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ExtremeBDS [4]
2 years ago
8

The general ledger of Red Storm Cleaners at January 1, 2015, includes the following account balances:

Business
1 answer:
Anna71 [15]2 years ago
8 0

Solution :

Prepare Journal entries :

Transaction General Journal                                            Debit              Credit

a                     Cash                                                           27,300

                   Accounts receivable                                    19,700

                    Service revenue                                                                    47,000

b                 Cash                                                               16,700

                  Accounts receivable                                                               16,700

c                 Cash                                                                6000

                  Common stock                                                                        6000

d                 Salaries expense                                          16,6000

                   salaries payable                                           8,100

e                 Repairs and maintenance                             11,700

                   Cash                                                                                       11,700

f                   Equipment                                                      6,700

                   Cash                                                                                        6,700

g                  Dividends                                                        1,100

                    Cash                                                                                          1,100

Prepare an unadjusted trial balance :

                            Red Storm Cleaners

    Unadjusted Trial balance, December 31, 2015        

            Accounts                                                                Debit             Credit

Cash(13500+27300+16700+6000-24700-11700-1100)   19,300

Accounts receivable (6700+19700-16700)                       9,700

Supplies                                                                              2,700

Equipment (16500+6700)                                                 23,200

Accumulated depreciation                                                                     5,600

Salaries payable                                                                                        0

Common stock (18500+6000)                                                                24,500

Retained earnings                                                                                      7,200

Dividends                                                                            1,100

Service revenue                                                                                       47,000

Salaries expense                                                                 16,600

Repairs and maintenance expense                              <u>      11,700  </u>

Totals                                                                                    84,300        84,300

Prepare adjusted entries :

Transaction   General Journal                                          Debit             Credit

1                     Salaries expenses                                        1,100

                     Salaries payable                                                                1,100

2.                  Depreciation expense                                   3,700

                     Accumulated depreciation                                               3,700

3.                 Supplies expense                                           1,000

                     Supplies                                                                             1,000

Prepare an adjusted trial balance :

                            Red Storm Cleaners

    Adjusted Trial balance, December 31, 2015        

            Accounts                                                                Debit             Credit

Cash(13500+27300+16700+6000-24700-11700-1100)   19,300

Accounts receivable (6700+19700-16700)                       9,700

Supplies   (2700-1000)                                                      1,700    

Equipment (16500+6700)                                                 23,200

Accumulated depreciation (5600+3700)                                            9,300

Salaries payable                                                                                    1,100

Common stock (18500+6000)                                                             24,500

Retained earnings                                                                                 7,200

Dividends                                                                            1,100

Service revenue                                                                                    47,000

Salaries expense(16600+1100)                                          17,700

Repairs and maintenance expense                                    11,700

Depreciation                                                                          3,700

Supplies expense                                                            <u>      1,000   </u>

Totals                                                                                    89,100        89,100  

Prepare Income statement

 RS Cleaners

Income statement, Dec 31, 2015       

Incomes:

Service revenue                                      47,000

Total Income                                           47,000

Expenses :

Dividends                             1,100

Repairs and maintenance   11,700

Salaries                                 17,700

Supplies expense                  1,000

Depreciation                         <u> 3,700 </u>

Total Expenses                                   <u>  35,200  </u>

Net Income                                            11,800              

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