Reference no: EM133078364
Questions -
Q1. Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $313,630. During the year, Hannah invested an additional $21,090 and withdrew $36,270. For the year ended December 31, Hannah's Pool Service Company reported a net income of $69,050. Prepare a statement of owner's equity for the year ended December 31.
Q2. Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $8,200. Emma Co. prepaid the $650 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period?
a. Accounts Payable-Emma Co., debit $8,850; Merchandise Inventory, debit $164; Cash, credit $9,014
b. Accounts Payable-Emma Co., debit $8,686; Cash, credit $8,686
c. Accounts Payable-Emma Co., debit $8,200; Freight In, debit $650; Cash, credit $8,850
d. Accounts Payable-Emma Co., debit $8,200; Cash, credit $8,200
Q3. Prepare the December 31 adjusting entries for the following transactions. Omit explanations.
1. Fees accrued but not billed, $6,300.
2. The supplies account balance on December 31, $4,750; supplies on hand, $960.
3. Wages accrued but not paid, $2,700.
4. Depreciation of office equipment, $1,650.
5. Rent expired during year, $10,800.
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