1 Cash 101 10000 M Young Capital 301 10000 1 Equipment 157 6000 Cash 101 3000

1 cash 101 10000 m young capital 301 10000 1

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1 Cash 101 10,000 M. Young, Capital 301 10,000 1 Equipment 157 6,000 Cash 101 3,000 Accounts Payable 201 3,000 3 Cleaning Supplies 128 1,200 Accounts Payable 201 1,200 5 Prepaid Insurance 130 1,800 Cash 101 1,800 1 4 Accounts Receivable 112 2,800 Service Revenue 400 2,800 1 8 Accounts Payable 201 2,000 Cash 101 2,000 2 0 Salaries Expense 726 1,800 Cash 101 1,800 2 1 Cash 101 1,400 Accounts Receivable 112 1,400
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2 8 Accounts Receivable 112 2,500 Service Revenue 400 2,500 3 1 Gas & Oil Expense 633 200 Cash 101 200 3 1 M. Young, Drawing 306 700 Cash 101 700
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PROBLEM 4-5B (Continued)
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PROBLEM 4-5B (Continued) (a), (e) & (f) Cash No. 101 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 10,000 10,000 1 J1 3,000 7,000 5 J1 1,800 5,200 18 J1 2,000 3,200 20 J1 1,800 1,400 21 J1 1,400 2,800 31 J1 200 2,600 31 J1 700 1,900 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Mar. 14 J1 2,800 2,800 21 J1 1,400 1,400 28 J1 2,500 3,900 31 Adjusting J2 700 4,600 Cleaning Supplies No. 128 Date Explanation Ref. Debit Credit Balance
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Mar. 3 J1 1,200 1,200 31 Adjusting J2 600 600 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance Mar. 5 J1 1,800 1,800 31 Adjusting J2 150 1,650 Equipment No. 157 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 6,000 6,000
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PROBLEM 4-5B (Continued) Accumulated Depreciation—Equipment No. 158 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 250 250 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 3,000 3,000 3 J1 1,200 4,200 18 J1 2,000 2,200 Salaries Payable No. 212 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 500 500 M. Young, Capital No. 301 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 10,000 10,000 31 Closing J3 2,500 12,500 31 Closing J3 700 11,800 M. Young, Drawing No. 306 Date Explanation Ref. Debit Credit Balance Mar. 31 J1 700 700
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31 Closing J3 700 0 Income Summary No. 350 Date Explanation Ref. Debit Credit Balance Mar. 31 Closing J3 6,000 6,000 31 Closing J3 3,500 2,500 31 Closing J3 2,500 0
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PROBLEM 4-5B (Continued) Service Revenue No. 400 Date Explanation Ref. Debit Credit Balance Mar. 14 J1 2,800 2,800 28 J1 2,500 5,300 31 Adjusting J2 700 6,000 31 Closing J3 6,000 0 Gas & Oil Expense No. 633 Date Explanation Ref. Debit Credit Balance Mar. 31 J1 20 0 20 0 3 1 Closing J3 20 0 0 Cleaning Supplies Expense No. 634 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 60 0 60 0 31 Closing J3 600 0 Depreciation Expense No. 711 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 25 0 25 0 31 Closing J3 250 0 Insurance Expense No. 722
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Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 15 0 150 31 Closing J3 15 0 0 Salaries Expense No. 726 Date Explanation Ref. Debit Credit Balance Mar. 20 J1 1,8 00 1,800 31 Adjusting J2 50 0 2,300 31 Closing J3 2,30 0 0
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PROBLEM 4-5B (Continued) (d) YOUNG’S CARPET CLEANERS Income Statement For the Month Ended March 31, 2005 Revenues Service revenue .............................................. $6,000 Expenses Salaries expense ............................................. $2,300 Cleaning supplies expense ............................ 600 Depreciation expense ..................................... 250 Gas & oil expense ........................................... 200 Insurance expense .......................................... 150 Total expenses ........................................ 3,500 Net income ............................................................... $2,500 YOUNG’S CARPET CLEANERS Owner’s Equity Statement For the Month Ended March 31, 2005 M. Young, Capital, March 1 .................................... $ 0 Add: Investments .................................................. $10,000 Net income ................................................... 2,500 12,500 12,500 Less: Drawings ......................................................
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