Beruflich Dokumente
Kultur Dokumente
On September 1, 20__, Anthony Ferrara organized a business called Tonys Rentals for the purpose of operating an equipment rental yard. The new business was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. Tonys Rental uses the following chart of accounts: Cash Account Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Dep. R. Equip. Notes Payable Account Payable Interest Payable Salaries Payable Unearned Rental Fee 1 4 6 7 8 10 12 20 22 25 26 29 Anthony Ferrara, Capital Anthony Ferrara, Drawing Income Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense R. Equip. Interest Expense 30 35 40 50 60 61 62 63 64 65 66
Answer: Tonys Rental General Journal For the month of September 20__
DATE PARTICULARS P/R DEBIT $ 100,000 100,000 CREDIT $
Sept. 1
Cash 1 Anthony Ferrara, Capital 30 Received cash in business Tonys Rental Prepaid Rent Cash Paid 3 months advance rent Rental Equipment Cash Notes Payable Paid for Equipment in Cash & Notes Payable @ 9% per annum Office Supplies Accounts Payable Purchase office supplies on account 6 1
Sept. 1
9,000 9,000
Sept. 1
10 1 20
Sept. 4
8 22
1,630 1,630
DATE
PARTICULARS
P/R
DEBIT $ 10,000
CREDIT $
Sept. 8
Cash Unearned Rental Fee Received advance rent on rental yard Salaries Expense Cash Paid salaries for first two week Cash Account Receivable Rental Fee Earned Rental fee earned in cash & on account Maintenance Expense Accounts Payable Purchase part for repairing on account Cash Account Receivable Received cash on account of rental fee No Entry Rented a backhoe @ $100 per day, but when he return after two or three week Salaries Expense Cash Paid biweekly salaries Account Payable Cash Paid to Earth Movers Inc. Anthony Ferrara, Drawing Cash Anthony withdrawal for personal use No Entry Co-defendant $25,000 lawsuit filed on behalf of Kevin Davenport Unexpired Insurance Cash Purchase 12 months insurance policy
1 29
10,000
Sept. 12
60 1
3,600 3,600
Sept. 15
1 4 50
Sept. 17
61 22
340 340
Sept. 23
1 4
210 210
Sept. 25
Sept. 26
60 1
3,600 3,600
Sept. 27
22 1
340 340
Sept. 28
35 1
2,000 2,000
Sept. 29
Sept. 29
7 1
2,700 2,700
DATE
PARTICULARS
P/R
DEBIT $ 270
CREDIT $
Sept. 30
Utilities Expense Account Payable Received utility bill m/o September Cash Rental Fee Earned Received cash of rental fee second half
62 22
270
Sept. 30
1 50
8,450 8,450
Balance c/f
32,720 123,960
Account Receivable DATE Sept. 15 PARTICULAR Rental Fee Earned P/R 50 DEBIT $ 800 DATE Sept. 23 PARTICULAR Cash P/R 1
4 CREDIT $ 210
Balance c/f
590 800
Prepaid Rent DATE Sept. 1 PARTICULAR Cash P/R 1 DEBIT $ 9,000 DATE PARTICULAR P/R
6 CREDIT $
Sept. 30 9,000 Oct. 1 Balance b/f 9,000 Unexpired Insurance DATE Sept. 29 PARTICULAR Cash P/R 1 DEBIT $ 2,700 DATE
Balance c/f
9,000 9,000
Sept. 30 2,700 Oct. 1 Balance b/f 2,700 Office Supplies DATE Sept. 4 PARTICULAR Accounts Payable P/R 22 DEBIT $ 1,630 DATE
Balance c/f
2,700 2,700
Sept. 30 1,630 Oct. 1 Balance b/f 1,630 Rental Equipment DATE Sept. 1 PARTICULAR Cash & Notes Payable P/R 1& 20 DEBIT $ 180,000 DATE
Balance c/f
1,630 1,630
Sept. 30 180,000 Oct. 1 Balance b/f 180,000 Notes Payable DATE PARTICULAR P/R DEBIT $ DATE Sept. 1
Balance c/f
180,000 180,000
Sept. 30
Balance c/f
110,000 110,000
Account Payable DATE Sept. 27 PARTICULAR Cash P/R 1 DEBIT $ 340 DATE Sept. 4 Sept. 17 Sept. 30 PARTICULAR Office Supplies Maintenance Expense Utilities Expense P/R 8 61 62
Sept. 30
Balance c/f
2,240 1,900
Unearned Rental Fee DATE PARTICULAR P/R DEBIT $ DATE Sept. 8 PARTICULAR Cash P/R 1
29 CREDIT $ 10,000
Sept. 30
Balance c/f
10,000 10,000
Anthony Ferrara, Capital DATE PARTICULAR P/R DEBIT $ DATE Sept. 1 PARTICULAR Cash P/R 1
30 CREDIT $ 100,000
Sept. 30
Balance c/f
100,000 100,000
Anthony Ferrara, Drawing DATE Sept. 28 PARTICULAR Cash P/R 1 DEBIT $ 2,000 DATE PARTICULAR P/R
35 CREDIT $
Balance c/f
2,000 2,000
Rental Fees Earned DATE PARTICULAR P/R DEBIT $ DATE Sept. 15 Sept. 30 PARTICULAR Cash & Account Receivable Cash P/R 1&4 1
Sept. 30
Balance c/f
14,550 14,550
Salaries Expense DATE Sept. 12 Sept. 26 PARTICULAR Cash Cash P/R 1 1 DEBIT $ 3,600 3,600 DATE PARTICULAR P/R
60 CREDIT $
Balance c/f
7,200 7,200
Maintenance Expense DATE Sept. 17 PARTICULAR Accounts Payable P/R 22 DEBIT $ 340 DATE PARTICULAR P/R
61 CREDIT $
Balance c/f
340 340
Utilities Expense DATE Sept. 30 PARTICULAR Account Payable P/R 22 DEBIT $ 270 DATE PARTICULAR P/R
62 CREDIT $
Balance c/f
270 270
Tonys Rental Adjusted General Journal For the month of September 20__
DATE PARTICULARS P/R DEBIT $ 3,000 3,000 CREDIT $
Sept. 30
Rent Expense Prepaid Rent To record rent expense m/o Sept. Interest Expense Interest Payable To record Interest @ 9% per annum Depreciation Expense R. Equip. Accumulated Dep. R. Equip. To record depreciation m/o Sept. Office Supplies Expense Office Supplies To record depreciation m/o Sept.
63 6
Sept. 30
66 25
825 825
Sept. 30
65 12
1,500 1,500
Sept. 30
64 8
530 530
DATE
PARTICULARS
P/R
DEBIT $ 4,840
CREDIT $
Sept. 30
Unearned Rental Fee Rental Fees Earned To record rental fee in advance Account Receivable Rental Fees Earned To record 5 days rent earned Mission Salaries Expense Salaries Payable To record salaries expense last payroll
29 50
4,840
Sept. 30
4 50
500 500
Sept. 30
60 26
900 900
Tonys Rental Adjusted General Ledger For the month of September 20__
Account Receivable DATE Sept. 30 Sept. 30 PARTICULAR Balance c/f Rental Fees Earned 50 P/R DEBIT $ 590 500 DATE PARTICULAR P/R
4 CREDIT $
Balance c/f
1,090 1,090
Prepaid Rent DATE Sept. 30 PARTICULAR Balance c/f P/R DEBIT $ 9,000 DATE Sept. 30 PARTICULAR Rent Expense P/R 63
6 CREDIT $ 3,000
Balance c/f
6,000 9,000
Office Supplies DATE Sept. 30 PARTICULAR Balance c/f P/R DEBIT $ 1,630 DATE Sept. 30 PARTICULAR Office Supplies Expense P/R 64
8 CREDIT $ 530
Balance c/f
1,100 1,630
Accumulated Dep. R. Equip. DATE PARTICULAR P/R DEBIT $ DATE PARTICULAR Depreciation Expense R. Equip. P/R
12 CREDIT $
Sept. 30
65
1,500
Sept. 30
Balance c/f
1,500 1,500
Interest Payable DATE PARTICULAR P/R DEBIT $ DATE Sept. 30 PARTICULAR Interest Expense P/R 66
25 CREDIT $ 825
Sept. 30
Balance c/f
825 825
Salaries Payable DATE PARTICULAR P/R DEBIT $ DATE Sept. 30 PARTICULAR Salaries Expense P/R 60
26 CREDIT $ 900
Sept. 30
Balance c/f
900 900
Unearned Rental Fee DATE Sept. 30 PARTICULAR Rental Fees Earned P/R 50 DEBIT $ 4,840 DATE Sept. 30 PARTICULAR Balance b/f P/R
29 CREDIT $ 10,000
Sept. 30
Balance c/f
10,000 5,160
Rental Fees Earned DATE PARTICULAR P/R DEBIT $ DATE Sept. 30 Sept. 30 Sept. 30 PARTICULAR Balance b/f Unearned Rental Fee Account Receivable 29 4 P/R
Sept. 30
Balance c/f
19,890 19,890
Salaries Expense DATE Sept. 30 Sept. 30 PARTICULAR Balance c/f Salaries Payable 26 P/R DEBIT $ 7,200 900 DATE PARTICULAR P/R
60 CREDIT $
Balance c/f
8,100 8,100
Rent Expense DATE Sept. 30 PARTICULAR Prepaid Rent P/R 6 DEBIT $ 3,000 DATE PARTICULAR P/R
63 CREDIT $
Balance c/f
3,000 3,000
Office Supplies Expense DATE Sept. 30 PARTICULAR Office Supplies P/R 8 DEBIT $ 530 DATE PARTICULAR P/R
64 CREDIT $
Balance c/f
530 530
Depreciation Expense R. Equip. DATE Sept. 30 PARTICULAR Accumulated Dep. R. Equip. P/R 12 DEBIT $ 1,500 DATE PARTICULAR P/R
65 CREDIT $
Balance c/f
1,500 1,500
Interest Expense DATE Sept. 30 PARTICULAR Interest Payable P/R 25 DEBIT $ 825 DATE PARTICULAR P/R
66 CREDIT $
Balance c/f
825 825
Tonys Rental Adjusted Trail Balance For the month of September 20__
S.NO. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 COA 1 4 6 7 8 10 12 20 22 25 26 29 30 35 40 50 60 61 62 63 64 65 66 ACCOUNT NAME Cash Account Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Dep. R. Equip. Notes Payable Account Payable Interest Payable Salaries Payable Unearned Rental Fee Anthony Ferrara, Capital Anthony Ferrara, Drawing Income Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense R. Equip. Interest Expense TOTAL DEBIT $ 32,720 1,090 6,000 2,700 1,100 180,000 1,500 110,000 1,900 825 900 5,160 100,000 2,000 19,890 8,100 340 270 3,000 530 1,500 825 240,175 240,175 CREDIT $
19,890
$ $ $ $ $ $ $
$ $
(14,565) 5,325
Tonys Rental Closing General Journal For the month of September 20__
DATE PARTICULARS P/R DEBIT $ 19,890 19,890 CREDIT $
Sept. 30
Rental Fees Earned Income Summary To closed revenue account m/o Sept. Income Summary Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense R. Equip. Interest Expense To closed expense account m/o Sept. Income Summary Anthony Ferrara, Capital To closed income summary account Anthony Ferrara, Capital Anthony Ferrara, Drawing To closed Anthony's, Drawing account
50 40
Sept. 30
40 60 61 62 63 64 65 66
Sept. 30
40 30
5,325 5,325
Sept. 30
30 35
2,000 2,000
Tonys Rental Closing General Ledger For the month of September 20__
Rental Fees Earned DATE Sept. 30 PARTICULAR Income Summary P/R 40 DEBIT $ 19,890 DATE Sept. 30 PARTICULAR Balance b/f P/R 50 CREDIT $ 19,890
19,890 -
Salaries Expense DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 8,100 DATE Sept. 30 PARTICULAR Income Summary P/R 40
60 CREDIT $ 8,100
8,100 -
Maintenance Expense DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 340 DATE Sept. 30 PARTICULAR Income Summary P/R 40
61 CREDIT $ 340
340 -
Utilities Expense DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 270 DATE Sept. 30 PARTICULAR Income Summary P/R 40
62 CREDIT $ 270
270 -
Rent Expense DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 3,000 DATE Sept. 30 PARTICULAR Income Summary P/R 40
63 CREDIT $ 3,000
3,000 -
Office Supplies Expense DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 530 DATE Sept. 30 PARTICULAR Income Summary P/R 40
64 CREDIT $ 530
530 -
Depreciation Expense R. Equip. DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 1,500 DATE Sept. 30 PARTICULAR Income Summary P/R 40
65 CREDIT $ 1,500
1,500 Oct. 1 Interest Expense DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 825 DATE Sept. 30 PARTICULAR Income Summary P/R 40 Balance b/f
825 Oct. 1 Income Summary DATE Sept. 30 Sept. 30 Sept. 30 Sept. 30 Sept. 30 Sept. 30 Sept. 30 Sept. 30 PARTICULAR Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense R. Equip. Interest Expense Anthony Ferrara, Capital P/R 60 61 62 63 64 65 66 30 DEBIT $ 8,100 340 270 3,000 530 1,500 825 5,325 19,890 Oct. 1 Balance b/f DATE Sept. 30 PARTICULAR Rental Fees Earned P/R 50 Balance b/f
Anthony Ferrara, Drawing DATE Sept. 30 PARTICULAR Balance b/f P/R DEBIT $ 2,000 DATE Sept. 30 PARTICULAR Anthony Ferrara, Capital
2,000 -
Anthony Ferrara, Capital DATE Sept. 30 PARTICULAR Anthony Ferrara, Drawing P/R 35 DEBIT $ 2,000 DATE Sept. 30 Sept. 30 Sept. 30 Balance c/f 103,325 105,325 Oct. 1 Balance b/f PARTICULAR Balance b/f Income Summary 40 P/R
105,325 103,325
Tonys Rental Closing Trail Balance For the month of September 20__
S.NO. 1 2 3 4 5 6 7 8 9 10 11 12 13 COA 1 4 6 7 8 10 12 20 22 25 26 29 30 ACCOUNT NAME Cash Account Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Dep. R. Equip. Notes Payable Account Payable Interest Payable Salaries Payable Unearned Rental Fee Anthony Ferrara, Capital TOTAL DEBIT $ 32,720 1,090 6,000 2,700 1,100 180,000 1,500 110,000 1,900 825 900 5,160 103,325 223,610 223,610 CREDIT $
Assets 1 4 6 7 8 10 12 Cash Account Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Less: Accumulated Dep. R. Equip. $ $ $ $ $ $ $ 180,000 (1,500) $ $ 32,720 1,090 6,000 2,700 1,100 178,500 222,110
Liabilities & Owner's Equity 22 25 26 29 20 30 Account Payable Interest Payable Salaries Payable Unearned Rental Fee Notes Payable Anthony Ferrara, Capital $ $ $ $ $ $ $ 1,900 825 900 5,160 110,000 103,325 222,110