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so I got the first part right ( I think ) and have posted my answers but the other parts not sure. all help appreciated!
so I got the first part right ( I think ) and have posted my answers but the other parts not sure.
all help appreciated!
Tuition Express Bookmarks A Careers Job Search ps Saved Chapter 3-Homework Assignment 2 Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. 20 points a Received contributions from investors and issued $340,000 of common stock on April 1 b. Acquired a barn for $150,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance c Provided $25,200 in animal care services for customers on April 3, all on credit d Rented stables to customers who cared for their own animals, received cash of $19,500 on April 4 for rent earned this month e. On April 5, received $3,000 cash from a customer to board her horse in May. June, and July (record as Deferred Revenue) f Purchased and received hay and feed supplies on account on April 6 for $3,900. g. Paid $3,000 on accounts payable on April 7 for previous purchases h. Received $2.640 from customers on April 8 on accounts receivable iOn April 9, prepaid a two-year insurance policy for $5.100 for coverage starting in May On April 28, paid $880 in cash for water and utilities used this month k Paid $15,900 in wages on April 29 for work done this month L Received an electric utility bill on April 30 for $1.720 for usage in April: the bill will be paid next month eBook Print Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance as of April 30. 4-0. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor View transaction list View journal entry worksheet Transaction General Journal Credit No Debi 1 (a) Cash 340.000 340,000 Common Stook Buildings 2 (b) 150.000 Cash 75,000 Notes Payable (long-term) 75.000 Accounts Receivable (e) 25,200 Service Revenue 25.200 (d) Cash 19.500 Accounts Receivable 19.500 Cash (e) 3.000 Deferred Revenue 3.000 Supplies (f) 3.900 Accounts Payable 3.900 (e) Accounits Payabe a000 Cash 3.000 th Cash 2040 Accounts Receivable 2040 Prepaid insurance 5.100 Cash 5.100 10 Office Expanses 880 Cash 880 11 Salares and Vages Experse 15.000 Cash 16.900 Reg 2 re Req 48 Req 4A Req 3 Req 2 Req 1 Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balano month of operations Acco Beg Bal Beg Bal End. Bal End Bal Prepaid Insurance Supplies Beg Bal Beg Bal End. Bal End, Bal Accounts Payable Buildings Beg Ba Beg Ba End Bal End Bal Notes Payable (long-tem) Deferred Revenue Beg Ball Beg Bal End Bal End Bal Common Stock Service Revenue Beg Ba Beg Ba End Bal End Bal Rent Revenue Utilities Expense- Beg Ba Beg Bal End Bal End Bal Salaries and Wages Expense Esg Ba End Ba Req1 Re 3 - Homework Assignmenti Complete this question by entering your answers in the tabs below. Req 2 Req 4B Req 3 Req 4A Req 1 Prepare an unadjusted trial balance as of April 30. SPICEWOOD STABLES, INC. Unadjusted Trial Balance Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Buildings Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Service Revenue Rent Revenue Utilities Expense Salaries and Wages Expense Total Req 2 Req 4A omework Assignment T Purcnasea ana receivea nay and reea suppies on account on April o Tor 33,900 g. Paid $3,000 on accounts payable on April 7 for previous purchases h. Received $2,640 from customers on April 8 on accounts receivable i On April 9, prepaid a two-year insurance policy for $5,100 for coverage starting in May J On April 28, paid $880 in cash for water and utilities used this month. k Paid $15,900 in wages on April 29 for work done this month / Received an electric utility bill on April 30 for $1,720 for usage in April; the bill will be paid next m Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below All accounts begin wit first month of operations. 3. Prepare an unadjusted trial balance as of April 30 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this inform income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a cl Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, cal net income and net profit margin. (Round your Net Profit Margin answer to 1 decimal place.) Preliminary Net Income Net Profit MarginStep by Step Solution
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