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On July 1, 2013, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company's first month. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company in exchange for common stock. 2 The company rented equipment by paying $2,000 cash forthe first month's (July) rent. 5 The company purchased $2,400 of office supplies for cash. 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on July 11. 14 The company paid an employee $1,000 cash for two weeks salary earned
24 the company collected $9800 cash for storage fees from customers. 28 The company paid $1000 cash for two weeks salary earned by an employee. 29 The company paid $950 cash for minor repairs to a leaking roof. 30 the company paid $400 cash for this month's telephone bill. 31 The company paid $2000 cash for dividends. The company's chart of accounts follows: 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 173 Buildings 174 Accumulated Depreciation- Buildings 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends 401 Storage Fees Earned 606 Depreciation Expense- Buildings 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Required: 1. Use the balance column format to set up each ledger accoun listed in its chard of accounts. 2. Prepare journal entries to record the transactions for July and post them to the ledger accounts. Record prepaid and unearned items in balance sheet accounts. 3. Prepare an unadjusted trial balance as of July 31. 4. Use the following information to journalize and post adjusting entries for the month: a. Two-thirds of one month's insurance coverage has expired. b. At the end of the month, $1525 of office supplies are still available. c. This month's depreciation on the buildings is $1500. d. An employee earned $100 of unpaid and unrecorded salary as of month-end. e. The company earned $1150 of storage fees that are not yet billed at month-end. 5. Prepare the adjusted trial balance as of July 31. Prepare the income statement and the statement of retained earnings for the month of July and the balance sheet at July 31, 2013. 6. Prepare journal entries to close the temporary accounts and post these entries to the ledger. 7. Prepare a post-closing trial balance.
Construct a monthly cash budget for the clinic for the period January through June 2006. What is the maximum monthly loss (cash shortfall) during the six-month planning period?
Loyola International, Inc. is considering adding a portable CD player to its product line. Management believes that in order to be competitive, the CD player cannot be priced above $79. Compute the target cost of a CD player.
Hutchinson Company had retained earnings of $10,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments. Cash of $2,000 had been set ..
Calculate both the unit contribution margin and contribution margin, and prepare a contribution margin statement.
Linda is a qualifying widow in 2010. In 2010, she reported $75,000 of taxable income (all ordinary). What is her gross tax liability using the tax rate schedules?
Prepare separate entries for each transaction on the books of Meredith Company.
Bee-In-The-Bonnet Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting j..
Which of the following is correct about the treatment of preacquisition earnings on consolidated financial statements?
Maris Co. purchased a machine on January 1, 2013, for $1,200,000 for the express purpose of leasing it. The machine is expected to have a five-year life, no salvage value, and be depreciated on a straight-line monthly basis.
A corporation sold land (with an adjusted basis of $240,000) for $200,000 to its majority shareholder. (A) What is the company's recognized gain or loss on the sale?
For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share, and (d) the dividend yield.
Calculate the change in the net operating income if an $8,000 increase in the monthly advertising budget would increase monthly sales by $15,000
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