Reference no: EM13553716
Melvin Patel bid for and won a concession to rent bicycles in the local park during the summer. During the month of June, Patel completed the following transactions for his bicycle rental business:
June 2 Began business by placing $7,200 in a business checking account in the name of the company.
3 Purchased supplies on account for $150
4 Purchased 10 bicycles for $2,500, paying $1,200 down and agreeing to pay the rest in 30 days.
June 5 Paid $2,900 in cash for a small shed to store the bicycles and so use for other operations.
8 Paid $400 in cash for shipping and installation costs (considered an addition to the cost of the shed) to place the shed at the park entrance.
9 Hired a part-time assistant-to help out on weekends at $7 per hour.
10 Paid a maintenance person $75 to clean the grounds.
13 Received $970 in cash for rentals.
17 Paid $150 for the supplies purchased on June 3.
18 Paid a $55 repair bill on bicycles.
23 Billed a company $110 for bicycle rentals for an employee outing.
25 Paid the $100 fee for June to the Park District for the right to operate the bicycle concession.
27 Received $960 in cash for rentals.
29 Paid the assistant $240.
30 Made a cash withdrawal of $500.
Required
1. Prepare entries to record these transactions in journal form.
2. Set up the following T accounts and post all the journal entries: Cash; Accounts Receivable; Supplies; Shed; Bicycles; Accounts Payable; M. Patel, Capital; M. Patel, Withdrawals; Rental Revenue; Wages Expense; Maintenance Expense; Repair Expense; and Concession Fee Expense.
3. Prepare a trial balance for Patel Rentals as of June 30, 2011.
4. Compare and contrast how the issues of recognition, valuation, and classification are settled in the transactions of June 3 and 10.
|
Angle of the shock wave relative to the direction of motion
: A space probe enters the thin atmosphere of a planet where the speed of sound is only about 35m/s. (a) What is the probe's Mach number if its initial speed is 15,000km/h (b) What is the angle of the shock wave relative to the direction of motion?
|
|
Compare the shift in frequency
: Compare the shift in frequency if a 2000 Hz source is moving toward you at 15 m/s, versus you moving toward it at 15m/s. Are the two frequencies exactly teh same?
|
|
The one-dimensional parity operator pi is defined
: The one-dimensional parity operator pi is defined by pi psi (x) = psi (-x) In other words, pi changes x into –x everywhere in the function. Is pi a Hermitian operator?
|
|
What is the final angular velocity of the combined system
: A 20 cm-diameter, 2.0 kg solid disk is rotating at 200 rpm. What is the final angular velocity of the combined system
|
|
Prepare a trial balance for patel rentals
: Prepare a trial balance for Patel Rentals as of June 30, 2011 and compare and contrast how the issues of recognition, valuation, and classification are settled in the transactions of June 3 and 10.
|
|
Explain if calcium and chlorine combine to form a compound
: If calcium and chlorine combine to form a compound, which of the following terms describes the types of bonds found in the compound
|
|
Prepare a statement of stockholders equity - reither co.
: Reither Co. has January 1, 2004, balances in common stock $350,000; accumulated other comprehensive income $80,000; and retained earnings $90,000. It issued no stock during 2004. Prepare a statement of stockholders' equity.
|
|
Explain acetylsalicylic acid in moles and in grams
: If you used 5.0 g of salicylic acid and excess acetic anhydride in the preceding synthesis of aspirin, what would be the theoretical yield of acetylsalicylic acid in moles and in grams
|
|
Evaluate how much of the ice has melted
: Suppose that 250g of water at 85oC is mixed with 25g of ice at 0oC in an insulated container of negligible heat capacity. How much of the ice has melted
|