157 equipment 6000 no 201 accounts payable 2000 no

This preview shows page 37 - 39 out of 48 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Accounting
The document you are viewing contains questions related to this textbook.
Chapter 2 / Exercise 2
Accounting
Reeve/Warren
Expert Verified
(concession stand, projection room, ticket booth, and screen) $8,000, No. 157 Equipment $6,000, No. 201 Accounts Payable $2,000, No. 275 Mortgage Payable $8,000, and No. 301 Owner’s Capital $18,000. During April, the following events and transactions occurred.Apr. 2 Paid film rental of $1,100 on first movie.3 Ordered two additional films at $1,000 each.9 Received $2,800 cash from admissions.10 Made $2,000 payment on mortgage and $1,000 for accounts payable due.Trial balance totals $63,200Prepare a correct trial balance.(SO 7),ANTrial balance totals $25,020 Journalize transactions, post, and prepare a trial balance.(SO 2, 4, 6, 7), AP
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Accounting
The document you are viewing contains questions related to this textbook.
Chapter 2 / Exercise 2
Accounting
Reeve/Warren
Expert Verified
11 Chicago Theater contracted with Virginia McCaskey to operate the concession stand. McCaskey is to pay 17% of gross concession receipts (payable monthly) for the rental of the concession stand.12 Paid advertising expenses $500.20 Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April.25 Received $5,200 cash from admissions.29 Paid salaries $2,000.30 Received statement from Virginia McCaskey showing gross concession receipts of $1,000 and the balance due to The Chicago Theater of $170 ($1,000 3 17%) for April. McCaskey paid one-half of the balance due and will remit the remainder on May 5.30 Prepaid $1,200 rental on special film to be run in May.In addition to the accounts identified above, the chart of accounts shows: No. 112 Accounts Receivable, No. 136 Prepaid Rent, No. 405 Service Revenue, No. xxx Rent Revenue, No. 610 Advertising Expense, No. 632 Rent Expense, and No. 726 Salaries and Wages Expense.Instructions(a)Enter the beginning balances in the ledger as of April 1. Insert a check mark () in the refer-ence column of the ledger for the beginning balance.(b)Journalize the April transactions. Chicago records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense.(c)Post the April journal entries to the ledger. Assume that all entries are posted from page 1 of the journal.(d)Prepare a trial balance on April 30, 2012.Trial balance totals $34,170Problems: Set B87Problems: Set BP2-1BForte Disc Golf Course was opened on March 1 by Matt Forte. The following selected events and transactions occurred during March.Mar. 1 Invested $20,000 cash in the business.3 Purchased Heeren’s Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.)5 Paid advertising expenses of $700.6 Paid cash $600 for a one-year insurance policy.10 Purchased golf discs and other equipment for $1,050 from Innova Company payable in 30 days.18 Received $1,100 in cash for golf fees earned (Forte records golf fees as service revenue).19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.25 Withdrew $800 cash for personal use.30 Paid salaries of $250.30 Paid Innova Company in full.31 Received $2,100 cash for fees earned.Matt Forte uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner’s Capital, Owner’s Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.InstructionsJournalize the March transactions.P2-2B

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture