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The following transactions took place during November, 20XX 1 Molly invested cash in business, $20,000. 1 Purchased (2) new ovens on account for $6,300. The
| The following transactions took place during November, 20XX | |||||||||||
| 1 | Molly invested cash in business, $20,000. | ||||||||||
| 1 | Purchased (2) new ovens on account for $6,300. The ovens have estimated useful lives of 7 years. The ovens will be paid for in January, with no interest. | ||||||||||
| 1 | Molly paid rent for November and December, $3,000 total. | ||||||||||
| 4 | Purchased food supplies from Sammys Super Market on account, $2,000. | ||||||||||
| 7 | Deposited meal delivery fees, $3,400 | ||||||||||
| 10 | Paid wages to kitchen workers, $2,000. | ||||||||||
| 11 | Purchased kitchen supplies with cash, $500. | ||||||||||
| 14 | Deposited meal delivery fees, $3,000. | ||||||||||
| 15 | Purchased food supplies from Sammys Super Market on account, $2,500. | ||||||||||
| 21 | Deposited meal delivery fees, $3,200. | ||||||||||
| 24 | Paid wages to kitchen workers, $2,050. | ||||||||||
| 28 | Deposited meal delivery fees, $3,050 | ||||||||||
| 30 | Paid phone bill, $200. | ||||||||||
| 30 | Paid utilities bill, $500. | ||||||||||
| 30 | Molly Murphy withdrew cash for personal use, $3,000. | ||||||||||
| Adjustment information for the end of November is provided below. | |||||||||||
| (a) | Food supplies remaining on hand, $2050. Beginning balance was $2100 | ||||||||||
| (b) | Kitchen supplies used during the month, $600. Beginning balance was $1200. | ||||||||||
| (c) | November rent was used. | ||||||||||
| (d) | Depreciation on the kitchen ovens for November, $75. All other ovens and kitchen equipment were fully depreciated earlier in the year. | ||||||||||
| (e) | Wages earned, but not yet paid at end of November, $950. | ||||||||||
| MOLLY'S MEAL DELIVERY SERVICE | ||||||||||||
| GENERAL LEDGER | ||||||||||||
| ACCOUNT: | Cash | ACCOUNT NO: | 101 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $23,775 | |||||||||||
| ACCOUNT: | Food Supplies | ACCOUNT NO: | 140 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $2,100 | |||||||||||
| ACCOUNT: | Kitchen Supplies | ACCOUNT NO: | 145 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $1,200 | |||||||||||
| ACCOUNT: | Prepaid Rent | ACCOUNT NO: | 150 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $0 | |||||||||||
| ACCOUNT: | Ovens | ACCOUNT NO: | 175 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $12,600 | |||||||||||
| ACCOUNT: | Accum. Depr. - Ovens | ACCOUNT NO: | 175.1 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $11,600 | |||||||||||
| ACCOUNT: | Kitchen Equipment | ACCOUNT NO: | 176 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $3,600 | |||||||||||
| ACCOUNT: | Accum. Depr. - Kitchen Equipment | ACCOUNT NO: | 176.1 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $3,000 | |||||||||||
| ACCOUNT: | Accounts Payable | ACCOUNT NO: | 201 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $700 | |||||||||||
| ACCOUNT: | Wages Payable | ACCOUNT NO: | 210 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $0 | |||||||||||
| ACCOUNT: | Molly Murhpy, Capital | ACCOUNT NO: | 301 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $7,375 | |||||||||||
| ACCOUNT: | Molly Murphy, Drawing | ACCOUNT NO: | 302 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $0 | |||||||||||
| ACCOUNT: | Income Summary | ACCOUNT NO: | 310 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $0 | |||||||||||
| ACCOUNT: | Meal Delivery Revenue | ACCOUNT NO: | 401 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $126,000 | |||||||||||
| ACCOUNT: | Food Supply Expense | ACCOUNT NO: | 501 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $38,000 | |||||||||||
| ACCOUNT: | Wage Expense | ACCOUNT NO: | 511 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $40,000 | |||||||||||
| ACCOUNT: | Rent Expense | ACCOUNT NO: | 521 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $15,000 | |||||||||||
| ACCOUNT: | Kitchen Supply Expense | ACCOUNT NO: | 531 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $4,500 | |||||||||||
| ACCOUNT: | Phone Expense | ACCOUNT NO: | 541 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $2,000 | |||||||||||
| ACCOUNT: | Utilities Expense | ACCOUNT NO: | 542 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $5,200 | |||||||||||
| ACCOUNT: | Depr. Expense - Ovens | ACCOUNT NO: | 561 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $600 | |||||||||||
| ACCOUNT: | Depr. Expense - Kitchen Equipment | ACCOUNT NO: | 562 | |||||||||
| BALANCE | ||||||||||||
| DATE | ITEM | POST REF. | DEBIT | CREDIT | DEBIT | CREDIT | ||||||
| Beg Balance | $100 | |||||||||||
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Auditing Physician Services Verifying Accuracy In Physician Services And E M Coding To Protect Medical Practices
Authors: Betsy Nicoletti
3rd Edition
0998498564, 978-0998498560
