Comprehensive review of the entire accounting cycle. Chapters 1-5 0 (175 min) P5-2C. From the following transactions as well as additional data, please complete the entire accounting cycle for Mike's Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem P5-1A on page 228.) Check Figure Net Income $5,388.44 3 7 8 2 10 14 21 2022 May 1 To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment. 1 Paid rent for four months in advance, $1,980. Purchased office equipment on account from Mackenzie Co, $3,800 Bought plumbing supplies, $1,645. Collected $3,600 for plumbing services provided. Mike paid his home utility bill with a company cheque, $122. Billed Western Construction Co for plumbing fees earned but not to be received until later, 59,600. Advertising bill was received from ABCD Radio Co. but is not to be paid until next month, $420. Received cheque from Western Construction Co. in partial payment of transaction dated May 10, $4,800. Paid Mackenzie Co one-half of amount owed for office equip ment, $1,900. Paid telephone bill of company, $184. Received bill from George's Cleaning to be paid in June, $215. Paid salaries to employees, S4,100. Adjusting Data a. Plumbing supplies remaining at month-end were $328. b. One month's rent expired in May. c. Depreciation on office equipment uses the straight-line method, a life of five years, and a residual value of $500. d. Depreciation of plumbing equipment also uses the straight-line method, a life of three years, and zero residual value. e. Salaries accrued amounted to 20% of the salaries paid on May 31. 28 31 31 31 CHALKUL'S COMPUTER REPAIR SERVICE WORKSHEET NOVEMBER 10, 2015 Account Titles Cash Prepaid Insurance Accounts Receivable Repair Parts and Supplies Van Accurated Depreciation Van Accounts Payable Tricia Challe, Capital Tricia Chalk Withdrawal Repair Revenue Advertising Expense Automotive Expert Cleaning Fapense Miscellaneous Expense Tostage and Office Expense Salancs Expense Trial Balance Adjustments Adjusted Trial Balanced Dr. C. De GE Dr. Ct 239048 KA3684 23964 71456 0219 47.637 52722 52171742 1 59747 DSC027 103 720 216 750 2.1.6 75.00 1035 (B) 07:40 BS 005 3820 la 300 50 4560 PH 1366358 1360 26000 2 600D 16458 70 1645320 11035 Dal400 718 23/49 51 21 1500 las 00 17514 Dag 14 284 17 2 04 17 040 42000 429040 4.9853 4120893 C8.19 2.31812 (A) 634 30 (3 404 314790 4 20.00 42 000 (S021 540 27 Income Statement Balance Sheet De Ct. Dr. C 23.59 47617 277.42 10 5720 216 75.000 415005 404560 1368 bolo o 1643870 95738 2 3 4 5 51 15.00 178 14 2017 429040 2.318 19 3680 54740 Insurance Expense Bank Charges Expense Depreciation Papers, Van Accrued Salaries Supplies Expense 42000 54027 DO OF 570 4 10 11 4 1 1 103301645,870 3.4455 2650023 40 6 do 160ls 10 to 300330433 Not Income THE ACCOUNTING CYCLE COMPLE
