Reference no: EM131219625
Boilermaker House Painting Company
1. Sep 3 Paint houses in the current month for $20,000 on account.
2. Sep 8 Purchase painting equipment for $21,000 cash.
3. Sep 12 Purchase office supplies on account for $3,500.
4. Sep 15 Pay employee salaries of $4,200 for the current month.
5. Sept 19 Purchase advertising to appear in the current month for $1,000 cash.
6. Sep 22 Pay office rent of $5,400 for the current month.
7. Sep 26 Receive $15,000 from customers in (1) above.
8. Sep 30 Receive cash of $6,000 in advance from a customer who plans to have his house painted in the following month.
a) Record each transaction. The company uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, Rent Expense.
b) Post each transaction to T-accounts and compute ending balance. The starting balances for the accounts are: Cash $26,100, Accounts Receivable $1,700, Supplies $500, Equipment $7,400, Accounts Payable $1,200, Common Stock $25,000, Retained Earnings $9,500. All others began with $0.
c) After calculating ending balance of each account, prepare a trial balance.
|
Statement concerning accounting standards
: Select the incorrect statement concerning accounting standards.
|
|
Total product costs for the company under variable costing
: Brief Exercise 19-16 The Rock Company produces basketballs. It incurred the following costs during the year. What are the total product costs for the company under variable costing?
|
|
Contrast the general fund and special revenue fund
: The General Fund and the Special Revenue Fund are subject to comparable accounting and financial reporting principles and they have similar financial transactions. Discuss answers to the following questions and justify your response: Compare and cont..
|
|
How is criminal justice system portrayed
: How would you explain the reported criminal behavior using at least two theories from the psychological perspectives to each article or news story? Give a complete citation for the selected article and include a digital copy, if possible.
|
|
Cash-accounts receivable and supplies-equipment
: Record each transaction. The company uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, Rent Expens..
|
|
Briefly describe at least one episode of a television show
: Identify the context in which the character(s) demonstrated aggression or violence. Include the gender, age, and culture of the character(s) involved in the aggressive or violent act(s).
|
|
Difference relevant to financial decision making
: 1. How does net cash flow differ from net income and why is that difference relevant to financial decision making? 2. With regard to tax purposes, which type of depreciation methods do organizations prefer and why?
|
|
Pricing is key aspect of product or service
: Pricing is a key aspect of a product or service. Think of a product you use, it can be a convenience, shopping or specialty product. Identify the likely pricing objective and the possible pricing strategy used. Support your conclusions.
|
|
Disposable monthly income
: An engineering graduate plans to buy a home. She has been advised that her monthly house and property tax payment should not exceed 35% of her disposable monthly income. After researching the market, she determines she can obtain a 30 year home loan ..
|