Reference no: EM131329534
Assignment
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.
(HINT; Record one month depreciation expense).
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.
Discuss the three ways in which textiles can be recycled
: Discuss the three ways in which textiles can be recycled. Why is it preferable to reuse rather than recycle textiles?
|
Discuss about the sales promotion for a company
: Sales promotions can be found anywhere from newspapers to television. In this assignment, we are going to focus on sales promotions on the Internet or in print. For your assignment, locate a sales promotion and explain what you think the company i..
|
Find the steady-state concentration of clo- 2 ion
: Use this to obtain a differential (not integrated) rate law for the concentration of ClO-3 , such that only [ClO- ] and t appear as variables.
|
Desired operating income before tax
: A neighborhood restaurant opens for lunch only and has a menu limited to five meals. The history of each menu item relative to its percentage of total sales, selling price (SP), and variable costs (VC) are shown in the following table: Menu Item SP V..
|
Prepare closing entries in journal format
: Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet. Prepare closing entries in journal format and post to the T Accounts. Prepare a Post-Closing Trial Balance.
|
Create the conditions for the upcoming global war
: Leading up to WWII, Japan, Italy and Germany participated in particularly aggressive acts. How did these decisions create the conditions for the upcoming global war
|
How is this type of theft committed
: With all of your new found knowledge of Business Law, your community has called upon you to provide a presentation to educate your community about identity theft and ways to prevent it. For this week's assignment, you will be creating a PowerPoint..
|
What is the company operating cash flow
: During 2014, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $125,000, and $170,000, respectively. In addition, the company had an interest expense of $60,..
|
Write rate law for disappearance of ch4 in this oxidation
: First, write the rate law for the disappearance of CH4 in this oxidation.Then use this to obtain a differential equation for the rate of appearance of OH. Don't worry about solving the equation or isolating all the dependence on [OH].
|