Accounting Chapter 3 Homework Salaries and wages expense

subject Type Homework Help
subject Pages 12
subject Words 1109
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
CHAPTER 3
(a) HYMAN INC.
Assets
=
Liabilities
+
Stockholders’ Equity
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Accounts
Payable
+
Common
Stock
+
Retained Earnings
Revenues
–
Expenses
–
Dividends
1.
+$30,000
2.
+$10,000
7.
–$500
Dividends
9.
–140
Utilities Expense
10.
+$2,000
+2,000
Service Revenue
page-pf2
PROBLEM 3-1B (Continued)
(b) Service Revenue ($8,000 + $2,000) .......................... $10,000
Expenses
Salaries and Wages Expense ........................... $1,000
OR
Revenues ................................................................... $10,000
page-pf3
(a) WALZ SERVICE INC.
Assets
=
Liabilities
+
Stockholders’ Equity
Date
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Common
Stock
+
Retained Earnings
Revenues
–
Expenses
–
Dividends
June 1
$20,000
$20,000
2
–2,000
+$10,000
+$8,000
12
+$240
+$240
15
+1,000
–1,000
17
+200
–200
Advertising
Expense
3-54
page-pf4
PROBLEM 3-2B (Continued)
(b) WALZ SERVICE INC.
Income Statement
For the Month Ended June 30, 2014
Revenues
Service revenue ($3,000 + $1,500) ................ $4,500
Expenses
Salaries and wages expense ......................... $750
(c) WALZ SERVICE INC.
Balance Sheet
June 30, 2014
Assets
Current assets
Cash ................................................................ $17,430
Accounts receivable ...................................... 2,000
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable ................................................. $7,000
Accounts payable .......................................... 200
page-pf5
(a) THYME COMPANY
Assets
=
Liabilities
+
Stockholders’ Equity
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Common
Stock
+
Retained
Earnings
+
Revenues
–
Expenses
–
Dividends
Bal.
$9,000
+
$1,700
+
$600
+
$5,000
=
$3,600
+
$10,000
+
$2,700
Sept. 2.
–3,400
–3,400
17.
–600
–$600
Dividends
–1,100
Rent Expense
–250
Advertising Expense
26.
+220
–220
Utilities Expense
page-pf6
PROBLEM 3-3B (Continued)
(b) THYME COMPANY
Income Statement
For the Month Ended September 30, 2014
Revenues
Service revenue.................................................... $10,600
Expenses
Rent expense ........................................................ $1,100
THYME COMPANY
Retained Earnings Statement
For the Month Ended September 30, 2014
Retained earnings, September 1 ............................................... $ 2,700
page-pf7
PROBLEM 3-3B (Continued)
THYME COMPANY
Balance Sheet
September 30, 2014
Assets
Current assets
Cash ................................................................ $10,250
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable ................................................. $ 5,000
page-pf8
PROBLEM 3-4B
Date
Account Titles and Explanation
Debit
Credit
Apr. 1
Cash .................................................................
Common Stock ........................................
(Issued stock for cash)
100,000
100,000
12
No entry—not a transaction.
13
Prepaid Insurance ...........................................
Cash ..........................................................
(Paid for one-year insurance policy)
7,200
7,200
17
Dividends .........................................................
600
page-pf9
PROBLEM 3-4B (Continued)
Date
Account Titles and Explanation
Debit
Credit
Apr. 30
Cash .................................................................
7,900
page-pfa
PROBLEM 3-5B
(a)
Date
Account Titles and Explanation
Debit
Credit
May 1
Cash .................................................................
Common Stock ........................................
(Issued stock for cash)
100,000
100,000
2
No entry—not a transaction.
3
Supplies ...........................................................
Accounts Payable ....................................
(Purchased supplies on account)
800
800
page-pfb
PROBLEM 3-5B (Continued)
(b)
Cash
5/1 100,000
5/12 4,200
5/17 3,300
5/7 1,400
5/31 2,500
5/31 400
Accounts Payable
5/31 400
5/3 800
Bal. 400
Unearned Service Revenue
5/12 4,200
Bal. 4,200
Salaries and Wages Expense
5/31 2,500
Bal. 2,500
page-pfc
PROBLEM 3-5B (Continued)
(c) ROYCE CONSULTING
Trial Balance
May 31, 2014
Debit
Credit
Cash .....................................................................
Accounts Receivable ..........................................
$103,200
2,500
page-pfd
PROBLEM 3-6B
(a) & (c)
Cash
7/1 Bal. 15,532
7/9 2,100
Accounts Receivable
7/1 Bal. 10,536
7/22 4,700
7/8 10,189
Supplies
7/1 Bal. 3,592
Equipment
7/1 Bal. 25,950
Bal. 25,950
Accounts Payable
7/14 4,810
7/1 Bal. 15,800
7/17 720
Common Stock
7/1 Bal. 25,000
7/1 Bal. 13,000
Bal. 13,000
Dividends
Service Revenue
7/11 7,320
Maintenance and Repairs
Expense
7/30 386
Bal. 386
Salaries and Wages Expense
7/9 2,100
page-pfe
PROBLEM 3-6B (Continued)
(b)
Date
Account Titles and Explanation
Debit
Credit
July 8
Cash .................................................................
Accounts Receivable ..............................
(Received cash on account)
10,189
10,189
14
Accounts Payable ...........................................
Cash ..........................................................
(Paid creditors)
4,810
4,810
17
Supplies ...........................................................
Accounts Payable ....................................
(Purchased supplies on account)
720
720
31
Dividends .........................................................
Cash ..........................................................
(Payment of cash dividend)
400
400
page-pff
PROBLEM 3-6B (Continued)
(d) AMERICAN DRY CLEANERS
Trial Balance
July 31, 2014
Debit
Credit
Cash .....................................................................
Accounts Receivable ..........................................
Supplies ...............................................................
$20,464
5,047
4,312
page-pf10
PROBLEM 3-7B
LINDBERGH COMPANY
Trial Balance
May 31, 2014
Debit
Credit
Cash ($5,340 + $350 – $441) ......................................
Accounts Receivable ($2,750 – $180 – $240) ...........
Prepaid Insurance ($700 + $100) ...............................
Supplies ($0 + $350) ...................................................
$ 5,249
2,330
800
350
page-pf11
PROBLEM 3-8B
(a) & (c)
Cash
4/1 Bal. 6,300
4/9 5,700
4/2 1,800
4/10 3,200
Bal. 6,660
Accounts Receivable
4/30 170
Bal. 170
4/30 1,200
Bal. 1,200
Buildings
4/1 Bal. 58,000
Bal. 58,000
Accounts Payable
4/10 1,200
4/1 Bal. 2,300
4/20 750
Mortgage Payable
4/10 2,000
4/1 Bal. 38,000
Bal. 36,000
Common Stock
4/1 Bal. 40,000
Service Revenue
4/9 5,700
4/25 3,000
Sales Revenue
4/30 340
Bal. 340
Advertising Expense
4/12 410
page-pf12
PROBLEM 3-8B (Continued)
Rent Expense
Salaries and Wages Expense
4/2 1,800
4/29 1,900
(b)
Date
Account Titles and Explanation
Debit
Credit
Apr. 2
Rent Expense ..................................................
Cash ..........................................................
1,800
1,800
10
Mortgage Payable ...........................................
Accounts Payable ...........................................
Cash ..........................................................
(Made payments on mortgage
and accounts payable)
2,000
1,200
3,200
25
Cash .................................................................
Service Revenue ......................................
(Received cash for admissions)
3,000
3,000

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