服务型企业业务题答案.docx

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Sep. 1 Friedman began a business by investing $50000 in cash, $3000 in supplies and $25000 in equipment Sep. 1 Bought supplies for cash, $540 Sep.2 Prepaid the rent for six month, $7200 Sep. 3 Purchased additional supplies on credit, $320 Sep. 5 Prepaid the insurance premium for three month $3000 Sep. 9 Performed services and immediately collected $3200 cash for the work. Sep. 13 Paid for the supplies purchased on September 3 Sep. 15 Purchased equipment on account $5800 Sep. 16 Performed services for Adam on account $850 Sep. 23 Completed professional work for Vat on credit, $6800 Sep. 26 Received $850 from Adam for the work completed on Nov.16. Sep. 28 Friedman withdrew $100 from the business to pay his home utility bill Sep. 29 Withdrew $2500 for personal use Sep. 30 Paid the September telephone bill of the office, $380 Sep. 30 Made additional cash investment in the business $2000 Additional information for adjustment at the end of the month: (a) Rent expense for September $1200 (b) Insurance expense expired $1000 (c) Medical supplies used in November $750 (d) The accumulated depreciation for equipment $ 860 (e) Accrued salary of the receptionist and assistant $2570 (f) Accrued service revenue $3250 Required: Journalize the transactions; Post the journal entries to the ledger accounts; Complete the work sheet. Prepare the financial statements. Make the journal entry and post them to the ledger. Close the accounts. General Journal Page 1 Date Accounts and Explanation P.R. Debit Credit Step1 investing in cash and $50000 Cash Capital Step1 investing in supplies $3000 Supplies Capital Step1 investing in equipment $25000 equipment Capital Step1 Bought supplies for cash, $540 supplies Cash Sep.2 Prepaid the rent for six month, $7200 Prepaid rent Cash Sep. 3 Purchased additional supplies on credit, $320 supplies Accounts Payable Sep. 5 Prepaid the insurance premium for three month $3000 Prepaid Insurance Cash Sep. 9 Performed services and immediately collected cash for the work 8$3200 cash Service Revenue Sep. 13 Paid for the supplies purchased on Sep 3 $320 Accounts payable Cash Sep. 15 Purchased equipment on account $5800 equipment Accounts Payable Sep. 16 Performed services for Adam on account $850 Accounts receivable Service Revenue Sep. 23 Completed professional work for Vat on credit, $6800 Accounts receivable Service Revenue Sep. 26 Received from Adam for the work completed on Nov.16. $850 cash Accounts Receivable Sep. 28 Friedman withdrew from the business to pay his home utility bill $100 capital Withdrawl Sep. 29 Withdrew for personal use $2500 capital Withdrawl Sep. 30 Paid the September telephone bill of the office, $380 Utilities expense Cash Sep. 30 Made additional cash investment in the business $2000 cash Capital Adjusting(a) Rent expense for September $1200 Rent expense Prepaid rent (b) Insurance expense expired $1000 Insurance Expense Prepaid Insurance (c) Medical supplies used in November $750 Supplies expense Supplies (d) The accumulated depreciation for equipment $ 860 Depreciation Expense Accumulated depreciation (e) (g) Accrued salary of the receptionist and assistant $2570 Salaries expense Salaries Payable (f) Accrued service revenue $3250 Accounts receivable Service Revenue Clo. (a) 14100 Service revenue Retained earnings (b) 1200 Retained Earnings Rent expense 2570 Retained Earnings Salaries expense 1000 Retained Earnings Insurance Expense 750 Retained earnings Supplies Expense 860 Retained earnings Depreciation Expense 380 Retained earnings Utilities Expense (c) (d) General Ledger Cash 11 Capital 31 50000 3200 850 2000 44610 540 7200 3000 320 380 100 2500 50000 3000 25000 2000 77400 Accounts Receivable 12 Withdrawal 32 6800 850 3250 10500 850 100 2500 2600 Supplies 13 Service Revenue 41 3000 540 320 3110 750 3200 850 3250 6800 14100 Equipment 14 Rent Expense 51 25000 5800 30800 1200 1200 Accumulated Depreciation 15 Salaries Expense 52 860 860 2570 2570 Prepaid Rent 16 Insurance Expense 53 7200 6000 1200 1000 1000 Prepaid Insurance 17 Supplies Expense 54 3000 2000 1000 750 750 Accounts Payable 21 Depreciation Expense 54 320 320 5800 5800 860 860 Salaries Payable 22 Utilities Expense 56 2570 2570 380 380 The Income Summary 14100 1200 2570 1000 750 860 380 7340 Work Sheet Account Title Trial Balance Adjustments Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Cash 44610 44610 Accounts Receivable 6800 3250 10050 Prepaid Rent 7200 1200 6000 Prepaid Insurance 3000 1000 2000 Supplies 3860 750 3110 Equipment 30800 30800 Accumulated Depreciation 860 860 Accounts Payable 5800 5800 Salaries Payable 2570 2570 Capital 77400 77400 Withdrawals 2600 2600 Service Revenue 10850 3250 14100 14100 Rent Expense 1200 1200 1200 Salaries Expense 2570 2570 2570 Insurance Expense 1000 1000 1000 Supplies Expenses 750 750 750 Depreciation Expense 860 860 860 Utilities Expense 380 380 380 Total 96650 96650 9630 9630 6760 14100 103330 103330 Net Income 7340 Friedman The Income Statement For the month of September Revenue: Service revenue 14100 Expense: Salary expense 2570 Depreciation expense 860 Rent expense 1200 Insurance expense 1000 Supplies expense 750 Utilities expense 380 net income 7340 Friedman The Statement of Owner’s Equity For the month of September Retained earnings,september1, 0 Add:Net income 7340 Retained earnings,septembe30, 7340 Friedman The Balance Sheet November 30 Assets: Cash Less withdrawl 44610 (2600) Accounts receivable 10050 Supplies 3110 Equipment 30800 Prepaid rent 6000 Prepaid insurance 2000 Less Accumulated depreciation (860) Total Assets: 93110 Liabilities and Owner’s Equity Accounts payable 5800 Salaries payable 2570 Capital Retained earnings 77400 7340 Total Liabilities and Capital 93110

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