ems Series B ebit OBJ. 1, 2, 3, 4 PR 2-1B Entries into T accounts and trial balance Ken Jones, an ar

 
   

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ems Series B ebit OBJ. 1, 2, 3, 4 PR 2-1B Entries into T accounts and trial balance Ken Jones, an architect, opened an office on April 1, 2014. During the month, he com- pleted the following transactions connected with his professional practice: a. Transferred cash from a personal bank account to an account to be used for the busi- ness, $18,000. b. Purchased used automobile for $19,500, paying $2,500 cash and giving a note payable for the remainder. c. Paid April rent for office and workroom, $3,150. d. Paid cash for supplies, $1,450. e. Purchased office and computer equipment on account, $6,500. f. Paid cash for annual insurance policies on automobile and equipment, $2,400. 8. Received cash from a client for plans delivered, $12,000. h. Paid cash to creditors on account, $1,800. i. Paid cash for miscellaneous expenses, $375. 1. Received invoice for blueprint service, due in May, $2,500. k. Recorded fee earned on plans delivered, payment to be received in May, $15,0) 1. Paid salary of assistant, $2,800. m. Paid cash for miscellaneous expenses, $200. n. Paid installment due on note payable, $300. o. Paid gas, oil, and repairs on automobile for April, $550. Instructions 1. Record the above transactions directly in the following T accounts, without jº Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipm Payable; Accounts Payable; Ken Jones, Capital; Professional Fees: Rent Expense pense; Blueprint Expense; Automobile Expense: Miscellaneous Expense. To the amount entered in the accounts, place the appropriate letter to identify the trans 2. Determine account balances of the T accounts. Accounts containing a single en (such as Prepaid Insurance) do not need a balance. ithout journalizing quipment; Notes ense; Salary Ex To the left of each y the transaction single entry only Chapter 3 The Adjusting Process 139 S Accounts Receivable Equipment Accumulated Deprecation to Prepaid Supplies Wages Payable Unearned Fees Fees ved Wages Expense Rent Exe Depreciation Expense Supplies Expense S2000 6.000 3.000 190.000 Data needed for year-end adjustments are as follows a. Unbilled fees at August 31, 39.150.- POD b. Supplies on hand at August 31. $65. So c. Rent expired, 55,000.- d. Depreciation of equipment during year. $3.300 DE e. Uneamed fees at August 31, $3.0001 f. Wages accrued but not paidat August 31. 53.100. Instructions 1. Journalize the six adjusting entries required togast 31, based on the data presented ntiftents Gand we 2. What would be the cffect on the income omitted at the end of the year? 3. What would be the effect on the balance sheet i adjustments (a) and were omitted at the end of the year? 4. What would be the effect on the “Net increase or decrease in cash on the statement of cash flows if adjustments (a) and (f) were omitted at the end of the year? GENERAL LEDGER PR 3-3A Adjusting entries Electro Repairs & Service, an electronics repair store, prepared the unadjusted trial bal- ance shown below at the end of its first year of operations Electro Repair & Service Undsted Til Balance June 30, 2014 Debit Balances Balances Cash … 21.600 154,300 20.000 24,000 162.000 18000 193.000 Accounts Receivable. Supplies Equipment…. Accounts Payable Unearned Fees Amy Wolf, Capital Amy Wolf, Drawing Fees Earned. Wages Expense Rent Expense Utilities Expense 126.000 96.000 69.000 10.800 600.000 600.000 Miscellaneous Expense (Costi