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HOMEWORK: T-ACCOUNTS/TRIAL BALANCE AND FINANCIAL STATEMENTS Nathaniels's Dry Cleaning for September 2014 for the following accounts: Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Office
HOMEWORK: T-ACCOUNTS/TRIAL BALANCE AND FINANCIAL STATEMENTS Nathaniels's Dry Cleaning for September 2014 for the following accounts: Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Office Equipment Accounts Payable Notes Payable Nathaniel Emerson, Capital Nathaniel Emerson, Withdrawls Cleaning Revenue $6500 2100 1950 95,000 8,000 4500 50,000 59,050 Rent Expense Insurance Expense Advertising Expense Salary Expense Utilities Expense Interest Expense Transactions: a) Paid rent for September $1500 b) Bought a computer for the office; paid $500 cash down and agreed to pay the balance of $700 within 30 days c) Placed an ad in the newspaper for $100, the amount is due in 30 days d) Paid $125 for September insurance premium e) Bought $400 in cleaning supplies; will pay within 30 days f) Paid semi-monthly salaries, $1080 g) Cleaning revenue for the first 2 weeks is $3,300 of which $1600 is received in cash h) Received $2225 in the mail from previously charged customers i) Paid $700 owed on the computer purchased in transaction b. j) Paid $1000 to reduce the amount owed on a note; $425 of the amount is paid in interest k) Paid the telephone bill $305 1) Cleaning revenue for the second two weeks is $3800, of which $2300 is received in cash m) Paid bill for electricity $120 n) Paid semi-monthly salaries $1090 o) Nathaniel Withdrew $1800 for personal use HOMEWORK: T-ACCOUNTS/TRIAL BALANCE AND FINANCIAL STATEMENTS Instructions: 1. Set up and title the necessary T- accounts and enter the beginning balances 2. Record January transactions in the T-accounts identifying each by letter and calculate the balances 3. Determine the balance of each account 4. Prepare a trial balance as of August 31st, 2014 Nathaniel's Dry Cleaning Trial Balance September 30, 2014 Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Office Equipment Accounts Payable Notes Payable Nathaniel Emerson, Capital Nathaniel Emerson, Withdrawls Cleaning Revenue Rent Expense Insurance Expense Advertising Expense Salary Expense Utilities Expense Interest Expense TOTALS Debit Credit L+OE T-Account Worksheet BALANCE SHEET ASSETS LIABILITIES Assets Revenue Liabilities Owners Equity Expenses Net Gain/Net Loss INCOME STATEMENT Owners Equity Revenue Expenses
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