bulk mailing.Accounts receivable75,600Advertising revenue75,600To record billing for advertising.Delivery expense850Cash850To record payment for courier service.Printing expense92,900Cash92,900To record payment for printing.Cash102,570Want ad revenue102,570Collected want ad revenue in cashUtilities expense11610Accounts payable11610To record payment for utilitiesPrinting expense122,900Cash122,900To record payment for printing.Salaries expense134,100Cash134,100To record payment for salaries.Accounts receivable148,850Advertising revenue148,850To record customer billingsDelivery expense15930Cash15930To record payment to post office for bulk mailing.continued next page©Cambridge Business Publishers, 2017Solutions Manual, Chapter 33-41
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P3-13A. continuedDateDescriptionPost Ref.DebitCreditDec.Delivery expense16350Cash16350To record payment for courier service.Cash175,100Accounts receivable175,100To record collection of receivables.Office equipment181,400Notes payable181,400To record purchase of fax machine.CashAccounts ReceivableOffice Equipment(1) 35,0001,200 (2)(7) 5,6005,100 (17)(18) 1,400(5) 4,500750 (4)(14) 8,850(10) 2,570910 (6)Bal 9,350(17) 5,10050 (8)2,900 (9)2,900 (12)4,100 (13)930 (15)Notes PayableAccounts Payable350 (16)1,400 (18)(4) 750750 (3)Bal 33,080610 (11)610 BalCommon StockAdvertising RevenueWant Ad Revenue35,000 (1)5,600 (7)4,500 (5)8,850 (14)2,570 (10)14,450 Bal7,070 BalPrinting ExpenseAdvertising ExpenseUtilities Expense(9) 2,900(3) 750(11) 610(12) 2,900Bal 5,800Salaries ExpenseRent ExpenseDelivery Expense(13) 4,100(2) 1,200(6) 910(8) 50(15) 930(16) 350Bal 2,240continued next page©Cambridge Business Publishers, 20173-42Financial Accounting for Undergraduates, 3rdEdition
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P3-13A. continuedb. BEEPER, INC.Trial BalanceDecember 31DebitCreditCash$33,080Accounts receivable9,350Office equipment1,400Accounts payable610Notes payable1,400Common stock35,000Advertising revenue14,450Want ad revenue7,070Printing expense5,800Advertising expense750Utilities expense610Salaries expense4,100Rent expense1,200Delivery expense2,240Totals$58,530$58,530c.
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  • Balance Sheet, Expense, Generally Accepted Accounting Principles, ©Cambridge Business Publishers

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