. Lycamobile 43%O 9:01 AM Oscar Matthews DOCX - 19 KB Passaic County Community College The Complete Accounting Cycle On April 1, Mr. Oscar Matthews Opened up Oscar's Home R&M, as a sole proprietor. During April he completed the following transactions: April 2 1 Invested $40,000 cash in the business. Purchased a lightly used pickup truck for $25,000, paying $6,000 cash and the balance on account. Purchased supplies for $5,100 on account. Paid $2,400 cash on a 1-year insurance policy effective April 3 5 12 Billed customers $6,400 for home repair and maintenance services. 18 Paid $4.000 cash on amount owed on van and $2.100 on amount owed on supplies. 20 Paid $4,000 cash for employee salaries and wages. 21 Collected $4.000 cash from customers billed on April 12. 25 Billed customers an additional $8,000 for services. 30 Paid $400 for the monthly gasoline bill for the van. 30 Withdrew $1,800 cash for personal use. Chart of Accounts Account Account Name Account Account Name 101 112 126 130 157 158 201 212 301 Cash Accounts Receivable Supplies PP Insurance Equipment Accum. Depr.- Equip Account Payable Salaries & Wages Payale Owner's Capital 306 Owner's Drawing 350 Income Summary 400 Service Revenue 631 Supplies Exp 633 Gasoline Exp. 711 Depr. Exp. 722 I ance Exp 726 Salaries & Wages Exp. Instructions: This project, which must be completely typewritten, covers the entire accounting cycle. (Blank accounting forms may be downloaded from the blackboard). Hand written in whole or in part) submittals will not be accepted and will receive a grade of zero. 1. Journalize and post the April transactions shown above. Open Word b. Depreciation on equipment for the month was $400. c. Expired insurance (hint: think). . Lycamobile * 9:01 AM 43% Oscar Matthews DOCX - 19 KB $6,000 cash and the balance on account 3 Purchased supplies for $5,100 on account. Paid $2,400 cash on a 1-year insurance policy effective April 12 Billed customers $6,400 for home repair and maintenance services. 18 Paid $4,000 cash on amount owed on van and $2,100 on amount owed on supplies. 20 Paid $4,000 cash for employee salaries and wages. 21 Collected $4,000 cash from customers billed on April 12. 25 Billed customers an additional $8,000 for services. 30 Paid $400 for the monthly gasoline bill for the van. 30 Withdrew $1,800 cash for personal use. Chart of Accounts Account Account Name Account Account Name 101 112 126 130 157 158 201 212 301 Cash Accounts Receivable Supplies PP Insurance Equipment Accum. Depr. -Equip Account Payable Salaries & Wages Payable Owner's Capital 306 350 400 631 633 711 722 726 Owner's Drawing Income Summary Service Revenue Supplies Exp. Gasoline Exp. Depr. Exp. Inwrance Exp Salaries & Wages Exp. Instructions: This project, which must be completely typewritten, covers the entire accounting cycle. (Blank accounting forms may be downloaded from the blackboard). Hand written in whole or in part) submittals will not be accepted and will receive a grade of zero. 1. Journalize and post the April transactions shown above. 2. Journalize and post the following adjustments: a. Unbilled and uncollected revenue for services performed on April 30 were $3,500. b. Depreciation on equipment for the month was $400. c. Expired insurance (hint: think). d. An inventory count shows $1,000 of supplies on hand on April 30. e. Accrued but unpaid employee salaries were $1.000. Open Word 1. Journalize and post the April transactions shown above. 2. Journalize and post the following adjustments: a. Unbilled and uncollected revenue for services performed on April 30 were $3,500. b. Depreciation on equipment for the month was $400. c. Expired insurance (hint: think). d. An inventory count shows $1,000 of supplies on hand on April 30. e. Accrued but unpaid employee salaries were $1,000
