Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

John’s House Painting Company has following transactions for the year:

1.  December 1: Issued capital stock for $100,000 to start a house painting business. 
2. December 1: Paid one year insurance premium costing $4,800.   
3.  December 1: Paid gas expense $200.
4.  December 1:  Purchased equipment costing $4,800 on credit.
5.  December 12: Purchased supplies costing $800 on credit.
6.  December 18: Painted three houses totaling $12,000 and billed customers. 
7.  December 23: Painted three rooms and billed customers $500.
8.   December 28: Received $2,000 for houses painted in #6.
9.  December 31: Paid for equipment purchased in #4.
10.  December 31: Received $1,000 for the job to paint the house in January next year.
11.  December 31: Paid a $1,000 dividend.

Required:

1. Make journal entries for the above transactions.  
2. Post the above transactions to T Accounts.
3. Make the Trial Balance.
4. Make adjusting entries in journal format and post to T Accounts.
Supplies on Hand December 31 was $400.
The Equipment is to be depreciated over 48 months starting with December. (HINT; Record one month depreciation expense).
Wages owed but not paid on December 31 was $200. One month of insurance has expired. 
5. Make an Adjusted Trial Balance.
6. Make Income Statement, Statement of Retained Earnings and a Balance Sheet.
7. Make closing entries in the journal format and post to the T Accounts.
8. Make the Post-Closing Trial Balance.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M91176

Have any Question? 


Related Questions in Financial Accounting

Part 1beckwith boots invested 100000 in 5-year bonds issued

Part 1 Beckwith Boots invested $100,000 in 5-year bonds issued by Ace Brick Company. The bonds were purchased at par on January 1, 20X1, and bear interest at a rate of 8% per annum, payable semiannually. (a) Prepare the ...

Project peyton approved instructionsfor this deliverable

Project Peyton Approved Instructions For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations. Below ...

Assignmentcvp and financial statements for a mega-brand

Assignment CVP and Financial Statements for a Mega-Brand Company Procter & Gamble Company is a Cincinnati-based company that produces household products under brand names such as Gillette, Bounty, Crest, Folgers, and Tid ...

Assignmentat this point you have examined three years of

Assignment At this point you have examined three years of financial statements for your firm and produced a proforma statement. You have also determined their sustainable growth rate as well. You have also learned about ...

What is the impact of implementing a lean system on the

What is the impact of implementing a lean system on the relationship between managers and employees? Does the lean systems have a positive or a negative impact on the relationships between managers and workers?

Assignmentfreds electrical inc sells electrical parts to

Assignment Fred's Electrical, Inc. sells electrical parts to electrical contractors in the northwestern United States. Fred's customers mail their payments - attached to the stub (i.e., remittance advice [RA]) from their ...

Assignment non florida fte case problemin the state of xxx

Assignment: Non Florida FTE Case Problem In the State of XXX, funding of public education is handled through a Foundation program. The state funds a student at a weighted FTE value of $3,150. Based on a local school dist ...

Assignmentable company issued 690000 of 7 percent first

Assignment Able Company issued $690,000 of 7 percent first mortgage bonds on January 1, 20X1, at 103. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation purchased $460,0 ...

There are four main methods for documenting specific

There are four main methods for documenting specific business processes, systems, and so on. If your company asked you to document the workflow in your department, where would you start and why? How would that change if ...

Assignemntpart 1 the following information is available for

Assignemnt PART 1: The following information is available for GFI's maintenance cost over the last seven months. Use the high low method to estimate the fixed and variable components of its maintenance cost. Would this b ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro