Dairy Services was organized on August 1, 2016. A summary of the revenue and expense transactions for August follows:
November 5, 2022
1) Dairy Services was organized on August 1, 2016. A summary of the revenue and expense transactions for August follows:
Fees earned $783,000
Wages expense 550,000
Rent expense 35,000
Supplies expense 8,500
Miscellaneous expense 11,400
Prepare an income statement for the month ended August 31.
using the attached templates. Excel
PR 1-2A, page 39. Financial Statements (Income Statement, Statement of Owner’s Equity, Balance Sheet) Answer instruction 4. Remember that formulas must be used for computations. (32 points)
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $670,000 on January 1, 2016, the beginning of the year. During the year, Ian withdrew $42,000.
Complete exercise EX 2-9 on page 86
2) The following selected transactions were completed during August of the current year 1. Billed customers for fees earned, $73,900 2. Purchased supplies on account, $1,960 Received cash from customers on account, $62 Paid creditors on account, $820
a. Journalize these transactions in a ,770 two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted
b. Post the entries prepared in (ta) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. the left of each amount posted in the accounts, place the appropriate number to identify the transactions
c.Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
using the attached templates Excel
PR 2-2A on page 91 using the attached templates.
3) On August 1, 2016, Bill Hudson established Heritage Realty, which completed the fol- lowing transactions during the month
PR 2-2A Journal entries and trial balance a.
· Bill Hudson transferred cash from a personal bank account to an account to be used for the business, $30,000
· b. Paid rent on office and equipment for the month, $3,25
· Purchased supplies on account, $2,150
· d. Paid creditor on account, $875
· Earned sales commissions, receiving cash, $14,440
· f. Paid automobile expenses (including rental charge) for month, $1,580, and miscel laneous expenses, $650
· g. Paid office salaries, $3,000
· h. Determined that the cost of supplies used was $1,300
· Withdrew cash for personal use, $2,500 Instructions
1. Journalize entries for transactions (a) through (i), using the following account titles Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Explanations may be omitted 2. Prepare T accounts, using the account titles in (1).
2. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance
· 3. Prepare an unadjusted trial balance as of August 31, 2016
· Determine the following:
· a. Amount of total revenue recorded in the ledger
· b. Amount of total expenses recorded in the ledger
· c. Amount of net income for August.
· Determine the increase or decrease in owner’s equity for August
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