Transactions for the joel berges company

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Reference no: EM13859173

Problem 1: Selected transactions for the Joel Berges Company are presented in journal form below.






Date

Account Titles and Explanation

Ref.

Debit

Credit

May 5

Accounts Receivable


4,100



     Service Revenue



4,100


       (Billed for services performed)




12

Cash


2,400



    Accounts Receivable



2,400


      (Received cash in payment of account)




15

Cash


3,000



    Service Revenue



3,000


       (Received cash for services performed)




Post the transactions to T-accounts and determine each account's ending balance.

Problem 2: An inexperienced bookkeeper prepared the following trial balance.

HUEWITT COMPANY
Trial Balance
December 31, 2014


Debit

Credit

Cash

$10,800


Prepaid Insurance


$3,500

Accounts Payable


3,000

Unearned Service Revenue

2,200


Owner's Capital


9,000

Owner's Drawings


4,500

Service Revenue


25,600

Salaries and Wages Expense

18,600


Rent Expense

 

2,400


$31,600

$48,000

Prepare a correct trial balance, assuming all account balances are normal.

Problem 3: Kahl Enterprises had the following selected transactions.

1. Jo Kahl invested $4,000 cash in the business.
2. Paid office rent of $950.
3. Performed consulting services and billed a client $5,200.
4. Jo Kahl withdrew $750 cash for personal use.

Indicate the effect each transaction has on the accounting equation, using plus and minus signs.

Problem 4: Janet Miyoshi has prepared the following list of statements about the general ledger.

Identify each statement as true or false.

1. The general ledger contains all the asset and liability accounts but no owner's equity accounts.

2. The general ledger is sometimes referred to as simply the ledger.

3. The accounts in the general ledger are arranged in alphabetical order.

4. Each account in the general ledger is numbered for easier identification.

5. The general ledger is a book of original entry.

Problem 5: Janet Miyoshi has prepared the following list of statements about the general ledger.

Identify each statement as true or false.

1. The general ledger contains all the asset and liability accounts but no owner's equity accounts.

2. The general ledger is sometimes referred to as simply the ledger.

3. The accounts in the general ledger are arranged in alphabetical order.

4. Each account in the general ledger is numbered for easier identification.

5. The general ledger is a book of original entry.

Problem 6: The T-accounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations.

Cash

No. 101

4/1

12,000

4/15

1,300

4/12

900

4/25

1,500

4/29

400



4/30

1,000



Accounts Receivable

No. 112

4/7

3,200

4/29

400

Supplies

No. 126

4/4

1,800



Accounts Payable

No. 201

4/25

1,500

4/4

1,800

Unearned Service Revenue

No. 209



4/30

1,000

Owner's Capital

No. 301



4/1

12,000

Service Revenue

No. 400



4/7

3,200



4/12

900

Salaries and Wages Expense

No. 726

4/15

1,300



Prepare the complete general journal from which the postings to Cash were made.

Reference no: EM13859173

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