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ACCOUNTING ONE Quiz Number 2

NAME________________________________________ Andrew Bennert DATE____________________

PART 1
JOURNALIZING TRANSACTIONS

Bob's lawn Mower Repairs is owned and operated by Bob Decrane. Using the list of accounts below, journalize the following transactions:

CASH SUPPLIES REPAIR EQUIPMENT ACCOUNTS PAYABLE

DECRANE CAPITAL DECRANE DRAWING REPAIR REVENUE RENT EXPENSE

JUNE JUNE JUNE JUNE JUNE JUNE JUNE

1 1 3 4 21 29 30

Decrane invested $10,000 cash into the business Paid shop rent for June $800 Bought repair equipment on account, $3,000 Bought supplies for cash $400 received cash from repair of lawn mower, $80 Decrane withdrew $50 for personal use Paid $1,000 on account to creditors

DATE 1-Jun

ACCOUNT TITLE Cash Decrane Capital Owner Investment Rent Expense Cash Paid Shop Rent Repair Equipment Accounts Payable Bought Repair Equipment on Account Supplies Cash Paid Cash for Supplies Cash Repair Revenue Received Cash for Service Decrane Drawing Cash Owner Withdrawal Accounts Payable Cash Paid Cash on Account

DEBIT 10,000

CREDIT 10,000

1-Jun

800 800 3,000 3,000 400 400 80 80 50 50 1,000 1,000

3-Jun

4-Jun

21-Jun

29-Jun

30-Jun

PART 2

JOURNALIZE, POST, AND TRIAL BALANCE


RECORD THE FOLLOWING TRANSACTIONS, POST TO THE GENERAL LEDGER AND PREPARE A TRIAL BALANCE FOR HART IMPROVEMENT CO.

USE ONLY THE ACCOUNTS LISTED IN THE GENERAL LEDGER


JULY 1 John Hart invested $20,000 cash, equipment valued at $10,,000 and a truck costing $5,000 into his business 5 Bought additional equipment costing $5,000 on account 11 Paid $1,000 to creditors on account 20 Sold $7,000 of Equipment for cash 29 Sold $10,00 and received cash

GENERAL JOURNAL DATE 1-Jul Cash ACCOUNT TITLE AC. # 11 31 17 31 18 31 17 21 21 11 11 17 11 41 10,000 10,000 7,000 7,000 1,000 1,000 5,000 5,000 5,000 5,000 10,000 10,000 DEBIT 20,000 20,000 CREDIT

Hart Capital Owner Investment 1-Jul Equipment Hart Capital Owner Investment 1-Jul Truck Hart Capital Owner Investment 5-Jul Equipment Accounts Payable Purchased Equipment on Account 11-Jul Accounts Payable Cash Paid Cash on Account 20-Jul Cash Equipment Sold Equipment for Cash 29-Jul Cash Sales Sales Income Received Cash

GENERAL LEDGER CASH DATE 1-Jul 11-Jul 20-Jul 29-Jul NO. 11 ITEM DEBIT 20,000 7,000 10,000 CREDIT 1,000 27,000 37,000 DEBIT BALANCE 20,000 CREDIT BALANCE 1,000

EQUIPMENT DATE 1-Jul 5-Jul 20-Jul

NO. 17 ITEM DEBIT 10,000 5,000 CREDIT DEBIT BALANCE 10,000 15,000 CREDIT BALANCE

7,000

7,000

TRUCK DATE 1-Jul

NO. 18 ITEM DEBIT 5,000 CREDIT DEBIT BALANCE 5,000 CREDIT BALANCE

ACCOUNTS PAYABLE DATE ITEM 5-Jul 11-Jul

NO. 21 DEBIT 1,000 CREDIT DEBIT BALANCE 5,000 1,000 CREDIT BALANCE 5,000

HART CAPITAL DATE ITEM 1-Jul 1-Jul 1-Jul

NO. 31 DEBIT CREDIT DEBIT BALANCE 20,000 10,000 5,000 CREDIT BALANCE 20,000 30,000 35,000

SALES DATE 29-Jul

NO. 41 ITEM DEBIT CREDIT DEBIT BALANCE 10,000 CREDIT BALANCE 10,000

TRIAL BALANCE AC # 11 17 18 21 31 41 CASH 15,000 EQUIPMENT 5,000 TRUCK 1,000 ACCOUNTS PAYABLE 35,000 HART CAPITAL 10,000 SALES TOTALS (DEBITS MUST EQUAL CREDITS) 58,000 (CONTINUED) 58,000 58,000 58,000 49,000 49,000 10,000 35,000 5,000 4,000 5,000 7,000 8,000 ACCOUNT TITLE DEBIT 37,000 CREDIT 1,000 DEBIT 36,000 CREDIT

Part 3

Step 1. Prepare the following entries Step 2. Post the entries to the trial balance Step 3. Create the final trial balance
1 The Company Used up $3,000 of supplies 2 There was $1,000 of prepaid rent expired. 3 There was $4,000 of prepaid insurance used 4 The Company recorded $2,000 of depreciation expense 5 Salaries for the month incured both not paid equal $5,000 Account Supplies Expense Supplies Rent Expense Prepaid Rent ENTRY 3 Insurance Expense Prepaid Insurance Depreciation Expense Accu. Deperciation Salary Expense Salary Payable Debit 52 13 51 17 53 18 55 12 54 21 3,000 3,000 1,000 1,000 4,000 4,000 2,000 2,000 5,000 5,000 Credit

ENTRY 1

ENTRY 2

ENTRY 4

ENTRY 5

AC # 10 11 12 13 17 18 21 31 41 51 52 53 54 55 CASH BUILDING

ACCOUNT TITLE

Open Trial Balance DEBIT CREDIT

ADJUSTMENTS DEBIT CREDIT

Closing Trial Balance DEBIT CREDIT

$ 10,000 $ 20,000 $ $ 25,000 $ 50,000 $100,000 $ $ 75,000 25,000 5,000 $ $ $ $ $ 2,000 3,000 1,000 4,000 5,000

$ 10,000 $ 20,000 $ $ 25,000 $ 50,000 $ 100,000 $ $ $ 7,000 3,000 1,000 4,000

ACCUMULATED DEPRECIATION SUPPLIES PREPAID RENT PREPAID INSURANCE SALARY PAYABLE HART CAPITAL SALES RENT EXPENSE SUPPLIES EXPENSE INSURANCE EXPENSE SALARY EXPENSE DEPRECTION EXPENSE TOTALS

$ 80,000 $ 25,000 $ 200,000

$ 200,000 $ 10,000 $ 15,000 $ 5,000 $ 30,000 $ 40,000 $305,000


(DEBITS MUST EQUAL CREDITS)

$ $ $ $ $ $ 305,000

1,000 3,000 4,000 5,000 2,000 $ 15,000

$ 11,000 $ 18,000 $ 9,000

$ 35,000 $ 42,000 $ 320,000 $ 320,000

$ 15,000