Acc280 Principles of Accounting: P5-2A Olaf Distributing Company (Perpetual Inventory Method)

Acc280 Principles of Accounting


P5-2A 
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and Common Stock of $9,000.  
 April 2 Purchased merchandise on account from Dakota Supply Co. $6,900, terms 1/10, n/30. 
 4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30.The cost of the merchandise sold was $4,100. 
 5 Paid $240 freight on April 4 sale.


(continued...)


Instructions:
a.  Journalize the transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)
b.  Enter the beginning cash and common stock balances, and post the transactions. (Use J1 for the journal reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
c.  Prepare the income statement through gross profit for the month of April 2008. (List amounts from largest to smallest e.g. 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)    

BUY:  P5-2A Olaf Distributing Company

Acc280 Principles of Accounting: P3-2A Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units

Acc280 Principles of Accounting

P3-2A 
Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows. 
NEOSHO RIVER RESORT, INC. 
Trial Balance 
August 31, 2008 

Account Number Debit Credit 
101 Cash 19,600 
126 Supplies 3,300 
130 Prepaid Insurance 6,000 
140 Land 25,000 
143 Cottages 125,000 
149 Furniture 26,000 
201 Accounts Payable $ 6,500 
208 Unearned Rent  7,400 
275 Mortgage Payable  80,000 
311 Common Stock 100,000 
332 Dividends 5,000 
429 Rent Revenue &n bsp; 80,000 
622 Repair Expense 3,600 
726 Salaries Expense 51,000 
732 Utilities Expense 9,400 
                    $273,900 $273,900 

In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Cottages, No. 150 Accumulated Depreciation—Furniture, No. 212 Salaries Payable,No. 230 Interest Payable,No. 320 Retained Earnings,No. 620 Depreciation Expense—Cottages, No. 621 Depreciation Expense—Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. 

Other data: 
1. Insurance expires at the rate of $400 per month. 
2. A count on August 31 shows $600 of supplies on hand. 
3. Annual depreciation is $6,000 on cottages and $2,400 on furniture. 
4. Unearned rent of $4,100 was earned prior to August 31. 
5. Salaries of $400 were unpaid at August 31. 
6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.) 
7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Instructions 

Instructions:
(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. 
(b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) 
(c) Prepare an adjusted trial balance on August 31. 
(d) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31. 

Tutorial: P3-2A Neosho River Resort

Acc280 Principles of Accounting: E4-2, E4-3 and E4-4 Goode Company (Worksheet, Trial Balance, Financial Statements, Closing Entries)

Price:  US $13.00 (via Paypal)

Acc280 Principles of Accounting

E4-2, E4-3, E4-4 Goode Company

E4-2 The adjusted trial balance columns of the worksheet for Goode Company are as follows.

Instructions

Complete the worksheet.

E4-3 Worksheet data for Goode Company are presented in E4-2. No common stock was issued during April.

Instructions

Prepare an income statement, a retained earnings statement, and a classified balance sheet.

E4-4 Worksheet data for Goode Company are presented in E4-2.

Instructions

(a) Journalize the closing entries at April 30.

(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.

(c) Prepare a post-closing trial balance at April 30.

I am currently working on the checkout counter. For now, only direct Paypal transactions are accepted so please send me a message so we can make arrangements.  Thank you.

Acc280 Principles of Accounting: P4-2A The adjusted trial balance columns of the worksheet for Porter Company

This version of the problem uses corporate accounts - common stock, retained earnings and dividends.

P4-2A 
The adjusted trial balance columns of the worksheet for Porter Company are as follows. 
PORTER COMPANY 
Worksheet 
For the Year Ended December 31, 2008 
(given data)

Instructions

1. Complete the worksheet by extending the balances to the financial statement columns.

2. Prepare an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable become due in 2009. No additional issuance of common stock occurred during 2008.

3. Prepare the closing entries. Use J14 for the journal page.

4. Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.

5. Prepare a post-closing trial balance.

BUY:  P4-2A Porter Company

Acc280 Principles of Accounting: BE4-12 Nathan Company (Reversing Entry)

Price: US $3.00 (via Paypal)


Acc280 Principles of Accounting 


BE4-12


     At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries.  Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry.  

I am currently working on the checkout counter. For now, only direct Paypal transactions are accepted so please send me a message so we can make arrangements.  Thank you.