JHJ CAR RENTAL COMPANY 2016 CHART OF ACCOUNTS Accounts Receivable Supplies Prepaid Insurance Accumulated Depreciation Auto Accounts Payable Accrued Wages Payable Unearned Rental Revenue Notes Payable JHJ Capital JHJ Drawings Car Rental Revenue Salaries Expense Rental Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense 2016 Transactions Paid accrued salaries from prior year $20,000 Deposited an additional $200,000 into Chase Bank Purchased supplies on account for $20,000 Received from Dwight Howard $20,000 in May for advance rental of cars for November NBA openinggame Paid rent expense of $50,000 Paid advertising expense of $25,000 Received in cash car rental revenue of $150,000 from individual customers Billed corporate customers for $10,000 in car rental revenue earned but not received Paid salaries of 100,000 Collected $5,000 from corporate credit customers Paid $15,000 on accounts payable Paid principal of $ $40,000 and interest of $4,000 on note payable Withdrew $10,000 from the business Supplies on hand at the end of the period was $10,000 Autos are depreciated utilizing the straight line method over a 4 year life with salvage value expected to be zero at the end of four years $40,000 Record expiration of one year of insurance $10,000 Salaries accrued but unpaid at the end of the year totaled $30,000 Dwight Howard rented the cars in October and the bill came to $25,000 REQUIRED Prepare journal entries Post to ledger Prepare trial balance Prepare income statement Prepare statement of owners equity Prepare balance sheet Prepare closing entrie Have to used JHJ 2015 balance account Assets Debit Owner's Equity Credit Cash 549,000 A P 9,000 A R 10,000 Accured Wages Payable 2,000 Supplies 5,000 N P 40,000 Prepaid Insurance 10,000 Capitals 583,000 Auto 160,000 unearned rental revenue 2,000 Acc D A ( 80,000)

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Posted on Aug 27, 2024

JHJ CAR RENTAL COMPANY

2016

CHART OF ACCOUNTS

Paid accrued salaries from prior year $20,000
Deposited an additional $200,000 into Chase Bank
Purchased supplies on account for $20,000.
Received from Dwight Howard $20,000 in May for advance rental of cars for November NBA openinggame
Paid rent expense of $50,000
Paid advertising expense of $25,000
Received in cash car rental revenue of $150,000 from individual customers
Billed corporate customers for $10,000 in car rental revenue earned but not received
Paid salaries of 100,000.
Collected $5,000 from corporate credit customers
Paid $15,000 on accounts payable
Paid principal of $ $40,000 and interest of $4,000 on note payable
Withdrew $10,000 from the business
Supplies on hand at the end of the period was $10,000
Autos are depreciated utilizing the straight line method over a 4 year life with salvage value expected to be zero at the end of four years $40,000
Record expiration of one year of insurance $10,000
Salaries accrued but unpaid at the end of the year totaled $30,000.
Dwight Howard rented the cars in October and the bill came to $25,000
REQUIRED: