Reference no: EM132448280
REQUIRED:
Question 1. PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER
Question 2. PREPARE TRIAL BALANCE
Question 3. PREPARE INCOME STATEMENT
Question 4. PREPARE STATEMENT OF RETAINED EARNINGS
Question 5. PREPARE BALANCE SHEET
Question 6. PREPARE CLOSING ENTRIES
1. Invested $200,000 to start JHJ rental car company
2. Paid cash of $10,000 for supplies
3. Paid cash of $24,000 for two-year insurance policy
4. Purchased equipment on account in the amount of $10,000
5. Purchased $15,000 in supplies on account
6. Paid advertising expense of $10,000
7. Purchased ten autos for $30,000 each paying $50,000 down and signed a note for the balance
8. Received cash car rental revenue $400,000
9. Paid office salaries of $80,000
10. Paid rent expense of $40,000
11. Car rental revenue earned from corporate customers on account $100,000
12. Paid on accounts payable $20,000
13. Collection of cash from corporate customers $100,000
14. Invested an additional $100,000 in the business
15. Received cash car rental revenue $500,000
16. Paid sales salaries of $300,000
17. Car rental revenue earned from corporate customers $50.000
18. Collection of cash from corporate customers
19. Paid rent expense of $40,000
20. Paid delivery expenses of $4,000
21. Paid dividends of $5,000
22. Purchased supplies on account $20,000
23. Purchased supplies paying cash of $5,000
24. Paid principal on note payable $40,000
25. Paid interest expense on note payable $4,000
26. Cash car rental revenue received $75,000
27. Car rental revenue billed to corporate customers $125,000
28. Collections from corporate customers $125,000
29. Paid advertising expense $12,000
30. Paid miscellaneous office expenses $2,000
31. Invested additional $50,000 in the business
32. Paid dividends of $10,000
33. Purchased land for $200,000 paying $50,000 down and signed a note for balance
34. Paid principal on note payable $50,000
35. Paid interest on note payable $5,000
36. Received cash care rental income of $150,000
37. Billed corporate customers for car rental $250,000
38. Collected car rental income from corporate customers $100,000
39. Paid dividends $20,000
40. Purchased supplies on account $15,000
41. Bad debt expense 1% of credit sales
42. Dwight Howard paid $20,000 in advance to rent cars for friends for the NBA All Star Game
43. Depreciation expense on equipment is calculated utilizing straight-line method and five-year life
44. Depreciation expense on autos is calculated utilizing the double declining balance method and a five-year life
45. Record expiration of one year's insurance premiums
46. Accrued salaries at end of year totaled $12,000
47. Dwight Howard was provided cars for all-star game
48. Corporate car rental revenue earned totaled $150,000
49. Collections of car rental revenue on account $125,000
50. Supplies purchased on account $15,000
51. Payment on account payable $12,000
52. Cash sales $250,000
53. Office rental expenses $75,000
54. Car rental revenue received in advance from James Hardin for opening night to transport his entourage to the game $15,000 for five limousines
55. Paid principal of $30,000 and interest of $15,000 on autos.
56. Flood expenses incurred after hurricane Harvey $80,000
57. Salary expenses $125,000
58. Purchased land costing $200,000 each and paid 20% down and signed a note for the balance
59. Corporate car rental revenue earned totaled $200,000
60. Collections of car rental revenue on account $175,000
61. Supplies purchased on account $25,000
62. Payment on account payable $22,000
63. Cash sales $150,000
64. Office advertising expenses $15,000
65. Actual car rental revenue earned after transporting James Hardin entourage for opening night to the game $12,000 as only four limousines were needed
66. Paid principal of $10,000 and interest of $5,000 on land note.
67. Scholarship contribution to Texas Southern University $20,000.
68. Salary expenses $150,000
69. Reimbursement check sent to James Hardin for non-required limousine
70. Ending supplies inventory $20,000