I included Chapter 2, for the continuation and the ch 3 we are supposed to do, which is where Im stuck
ue: Sunday Serial Problem Kate's Cards CH3 .xlsx Complete textbook Chapters 3 & 4 Serial Problems (Kate's Cards) Chapter 3 Serial Problem is a continuation from Chapter 2. The ending balances of the T-Accounts from Chapter 2 Serial Problem are the Beginning balances for Chapter 3. In the event your T-Accounts had errors, you will want to report the following beginning balances: Cash $4.900, Supplies Inventory $100, Prepaid Insurance $1.100, Equipment $4,800, Accumulated Depreciation $100, Wages Payable $100, Sales Revenue $5,000, Cost of Goods Sold $ 1.750. Consulting Expense $50, Insurance Expense $100, Depreciation Expense $100, Wages Expense $1,000, Utilities Expense $250, Rent Expense $1,200, Common Stock $10,000, SERIAL PROBLEM: KATE'S CARDS (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters 1 and 2.) SP3. Getting ready for the upcoming holiday season is traditionally a busy time for greeting card com- panies, and it was no exception for Kate. The following transactions occurred during the month of October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts and administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receives a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $3,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utility bill. Cambridge Business Publishers Chapter 3 Accrual Basis of. 5. Receives an advance deposit of $500 for a new set of cards she is designing for a new 6. Pays her assistant $200 for the work done this month. customer. 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1,000. These were paid for during the month. 9. Counts her remaining inventory of supplies at the end of the month and determines the balance to be $300. Don't forget to consider the supplies inventory balance at September 30, from Chapter 2 (Hint: This expense will be a debit to Cost of Goods Sold.) 10. Records the adjusting entries for depreciation and insurance expense for the month. 11. Pays herself a salary of $1,000. 12. Paid monthly rent of $1,200 in cash. 13. Receives her next utility bill during December and determines $85 applies to October's operations 14. Deciding she needs a little more cash, Kate pays herself a $100 dividend. Required Using the information that you gathered and the general ledger accounts that you prepared throug Chapter 2, plus the new information above, complete the following: Journalize the above transactions and adjusting entries. b. Post the October transactions and adjusting entries. (Use the general ledger accounts prepared i Chapter 2 and add any new accounts that you may need.) c. Prepare a trial balance as of October 31, 2018. d. Prepare an income statement and a statement of stockholders' equity for the two-month perio ending October 31, 2018, and a balance sheet as of October 31, 2018. Prepare the closing entries as of October 31, 2018. f. Prepare a post-closing trial balance. a. e. b T-accounts PR Cash PR PR PR PR Supplies Inventory 350 PR 1 10,000 Prepaid Insurance 1,100 5 8 1,750 10 12 9 $ SO 4,800 1,850 1,200 1,000 1,500 3 4 11 12 14 15 1,500 100 $ 3 $ (400) Equipment 4,800 10 11 12 13 14 Accumulated Depreciation -- Equipment 100 13 Accounts payable 1,850 Common stock Sales revenue 5 350 1,500 10,000 1 5,000 9 8 15 11 16 17 18 19 $ Cost of goods sold 1,750 Consulting expense 50 20 10 21 Insurance expense 100 3 12 22 23 24 13 25 26 Depreciation expense 100 Wages expense 1,000 14 Rent expense 1,500 15 A BBC Type here to search O D E F G H Kate's Cards Trial Balance September 30, 2019 Credit Debit 6,100 100 1,100 4,800 100 Cash Accounts receivable Supplies inventory Prepaid insurance Equipment Accum. Depreciation - Equipment Accounts payable Common stock Sales revenue Cost of goods sold Consulting expense Ensurance expense Depreciation expense Wag es espense Rent expense Totals 10,000 5,000 1,750 50 100 100 1,000 $ 15.100 s 15.100 BBC H Type here to search C D F G H 1 1 K L M N 1010 Principles uf Accounting! Cells shaded in this color represent the ending balance of the Serial Problem completed) assignment feedback from Module 1 and have made corrections as necessary e's Cards Serial Problem Ch. 3 T-accounts General Journal Posting referenc Cash PR PR Description Accounts receivable Debit Credit PR 4 1 No entry necessary Beg 2 5 Beg 3 BAL 2 Enter Debit Account Eter Credit Account 6 8 11 12 14 3 Enter Description of the Transaction Prepaid insurance BAL Beg Bal 15 16 17 18 19 Accumulated depreciation Accounts payable Beg 10 HAL Utilities Payable Unearned Revue D E F G H 1 K M N Unearned Revenue Utilities Payable 13 Dividends Sales revenue 14 $ Cost of roods sold Consulting expense Beg Beg RAL Depreciation expense ber IBAL S 1 BAL F G H L M Kate's Cards Trial Balance October 31, 2019 Debit Cr 13 14 Cash Accounts receivable Supplies Inventory Prepaid Insurance Equipment Accum. Depr. Equipment Accounts payable Wages payable Utilities payable Unrearned revenue Common Stock Dividends Sales Revenue Teaching Revenge Cost od sold contingeren insance en Done was Statem For the Two Montoto 31, 2015 havenue Hent C D G K M N Kate's Cards income Statement For the Two Months Ended October 31, 2019 Sales Revenue Teaching Revenue Cost of goods sold Consulting expense Insurance Expense Depreciation expense Wages expense Utilities expense Rent Expense Totals Revenue 14 Total Reven Less Expers. Override this cold and list all expenses Katey Candy Statement of stockholders' Equity For the Two MontEnded on 2013 Tout et inom Common stock Retinden 5 Jawance, ortober 2 2018 Add: Capital contributed during the year Net income food Walance, October 2009 ue: Sunday Serial Problem Kate's Cards CH3 .xlsx Complete textbook Chapters 3 & 4 Serial Problems (Kate's Cards) Chapter 3 Serial Problem is a continuation from Chapter 2. The ending balances of the T-Accounts from Chapter 2 Serial Problem are the Beginning balances for Chapter 3. In the event your T-Accounts had errors, you will want to report the following beginning balances: Cash $4.900, Supplies Inventory $100, Prepaid Insurance $1.100, Equipment $4,800, Accumulated Depreciation $100, Wages Payable $100, Sales Revenue $5,000, Cost of Goods Sold $ 1.750. Consulting Expense $50, Insurance Expense $100, Depreciation Expense $100, Wages Expense $1,000, Utilities Expense $250, Rent Expense $1,200, Common Stock $10,000, SERIAL PROBLEM: KATE'S CARDS (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters 1 and 2.) SP3. Getting ready for the upcoming holiday season is traditionally a busy time for greeting card com- panies, and it was no exception for Kate. The following transactions occurred during the month of October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts and administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receives a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $3,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utility bill. Cambridge Business Publishers Chapter 3 Accrual Basis of. 5. Receives an advance deposit of $500 for a new set of cards she is designing for a new 6. Pays her assistant $200 for the work done this month. customer. 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1,000. These were paid for during the month. 9. Counts her remaining inventory of supplies at the end of the month and determines the balance to be $300. Don't forget to consider the supplies inventory balance at September 30, from Chapter 2 (Hint: This expense will be a debit to Cost of Goods Sold.) 10. Records the adjusting entries for depreciation and insurance expense for the month. 11. Pays herself a salary of $1,000. 12. Paid monthly rent of $1,200 in cash. 13. Receives her next utility bill during December and determines $85 applies to October's operations 14. Deciding she needs a little more cash, Kate pays herself a $100 dividend. Required Using the information that you gathered and the general ledger accounts that you prepared throug Chapter 2, plus the new information above, complete the following: Journalize the above transactions and adjusting entries. b. Post the October transactions and adjusting entries. (Use the general ledger accounts prepared i Chapter 2 and add any new accounts that you may need.) c. Prepare a trial balance as of October 31, 2018. d. Prepare an income statement and a statement of stockholders' equity for the two-month perio ending October 31, 2018, and a balance sheet as of October 31, 2018. Prepare the closing entries as of October 31, 2018. f. Prepare a post-closing trial balance. a. e. b T-accounts PR Cash PR PR PR PR Supplies Inventory 350 PR 1 10,000 Prepaid Insurance 1,100 5 8 1,750 10 12 9 $ SO 4,800 1,850 1,200 1,000 1,500 3 4 11 12 14 15 1,500 100 $ 3 $ (400) Equipment 4,800 10 11 12 13 14 Accumulated Depreciation -- Equipment 100 13 Accounts payable 1,850 Common stock Sales revenue 5 350 1,500 10,000 1 5,000 9 8 15 11 16 17 18 19 $ Cost of goods sold 1,750 Consulting expense 50 20 10 21 Insurance expense 100 3 12 22 23 24 13 25 26 Depreciation expense 100 Wages expense 1,000 14 Rent expense 1,500 15 A BBC Type here to search O D E F G H Kate's Cards Trial Balance September 30, 2019 Credit Debit 6,100 100 1,100 4,800 100 Cash Accounts receivable Supplies inventory Prepaid insurance Equipment Accum. Depreciation - Equipment Accounts payable Common stock Sales revenue Cost of goods sold Consulting expense Ensurance expense Depreciation expense Wag es espense Rent expense Totals 10,000 5,000 1,750 50 100 100 1,000 $ 15.100 s 15.100 BBC H Type here to search C D F G H 1 1 K L M N 1010 Principles uf Accounting! Cells shaded in this color represent the ending balance of the Serial Problem completed) assignment feedback from Module 1 and have made corrections as necessary e's Cards Serial Problem Ch. 3 T-accounts General Journal Posting referenc Cash PR PR Description Accounts receivable Debit Credit PR 4 1 No entry necessary Beg 2 5 Beg 3 BAL 2 Enter Debit Account Eter Credit Account 6 8 11 12 14 3 Enter Description of the Transaction Prepaid insurance BAL Beg Bal 15 16 17 18 19 Accumulated depreciation Accounts payable Beg 10 HAL Utilities Payable Unearned Revue D E F G H 1 K M N Unearned Revenue Utilities Payable 13 Dividends Sales revenue 14 $ Cost of roods sold Consulting expense Beg Beg RAL Depreciation expense ber IBAL S 1 BAL F G H L M Kate's Cards Trial Balance October 31, 2019 Debit Cr 13 14 Cash Accounts receivable Supplies Inventory Prepaid Insurance Equipment Accum. Depr. Equipment Accounts payable Wages payable Utilities payable Unrearned revenue Common Stock Dividends Sales Revenue Teaching Revenge Cost od sold contingeren insance en Done was Statem For the Two Montoto 31, 2015 havenue Hent C D G K M N Kate's Cards income Statement For the Two Months Ended October 31, 2019 Sales Revenue Teaching Revenue Cost of goods sold Consulting expense Insurance Expense Depreciation expense Wages expense Utilities expense Rent Expense Totals Revenue 14 Total Reven Less Expers. Override this cold and list all expenses Katey Candy Statement of stockholders' Equity For the Two MontEnded on 2013 Tout et inom Common stock Retinden 5 Jawance, ortober 2 2018 Add: Capital contributed during the year Net income food Walance, October 2009
