Acc557 Strayer Financial Accounting P2-2A Jane Kent is a licensed CPA

Acc557 (Acc280) Financial Accounting
P2-2A   


Jane Kent is a licensed CPA. During the first month of the operation of her business, Jane Kent, Inc. the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for Common Stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.  


Instructions  
(a) Journalize the transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) 
(b) Post to the ledger accounts.  (If answer is zero, please enter 0. Do not leave any fields blank.) 
(c) Prepare a trial balance on May 31, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.) 

BUY:  P2-2A Jane Kent

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)

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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.

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