The T-accounts below summarize the ledger of Salvadors Gardening Company, Inc. at the end of the fi

Question:

The T-accounts below summarize the ledger of Salvador’s Gardening Company, Inc.

at the end of the fi rst month of operations. LO9 Cash Apr. 1 15,000 Apr. 15 800 12 700 25 3,500 29 800 30 900 Accounts Receivable Apr. 7 3,400 Apr. 29 800 Supplies Apr. 4 5,200 Accounts Payable Apr. 25 3,500 Apr. 4 5,200 Unearned Service Revenue Apr. 30 900 Common Stock Apr. 1 15,000 Service Revenue Apr. 7 3,400 12 700 Salaries and Wages Expense Apr. 15 800 Instructions

(a) Prepare the journal entries (including explanations) that resulted in the amounts posted to the accounts. Present them in the order they occurred.

(b) Prepare a trial balance at April 30, 2017. (Hint: Compute ending balances of T-accounts fi rst.)

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (1 review)

Answered By

Asim farooq

I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening. My Expert Service Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities

4.40+ 65+ Reviews 86+ Question Solved

Related Book For book-img-for-question