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Posted on Sep 09, 2024

Cash 3,100 K (1) (2 131 (11) (12) Bal Accounts Receivable 5.000 O O OX OX O OX O 18,000 K 8,000 x 3.700 X

Cash 3,100 K (1) (2 131 (11) (12) Bal Accounts Receivable 5.000 O O OX OX O OX O 18,000 K 8,000 x 3.700 X O 0 Supplies 1,700 3,000 0 (21) 18 11:43 Ba Unearned Catering Fees 1000 x 8,000 7.000 x 8.000 8,000 X (20) Bal 1,600 X 4,700 X 4,700 W (5) (5) 90 (10) 3,780 X 3.240 M 1,700 X 2,160 M 2,340 4.200 M 850 X 2.000 M O 9.410 M 29.700 X 0 0 (13) B OK O 29,700 W Accounts Payable 0 Common Stock 0 18.000 0 18,000 163 0 3.000 Catering Fees Revenue 5.000 5.400 11.400 1,000 11,400 M Wages Expense 4,200 O 500 W OM 4750 4,750 4.750 M 200 (153 Bal Accum Depr. Equipment 1103 Bal Delivery Van Expense 850 O 850 O (17) Bal Depr. Exp Equipment ON OX Dividends 2000 2,000 0 ON Ba 1160 Depr.Exp.Delivery Van O O 0 0 Insurance Expense 150 0 180 Equipment 3.240 3.240 O Bal Bal Prepaid Insurance 2.160 180 M 1.080 x 2,160 M 2,100 K (18) Transaction Entries, Posting, Trial Balance, and Adjusting Entries The Healthy Catering Service had the following transactions in July, its first month of operations 1 Kely Foster contributed personal funds in exchange for common stock to begin the business. $18.000 2 Purchased the following for cash: make a compound entry! Delivery van 3.780 Equipment 3.240 Supplies 1,700 3 Paid one year premium on liability insurance policy 2.160 4 Entered into a contract with a local service dubto cater weekly luncheon meetings for one year at $1,000 per month. Received 8 months fees in advance 8,000 5 Paid rent for July August, and September 2,340 6 Paid employee's two weeks' wages (five-day week) 2.400 7 Diled customers for services rendered 5000 8 Purchased supplies on account 3.000 9 Paid employee's two weeks' wages 1800 10 Paid july bill for gas, oil and repairs on delivery van 850 11 Colected on account from customers 3.700 12 Billed customers for services rendered 5.400 13 Foster received a dividend 2.000 Required Using the following accounts: Cash: Accounts Receivable; Supplies: Prepaid Rent; Prepaid insurance: Delivery Van; Accumulated Depreciation-Delivery Vanc Equipment: Accumulated Depreciation-Equipment; Accounts Payable; Wages Payable: Unearned Catering Fees: Common Stock Dividends: Catering Fees Revenue Wages Expense, Rent Expense, Supplies Expense: Insurance Expense; Delivery Van Expense; Depreciation Expense-Delivery Van, and Depreciation Expense-Equipment a. Record July transactions in the general journal. 2240 Transaction Entries, Posting, Trial Balance, and Adjusting Entries The Healthy Catering Service had the following transactions in July, its first month of operations 1 Kelly Foster contributed personal funds in exchange for common stock to begin the business. $18.000 2 Purchased the following for cash (make a compound entry Delivery van 3.780 Equipment Supplies 1,700 3 Paid one year premium on liability insurance policy 2,160 4 Entered into a contract with a local service club to cater weekly luncheon meetings for one year at $1,000 per month. Received 8 months fees in advance 8,000 5 Paid rent for July August, and September 6 Paid employee's two weeks' wages (five-day week) 2.400 7 Billed customers for services rendered 5.000 8 Purchased supplies on account 3000 9 Paid employee's two weeks wages 1.800 10 Paid july bill for gas, oil and repairs on delivery van 850 11 Collected on account from customers 3,700 12 Billed customers for services rendered 5.400 13 Foster received a dividend 2,000 2,340 Required Using the following accounts: Cash Accounts Receivable; Supplies, Pipaid Rent; Prepaid Insurance: Delivery Van: Accumulated Depreciation-Delivery Vanc Equipment, Accumulated Depreciation Equipment Accounts Payable; Wages Payable; Unearned Catering Fees: Common Stock Dividends, Catering Fees Revenue Wages Expense, Rent Expense; Supplies Expense Insurance Expense: Delivery Van Expense; Depreciation Expense-Delivery Van; and Depreciation Expense-Equipment, a. Record July transactions in the general Journal Required Using the following accounts: Cash; Accounts Receivable: Supplies; Prepaid Rent; Prepaid Insurance Delivery Vani Accumulated Depreciation-Delivery Vang Equipment, Accumulated Depreciation-Equipment: Accounts Payable: Wages Payable; Unearned Catering Fees: Common Stock Dividends: Catering Fees Revenue Wages Expense; Rent Expense; Supplies Expense: Insurance Expense; Delivery Van Expense; Depreciation Expense-Delivery Van; and Depreciation Expense-Equipment, a. Record July transactions in the general journal. b. Post transactions to the ledger accounts c. Prepare an unadjusted trial balance as of July 31. d. Record adjusting journal entries in the general journal and post to the ledger accounts in part b. The following information is available on July 31: Supplies on hand $1,600 Accrued wages 5550 Estimated life of delivery van (assume van purchased July 1) 3 years Estimated life of equipment assume equipment purchasedy 1) 6 years Also, make any necessary adjusting entries for insurance, rent and catering fees indicated by the July transactions. (Assume original transactions occurred July 1.) Journal Entries T-Accounts Unadjusted Trial Balance Adjusted Journal Entries (161 Bal Depr. Exp. Delivery Van 0 O (18) Insurance Expense 180 180 O Equipment 3240 3.240 Bal 12) Bal Ow 0 3) (18) Ball Prepaid Insurance 2.160 180 X 1,980 M 2,160 X 2,160 x (19) Bal Rent Expense Ox O 2) Bal Delivery Van 3,780 3.780 Wages Payable 0 550 O 0 15) (19 Bal Prepaid Rent 2340 780 x O 1,560 x 2.340 X 1.560 X (15) Dal O 550 (16) Bal Accum. Depr.Delivery Van O 105 O 105 Supplies Expense 3.100 3,100 Bal OW Check Cash 18,000 X 8,000 M 3.700 X O Accounts Receivable 5,000 0 0 OX OX O (11) (12) Bal (1) (23 13) 14) (5) 06) 90 (10) Supplies 1,700 3,000 0 (21) 18 (14) B 3,100 M 0 1,600 X 4,700 X (4) (20) Bal Unearned Catering Fees 1.000 8,000 7.000 8.000 x 8,000 N OM 4,700 W 3,780 X 3.240 M 1,700 2,160 M 2,340 4,200 M 850 X 2.000 M O 0 0 (13) 0 OX O 29,700 W 9430 M 29.700 x Accounts Payable O 3.000 0 3.000 Common Stock 0 18.000 0 18.000 16 Catering Fees Revenue 5.000 O 5.400 11.400 1.000 11,400 M Wages Expense 4,200 M O 500 W OM 4750 M 4,750 4.750 M 200 (150 Bal Delivery Van Expense 850 850 1103 Bal Accum Depr.Equipment 0 0 OM (17) Bal 11.3 Depr. Exp Equipment ON OX Dividends 2000 2,000 Bal Bal 1160 Depr.Exp.Delivery Van ON 0 OX 0 Insurance Expense 150 0 180 Equipment 3.240 3.240 21 Bal O Bal Prepaid Insurance 2,160 180 M 1,000 2,160 M 2,160 M (18) Estimated life of delivery van (assume van purchased July 1) Estimated life of equipment (assume equipment purchased July 1 Also, make any necessary adjusting entries for insurance, Journal Entries T-Accounts Unadjusted Trial Ba Cash (1) (2) (3) 0X 18,000 x 8,000 x 3,700 x (7) (11) (12) Bal 3,780 x 3,240 x 1,700 X 2,160 x 2,340 4,200 x 850 X 2,000 X 0 O (5) (6) (9) (10) (11) (13) 0 0X 0 0 9,430 x 29,700 X Bal 29,700 X (8) Bal Accounts Payable 0 3,000 3,000 (1) Bal Acci Delivery Van Expense 850 (10) Bal (17) Bal 850 0 Lily 31. eral journal and post to the ledger accounts in part b. 31: $1,600 $550 ed July 1) 3 years urchased July 1) 6 years or insurance, rent and catering fees indicated by the July transactions. (Assume original transactions occurred July 1.) usted Trial Balance Adjusted Journal Entries (2) (7) (11) (12) Bal Accounts Receivable 5,000 0 0 0 x OX ov OX O Supplies 1,700 3,000 0 4,700 X Unearned Catering Fees 1,000 X 8,000 7,000 x 0 8,000 x 8,000 X 3,100 X 0 1,600 x 4.700 X (14) (20) Bal Bal (1) Bal Common Stock 0 18.000 O 18,000 (7) (12) (20) Bal Catering Fees Revenue 0 5,000 0 5,400 11.400 X 1,000 11,400 x 11,400