Need help with C,D and D.2 TYIA :)

Required: below is the assignment and the working papers for you to complete and then submit to the instructor by the due date.

Instructors Notes: You will see comments from me (Bob da instructor) in these green areas in this and ALL future HW. READ THEM since they answer questions, give hints and help you complete the assignment. (If you make an error covered in my little notes then you evidently did not read my little notes I respond like a little SOB).

BTW: Doing this course online is HARDER than doing it in a classroom (my opinion). Take any and all help you can get (except cheating - duh) ASK for HELP (since I have no friends, any contact gives me the illusion that somebody cares (I know poor Bob!)

Accounting Review Problem

Shaws Carpet Cleaners opened on March 1. During March, these transactions were completed.

Mar. 1 Stockholders invested $10,000 cash in the business in exchange for common stock.

1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.

3 Purchased cleaning supplies for $1,200 on account.

(Hint: debit an Asset NOT an expense since the supplies have NOT yet been used-up)

5 Paid $1,200 cash on a 1-year insurance policy effective March 1. (Hint: as above)

14 Billed customers $4,800 for cleaning services.

18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning

supplies.

20 Paid $1,800 cash for employee salaries.

21 Collected $1,400 cash from customers billed on March 14.

28 Billed customers $4,500 for cleaning services.

31 Paid $500 for the monthly gasoline bill for the truck.

31 Paid a $700 cash dividend.

Use ONLY these accounts for this assignment: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accum DeprecEquip, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Supplies Expense, Gasoline Expense, Deprec Expense, Insurance Expense, Wages Expense.

Instructions

(a)Journalize and post the March transactions.

(b)Prepare a trial balance at March 31 on a worksheet. (Already Completed for you)

(c)Enter the following adjustments on the worksheet and complete the worksheet.

(1)Unbilled and uncollected revenue for services performed at March 31 was $500.

(2)Depreciation on equipment for the month was $300.

(3)One-twelfth of the insurance expired.

(4)An inventory count shows $250 of cleaning supplies on hand at March 31.

(5)Accrued but unpaid employee salaries were $550.

(d)Prepare an income statement for March and a classified balance sheet at March 31.

Working Papers

Instruction (a)

Instructors Note: Forgot most everything from financial accounting?

Below these working papers (scroll down 4 pages) are answers to a VERY similar problem. Check those answers to jog your memory and help you complete your HW assignment.

(FYI: No entry explanations are wanted or needed! (you = less typing; me = less reading.)

Dont get creative Use ONLY the account names above (above in green)

Date	Account Titles	Debit	Credit
Mar. 1
1
3
5
14
18
20
21
28
31
31

EACH journal entry has AT LEAST two accounts, a debit (goes first) and a credit (goes second and indented (except for the 2nd #1 above which has two DR and one CR). EVERY ENTRY is required to have: Total DR $ = Total CR $

Memory jog a debit increases Asset, Expense & Dividends (Withdrawals) accounts!

A credits increases Liability, Revenue, Common Stock and Dividend accounts!

Already panicking and thinking of dropping? CHILL! (FYI: I need to reread the book each semester since I forget ACC after a week too. Youll get through this - mostly sane. Email me or call me at (702) 293-1683 (9am to 9pm) for help. Forgetting is part of learning (or maybe its part of getting old I forget which oh well - six of one )

More Below

(Instruction (b) was completed for you)

(Do the accounts & total amounts in your

entries above equal these? ) Instruction (c) complete the worksheet

If not - you may have a mistake Adj cols meaning 5 debits & 5 credits

Shaws Carpet Cleaners Worksheet For the Month Ended March 31, 2017
Account Title	Trial Balance		Adjustments		Income Statement		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	2,200				---	---
Accts Recble	7,900				---	---
Supplies	1,200				---	---
Prepaid Ins.	1,200				---	---
Equipment	6,000				---	---
Accts Payable		2,200			---	---
Common Stock		10,000			---	---
Dividends	700				---	---
Service Revenue		9,300					---	---
Gasoline Expense	500						---	---
Sal & Wage Expense	1,800						---	---
Totals	21,500	21,500					---	---
Depreciation Exp							---	---
Acc Depr Equip.					---	---
Insurance Expense							---	---
Supplies Expense							---	---
Sal & Wages Pyble					---	---
Totals			2,400	2,400	4,200	9,800	18,650	13,050
Net Income
Totals					9,800	9,800	18,650	18,650

(Make sure that you combine Trial Balance col amounts with the ADJ col amounts to get the correct single amount that goes into ONE of the financial statement columns.)

Remember(?) each account balance appears in EITHER the INC ST col OR the BAL SHT cols. NOT BOTH. Only Revenue & Expense accounts show up in the INC ST cols. Only Asset, Liability, Common Stock & Dividend amounts are in the BAL SHT cols.

Instructors Note: Remember that the Trial Balance columns should be equal (and they are) as should the adjustment columns (when you are done they should = 2,400). ADD THE COLUMNS TO MAKE SURE THEY BALANCE.

Remember - the DR and CR columns of the INC ST and BAL SHT cols, will NOT balance (equal) until you plug in the Net Income amount (Rev Exp) in only one col for each fin stmnt.

Instruction (d) (Forgot how to do something scroll down and review the answers the

similar problem a few pages below for a memory nudge.)

Instructors Note: do NOT forget the required headings (3 lines) in the grey block (immediately below) (Scroll down (a few pages) to refresh your fatigued brain)!

(d)

Revenues:
Expenses:
Total Expenses
Net Income

Completed for you (you may need an amount from it for the CLASSIFIED Balance Sheet)

SHAWS CARPET CLEANERS

Retained Earnings Statement

For the Month Ended March 31, 2017

Retained Earnings, March 1 (beginning)		0
Add: Net Income		5,600
		5,600
Less: Dividends		700
Retained Earnings, March 31 (ending)		4,900

Instruction (d) (part 2) prepare a CLASSIFIED Balance Sheet

Instructors Note: do NOT forget required headings (grey area below)

Assets
Current Assets:
Property Plant and Equipment:
Total Assets		17,650
Liabilities and Stockholders Equity
Current Liabilities:
Stockholders Equity:
Total Liab. & Stckhldrs Equity		17,650

Verify that BOTH totals add up to 17,650 if they dont fix it.

FYI: This (below) is NOT the homework. It is the answer to Prob 4-5A. Your assignment is above Prob 4-5B (above). Use these VERY SIMILAR answers to problem A to help you complete your problem B (above)