Accounting Chapter 3 Homework For the Month Ended August 31, 2017

subject Type Homework Help
subject Pages 14
subject Words 1526
subject Textbook Financial Accounting-- Binder Ready Version: Tools for Business Decision Making 8th Edition
subject Authors Donald E. Kieso, Jerry J. Weygandt, Paul D. Kimmel
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page-pf1
PROBLEM 3-1A (Continued)
(b) Service Revenue ....................................................... $12,000
Expenses
Salaries and Wages Expense ........................... $1,800
OR
Revenues ................................................................... $12,000
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2
–600
–$600
Rent Expense
3
+$500
+$500
5
–150
–150
Advertising Expense
9
+1,400
+$1,400
Service Revenue
12
–200
–$200
Dividends
15
+4,200
+4,200
Service Revenue
PROBLEM 3-2A
page-pf3
PROBLEM 3-2A (Continued)
(b) CURRY CONSULTING INC.
Income Statement
For the Month Ended May 31, 2017
Revenues
Service revenue ($1,400 + $4,200) ................ $5,600
Expenses
Salaries and wages expense ......................... $2,500
(c) CURRY CONSULTING INC.
Balance Sheet
May 31, 2017
Assets
Current assets
Cash ................................................................ $18,270
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable ................................................ $ 5,000
Accounts payable .......................................... 1,800
Total current liabilities ........................... $ 6,800
page-pf4
9
+3,600
+1,800
+$5,400
Service Revenue
–700
Rent Expense
–350
Advertising Expense
PROBLEM 3-3A
page-pf5
PROBLEM 3-3A (Continued)
(b) BINDY CRAWFORD INC.
Income Statement
For the Month Ended August 31, 2017
Revenues
Service revenue................................................. $5,400
Expenses
Salaries and wages expense ............................ $1,400
Rent expense ..................................................... 700
BINDY CRAWFORD INC.
Retained Earnings Statement
For the Month Ended August 31, 2017
Retained earnings, August 1 ..................................................... $1,600
Add: Net income ....................................................................... 2,570
page-pf6
PROBLEM 3-3A (Continued)
BINDY CRAWFORD INC.
Balance Sheet
August 31, 2017
Assets
Current assets
Cash .................................................................. $7,150
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable .................................................. $5,000
Accounts payable ............................................ 5,180
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PROBLEM 3-4A
Date
Account Titles and Explanation
Debit
Credit
Mar. 1
Cash ..................................................................
Common Stock ........................................
(Issued stock for cash)
50,000
50,000
6
Prepaid Insurance ...........................................
Cash ..........................................................
(Paid for one-year insurance policy)
2,400
2,400
10
Equipment ........................................................
Accounts Payable ....................................
(Purchased equipment on account)
5,500
5,500
25
Dividends .........................................................
Cash ..........................................................
(Payment of cash dividend)
500
500
page-pf8
PROBLEM 3-4A (Continued)
Date
Account Titles and Explanation
Debit
Credit
Mar. 30
Salaries and Wages Expense .........................
Cash ..........................................................
(Paid salaries expense)
800
800
page-pf9
PROBLEM 3-5A
(a)
Date
Account Titles and Explanation
Debit
Credit
Apr. 1
Cash .................................................................
Common Stock ........................................
(Issued shares of stock for cash)
18,000
18,000
10
Accounts Receivable ......................................
Service Revenue ......................................
(Billed clients for services rendered)
1,900
1,900
11
Cash .................................................................
Unearned Service Revenue ....................
(Received cash advance for future
service)
700
700
page-pfa
PROBLEM 3-5A (Continued)
(b)
Cash
4/1 18,000
4/11 700
4/2 900
4/30 1,500
Supplies
4/3 1,300
Bal. 1,300
Accounts Payable
4/30 300
4/3 1,300
Bal. 1,000
Salaries and Wages Expense
4/30 1,500
Bal. 1,500
page-pfb
PROBLEM 3-5A (Continued)
(c) AYALA ARCHITECTS INC.
Trial Balance
April 30, 2017
Debit
Credit
Cash .....................................................................
Accounts Receivable ..........................................
$18,800
1,900
page-pfc
PROBLEM 3-6A
(a) & (c)
Cash
10/1 Bal. 19,200
10/5 1,300
10/15 1,200
10/20 1,900
Supplies
10/1 Bal. 2,100
Bal. 2,100
Equipment
Common Stock
10/1 Bal. 15,000
Bal. 15,000
Bal. 300
Service Revenue
10/10 5,100
10/17 600
Bal. 5,700
page-pfd
PROBLEM 3-6A (Continued)
(b)
Date
Account Titles and Explanation
Debit
Credit
Oct. 5
Cash ..................................................................
Accounts Receivable ...............................
1,300
1,300
15
Salaries and Wages Expense .........................
Cash ..........................................................
(Paid employee salaries)
1,200
1,200
17
Cash ..................................................................
Service Revenue ......................................
(Performed services for customers)
600
600
page-pfe
PROBLEM 3-6A (Continued)
(d) LACEY COMPANY
Trial Balance
October 31, 2017
Debit
Credit
Cash ......................................................................
Accounts Receivable ..........................................
Supplies ...............................................................
$ 17,300
6,400
2,100
page-pff
PROBLEM 3-7A
WASHBURN CO.
Trial Balance
June 30, 2017
Debit
Credit
Cash ($3,090 – $780 + $870) ...............................
Accounts Receivable* ........................................
Supplies ($800 – $340) ........................................
Common Stock ....................................................
Dividends ($800 + $600) .....................................
Service Revenue .................................................
$ 3,180
3,910
460
1,400
9,000
3,480
page-pf10
PROBLEM 3-8A
(a) & (c)
Cash
3/1 Bal. 16,000
3/9 9,900
3/2 2,000
3/10 10,900
Accounts Receivable
3/31 750
Bal. 750
Land
3/1 Bal. 38,000
Equipment
3/1 Bal. 16,000
Bal. 16,000
Common Stock
3/1 Bal. 80,000
Bal. 80,000
3/20 8,300
3/31 20,000
Bal. 38,200
Sales Revenue
3/31 1,500
Bal. 1,500
Rent Expense
3/2 10,000
3/20 5,000
Bal. 15,000
page-pf11
PROBLEM 3-8A (Continued)
(b)
Date
Account Titles and Explanation
Debit
Credit
Mar. 2
Rent Expense ..................................................
Accounts Payable ...................................
Cash ..........................................................
(Rented films for cash and on
account)
10,000
8,000
2,000
11
No entry—not a transaction.
12
Advertising Expense .......................................
Cash ..........................................................
(Paid advertising expenses)
500
500
20
Cash .................................................................
Service Revenue ......................................
(Received cash for admissions)
8,300
8,300
page-pf12
PROBLEM 3-8A (Continued)
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
Cash ...................................................................
750
(d) TRIQUEL THEATER INC.
Trial Balance
March 31, 2017
Debit
Credit
Cash ......................................................................
Accounts Receivable ..........................................
Service Revenue ..................................................
Sales Revenue .....................................................
Advertising Expense ...........................................
Rent Expense .......................................................
$ 32,750
750
500
15,000
38,200
1,500
(Assets and Expenses have debit balances)
page-pf13
PROBLEM 3-9A
(a) & (c)
Cash
7/31 4,000
8/3 1,200
8/6 2,700
8/12 400
Accounts Receivable
7/31 1,500
8/7 3,500
8/3 1,200
8/18 3,500
Supplies
7/31 500
Bal. 500
Equipment
7/31 5,000
Accounts Payable
8/6 2,700
7/31 4,100
8/12 800
Notes Payable
8/26 2,000
Bal. 2,000
Common Stock
7/31 3,500
Retained Earnings
7/31 3,400
Bal. 3,400
Service Revenue
8/7 6,500
Salaries and Wages Expense
8/14 3,500
Bal. 3,500
Rent Expense
Advertising Expense
8/14 275
Utilities Expense
8/28 275
Bal. 275
Income Tax Expense
8/31 500
page-pf14
PROBLEM 3-9A (Continued)
(b)
Date
Account Titles
Debit
Credit
Aug. 3
Cash ....................................................................
Accounts Receivable ................................
1,200
1,200
14
Salaries and Wages Expense ............................
Rent Expense .....................................................
Advertising Expense ..........................................
Cash .............................................................
3,500
900
275
4,675
18
Cash ....................................................................
Accounts Receivable ................................
3,500
3,500

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