Reference no: EM132946507
Question - John's House Painting Company has the following transactions for the year:
1. December 1 - Issued capital stock for $100,000 to start a house painting business.
2. December 1 - Paid one year insurance premium costing $4,800.
3. December 1 - Paid gas expense $200.
4. December 1 - Purchased equipment costing $4,800 on credit.
5. December 12 - Purchased supplies costing $800 on credit.
6. December 18 - Painted three houses totaling $12,000 and billed customers.
7. December 23 - Painted three rooms and billed customers $500.
8. December 28 - Received $2,000 for houses painted in #6.
9. December 31 - Paid for equipment purchased in #4.
10. December 31 - Received $1,000 for a job to paint a house in January next year.
11. December 31 - Paid a $1,000 dividend.
Required -
1. Prepare journal entries for the above transactions.
2. Post the above transactions to T Accounts.
3. Prepare a Trial Balance.
4. Prepare adjusting entries in journal format and post to T Accounts Supplies on Hand December 31 was $400.
The Equipment is to be depreciated over 48 months starting with December.
Wages owed but not paid on December 31 was $200.
One month of insurance has expired.
5. Prepare an Adjusted Trial Balance.
6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet.
7. Prepare closing entries in journal format and post to the T Accounts.
8. Prepare a Post-Closing Trial Balance.
|
How a radical with a computer can cause
: Share some examples on how "a radical with a computer can cause more harm today than a radical with a gun. "
|
|
Prepare a cash budget for the first quarter
: Prepare a cash budget for the first quarter. Pink Martini Corporation is projecting a cash balance of $30,000 in its December 31, 2019, balance sheet.
|
|
Determine the Spending variance
: The following labor standards have been established for a particular product: Standard labor rate $15.50 per hour.Determine the Spending variance
|
|
Prepare the bank reconciliation for rose company as of july
: Prepare the bank reconciliation for Rose Company as of July 31, 2023, and prepare journal entries as needed based on the Deposits in transit, $2,875.
|
|
Prepare an Adjusted Trial Balance
: 1. December 1 - Issued capital stock for $100,000 to start a house painting business. Prepare an Adjusted Trial Balance
|
|
What measures would take to manage rate risk
: In a rising interest rate environment, how would bond values change over time? As a bond investor, what measures would you take to manage rate risk?
|
|
Describe how you would measure the selection criteria
: Describe how you would measure the selection criteria you have nominated
|
|
What is the firm weighted average cost of capital
: If Company A is subject to a 40 per cent marginal tax rate, what is the firm's weighted average cost of capital
|
|
Discuss whether a parent-subsidiary relationship exists
: Discuss whether a parent-subsidiary relationship exists. P Ltd has recently acquired a 40% interest in L Ltd. P Ltd has extensive experience in the industry.
|