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MBA 510 Financial Accounting For Managers Chapter 2 Customized Homework Problems Fall Masters 2017 Professor: Aaron M. Williamson Jr. I. Name: ______________________________________ Date: ________________________________________ Source Document Identification: Name the different types of source documents that could be outcomes of each one of the four transaction pictorials, notice pictorial "1)" and "3)" require that you select a few more source documents than required for the other two pictorials: Types of Source Documents related to "a.)" through "o.)" follow, note that any of these document types can be used more than once in anyone of the 4 transaction pictorials: Contract Carbon Copy Bill of Sale Receipt Bank Statement Deposit Slip Title Insurance Certificate Credit Report Discount Rewards Finance Agreement 1.) a.) b.) c.) d.) e.) e.) 2.) f.) g.) 3.) h.) i.) j.) k.) l.) m.) 4.) n.) o.) II. Developing Transaction Narratives For each of the following 3 pictorials develop the transaction narratives for the activity that occurred using the facts listed. 1.) Facts of the Pictorial: > Thomas is Paying for and Receiving Access to a Gym > The Date Is January 15, 2017 > The Price Charged and Paid was $456.25 > Membership Is For One Year > Membership Starts On January 16, 2017 > Donavan's Gym Is The Name of The Facility Transaction Narrative: 2.) Facts of the Pictorial: > Teolio Receives a Big Mac Meal > McDonald Is The Restaurant That Provided Teolio With The Meal > The Price Charged and Paid was $9.59 > The Date was June 25, 2017 Transaction Narrative: 3.) Facts of the Pictorial: > Jactorees Flew from Main To Puerto Rico > Back-It-Up Airlines Was The Flight Provider > The Flight was Prepaid a week in Advance for $250 > The Date of the Flight Was September 20, 2017 Transaction Narrative: III. Preparing Journal Entries Using Transaction Narratives Sub-accounts used as part of the preparation of journal entries for transaction narratives "1.)" through "15.)" below. Note: Any of these sub-accounts can be used more than once in any of the 15 transaction narratives: Capital Stock Building Improvements Salaries Expense Appliances Sales Revenue Building Utility Expense Franchise(Trademark, Trade Name) Cost of Goods Sold Utility Payable Cash Supplies Expense Notes Payable Supplies Wages Expense Mortgage Payable Inventory 1.) On January 31, 2017 Kaimana paid $45,000 to McDonalds Corporation to acquire the franchise rights to run his very own McDonalds 2.) On January 31, 2017 Kaimana was approved for a $900,000 Mortgage to acquire a building that would serve as his McDonald Restaurant. 3.) On January 31, 2017 Kaimana opened up an operating account at the Bank of Hawaii. He made a $650,000 deposit as an investment in the business he was starting. 4.) During the Month of February 2017 Kaimana made $150,000 worth of improvements to the Restaurant. 5.) On February 15, 2017 Kaimana Hired 2 fulltime managers, 2 full time supervisors and 16 part time hourly workers. 6.) On February 20, 2017 Kaimana purchased $180,000 worth of appliances, of which 75% was financed through a 5 year note with the vendor. 7.) On February 25, 2017 Kaimana purchased $50,000 worth of supplies. 8.) On March 1, 2017 Kaimana's McDonald Restaurant opened for business. 9.) During the Month of March Kaimana purchased $135,000 worth of meat, bread, potatoes, fruit, vegetables, condiments and other food items. 10.) During the month of November Kaimana's Restaurant generated $250,000 in revenue from meal sales. 11.) During the months of March $15,000 worth of supplies were used. 12.) During the month of March $80,000 worth of inventory was used. IV. 13.) During the month of March hourly employees were paid a total wages of $17,500. 14.) On March 31, 2017 Kiamama's Restaurant received a HECO Utility bill for the month that amounted to $1,300. 15.) On March 31, 2017 Supervisors and Managers were paid salaries of $5,100. T-Account Preparation Using the results from the journal entries you have prepared in section III above complete all the following T-Accounts. Franchise(Trademark, Trade Name) Building Mortgage Payable Cash Capital Stock Building Improvements Notes Payable Appliances Supplies Inventory Sales Revenue Supplies Expense Cost of Goods Sold Wages Expense Utility Expense Utility Payable Salaries Expense V. Complete The Unadjusted Trail Balance Using the results from the t-accounts you have prepared in section IV above complete the following Unadjusted Trail Balance. Kaimana's McDonald Restaurant Unadjusted Trail Balance For The Quarter Ending March 31, 2017 Account Name Cash Supplies Inventory Appliances Franchise(Trademark, Trade Name) Building Improvements Building Utility Payable Notes Payable Mortgage Payable Capital Stock Sales Revenue Cost of Goods Sold Supplies Expense Wages Expense Salaries Expense Utility Expense Total Balance Debit Credit