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problem: A Tee’s Golf School completed the following transactions during January:

Jan.1 Prepaid insurance for January through March, $300.

Jan.4 Performed service I gave golf lessons) on account, $2,200.

Jan.5 Purchased equipment on account, $1,900.

Jan.6 Paid property tax expense, $45.

Jan.11 Purchased office equipment for cash, $800.

Jan.19 Performed service and received cash, S700.

Jan.24 Collected $400 on account.

Jan.26 Paid account payable from January 5.

Jan.29 Paid salary expense, $900.

Jan.31 Recorded adjusting entry for January insurance expense (see Jan. 1)

Jan.31 Debited unearned revenue and credited revenue to adjust the accounts $600.

Requirements

Demonstrate how each transaction he would handle using the accrual basis of accounting. Give the value of revenue or expense for January. Journal entries are not required. [Show your all computations]

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M921924

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