Accounting 308 The January 1, 2017, balance sheet for Bullous Documents Company (BDC), a professional corporation, was as follows ASSETS Current Assets Cash $133,000 LIABILITIES AND STOCKHOLDERS EQUITY Accounts Receivable Less Allowance for Doubtful Accounts Supplies Total Current Assets Non Current Assets $131,500 (12,100) 119,400 15,850 268,250 149,500 1,022,500 102,500 6,750 1,281,250 $1,549,500 Current Liabilities Accounts Payable Salaries Payable Interest Payable Total Current Liabilities Notes Payable Total Liabilities Stockholders Equity Capital Stock Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity $118,450 1,900 1,750 122,100 145,000 267,100 1,100,000 182,400 1,282,400 $1,549,500 Land Building 1,220,000 Less Accumulated Depreciation (197,500) Furniture 114,600 Less Accumulated Depreciation Equipment Less Accumulated Depreciation Total Non Current Assets Total Assets (12,100) 18,350 (11,600) The following transactions and other economic events took place during the month ending January 31, 2017 a) Purchased supplies on account, $22,200 b) Paid the $1,750 interest accrued on notes payable at the end of 2016 c) Completed work and billed the client $183,000 d) Paid salaries totaling $124,000 This amount includes salaries accrued at the end of 2016 e) Cash collections from customers, $127,600 f) Wrote off a customer s account of $1,800 as uncollectible g) Made payment on accounts payable of $18,600 h) Paid salaries totaling $124,000 i) Completed work and billed the client $179,000 j) Cash collections from customers, $110,600 k) Declared a cash dividend of $13,000 to be paid in February 2017 Required Open T accounts and enter the beginning balance sheet information Record the January transactions in general journal form using letters in place of dates Post the journal entries to the T accounts Prepare a trial balance Prepare adjusting entries in general journal form Information for adjustments a) Bad debt expense is estimated to be 3 of revenue b) Supplies remaining, $4,850 c) Depreciation expense, $11,200 for building, $1,300 for furniture, and $1,900 for equipment d) Salaries accrued, end of the month, $11,440 e) Interest accrued on notes payable, $1,750 f) Unpaid utility bills, $1,560 Post the adjusting entries to the T accounts Prepare an adjusted trial balance Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet Prepare closing entries Post closing entries Prepare a post closing trial balance Accounting 350 Review Problem The January 1, 2017, balance sheet for Bullous Documents Company (BDC), a professional corporation, was as follows ASSETS Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Supplies Total Current Assets Non Current Assets Land Building Less Accumulated Depreciation Furniture Less Accumulated Depreciation Equipment Less Accumulated Depreciation Total Non Current Assets Total Assets $131,500 (12,100) 1,220,000 (197,500) 114,600 (12,100) 18,350 (11,600) LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities $133,000 Accounts Payable $118,450 Salaries Payable 1,900 Interest Payable 1,750 119,400 15,850 Total Current Liabilities 122,100 268,250 Notes Payable 145,000 Total Liabilities 267,100 149,500 Stockholders' Equity Capital Stock 1,022,500 Retained Earnings Total Stockholders' Equity 102,500 6,750 1,281,250 Total Liabilities and $1,549,500 Stockholders' Equity 1,100,000 182,400 1,282,400 $1,549,500 The following transactions and other economic events took place during the month ending January 31, 2017 a) Purchased supplies on account, $22,200 b) Paid the $1,750 interest accrued on notes payable at the end of 2016 c) Completed work and billed the client $183,000 d) Paid salaries totaling $124,000 This amount includes salaries accrued at the end of 2016 e) Cash collections from customers, $127,600 f) Wrote off a customer's account of $1,800 as uncollectible g) Made payment on accounts payable of $18,600 h) Paid salaries totaling $124,000 i) Completed work and billed the client $179,000 j) Cash collections from customers, $110,600 k) Declared a cash dividend of $13,000 to be paid in February 2017 Required 1 Open T accounts and enter the beginning balance sheet information 2 Record the January transactions in general journal form using letters in place of dates 3 Post the journal entries to the T accounts 4 Prepare a trial balance 5 Prepare adjusting entries in general journal form Information for adjustments a) Bad debt expense is estimated to be 3 of revenue b) Supplies remaining, $4,850 c) Depreciation expense, $11,200 for building, $1,300 for furniture, and $1,900 for equipment d) Salaries accrued, end of the month, $11,440 e) Interest accrued on notes payable, $1,750 f) Unpaid utility bills, $1,560 6 Post the adjusting entries to the T accounts 7 Prepare an adjusted trial balance 8 Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet 9 Prepare closing entries 10 Post closing entries 11 Prepare a post closing trial balance

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Accounting 308 The January 1, 2017, balance sheet for Bullous Documents Company (BDC), a professional corporation, was as follows: ASSETS Current Assets: Cash $133,000 LIABILITIES

Accounting 308

The January 1, 2017, balance sheet for Bullous Documents Company (BDC), a professional corporation, was as follows:

ASSETS Current Assets: Cash $133,000

LIABILITIES AND STOCKHOLDERS? EQUITY

Accounts Receivable Less: Allowance for Doubtful

Accounts Supplies

Total Current Assets

Non-Current Assets:

$131,500 (12,100)

119,400 15,850 268,250

149,500 1,022,500 102,500 6,750

1,281,250 $1,549,500

Current Liabilities:

Accounts Payable Salaries Payable Interest Payable

Total Current Liabilities Notes Payable

Total Liabilities

Stockholders? Equity:

Capital Stock Retained Earnings Total Stockholders? Equity

Total Liabilities and Stockholders? Equity

$118,450 1,900 1,750

122,100 145,000 267,100

1,100,000 182,400 1,282,400

$1,549,500

Land Building 1,220,000 Less: Accumulated Depreciation (197,500) Furniture 114,600

Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation

Total Non-Current Assets Total Assets

(12,100) 18,350 (11,600)

The following transactions and other economic events took place during the month ending January 31, 2017.

a) Purchased supplies on account, $22,200.
b) Paid the $1,750 interest accrued on notes payable at the end of 2016.
c) Completed work and billed the client $183,000.
d) Paid salaries totaling $124,000. This amount includes salaries accrued at the end of 2016.
e) Cash collections from customers, $127,600.
f) Wrote off a customer?s account of $1,800 as uncollectible.
g) Made payment on accounts payable of $18,600.
h) Paid salaries totaling $124,000.
i) Completed work and billed the client $179,000.
j) Cash collections from customers, $110,600.
k) Declared a cash dividend of $13,000 to be paid in February 2017.

Required:

Open T-accounts and enter the beginning balance sheet information.
Record the January transactions in general journal form using letters in place of dates.
Post the journal entries to the T-accounts.
Prepare a trial balance.
Prepare adjusting entries in general journal form. Information for adjustments: a) Bad debt expense is estimated to be 3% of revenue. b) Supplies remaining, $4,850. c) Depreciation expense, $11,200 for building, $1,300 for furniture, and $1,900 for equipment. d) Salaries accrued, end of the month, $11,440. e) Interest accrued on notes payable, $1,750. f) Unpaid utility bills, $1,560.
Post the adjusting entries to the T-accounts.
Prepare an adjusted trial balance.
Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet.
Prepare closing entries.
Post closing entries.
Prepare a post-closing trial balance.

Accounting 350 Review Problem The January 1, 2017, balance sheet for Bullous Documents Company (BDC), a professional corporation, was as follows: ASSETS Current Assets: Cash Accounts Receivable Less: Allowance for Doubtful Accounts Supplies Total Current Assets Non-Current Assets: Land Building Less: Accumulated Depreciation Furniture Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation Total Non-Current Assets Total Assets $131,500 (12,100) 1,220,000 (197,500) 114,600 (12,100) 18,350 (11,600) LIABILITIES AND STOCKHOLDERS\" EQUITY Current Liabilities: $133,000 Accounts Payable $118,450 Salaries Payable 1,900 Interest Payable 1,750 119,400 15,850 Total Current Liabilities 122,100 268,250 Notes Payable 145,000 Total Liabilities 267,100 149,500 Stockholders' Equity: Capital Stock 1,022,500 Retained Earnings Total Stockholders' Equity 102,500 6,750 1,281,250 Total Liabilities and $1,549,500 Stockholders' Equity 1,100,000 182,400 1,282,400 $1,549,500 The following transactions and other economic events took place during the month ending January 31, 2017. a) Purchased supplies on account, $22,200. b) Paid the $1,750 interest accrued on notes payable at the end of 2016. c) Completed work and billed the client $183,000. d) Paid salaries totaling $124,000. This amount includes salaries accrued at the end of 2016. e) Cash collections from customers, $127,600. f) Wrote off a customer's account of $1,800 as uncollectible. g) Made payment on accounts payable of $18,600. h) Paid salaries totaling $124,000. i) Completed work and billed the client $179,000. j) Cash collections from customers, $110,600. k) Declared a cash dividend of $13,000 to be paid in February 2017. Required: 1. Open T-accounts and enter the beginning balance sheet information. 2. Record the January transactions in general journal form using letters in place of dates. 3. Post the journal entries to the T-accounts. 4. Prepare a trial balance. 5. Prepare adjusting entries in general journal form. Information for adjustments: a) Bad debt expense is estimated to be 3% of revenue. b) Supplies remaining, $4,850. c) Depreciation expense, $11,200 for building, $1,300 for furniture, and $1,900 for equipment. d) Salaries accrued, end of the month, $11,440. e) Interest accrued on notes payable, $1,750. f) Unpaid utility bills, $1,560. 6. Post the adjusting entries to the T-accounts. 7. Prepare an adjusted trial balance. 8. Prepare an Income Statement, a Retained Earnings Statement, and a Balance Sheet. 9. Prepare closing entries. 10. Post closing entries. 11. Prepare a post-closing trial balance