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Category > Accounting Posted 19 Apr 2017 My Price 12.00

ACC 201 Chapter 2 Problem set A

ACC 201 Chapter 2 Problem set A

Problem 2-1A


	Your answer is correct.

Prairie Park was started on April 1 by C. J. Amaro and associates. The following selected events and transactions occurred during April.

Apr. 1		Stockholders invested $50,000 cash in the business in exchange for common stock.
4		Purchased land costing $30,000 for cash.
8		Incurred advertising expense of $1,800 on account.
11		Paid salaries to employees $1,500.
12		Hired park manager at a salary of $4,000 per month, effective May 1.
13		Paid $1,500 cash for a one-year insurance policy.
17		Declared and paid a $1,400 cash dividend.
20		Received $5,700 in cash for admission fees.
25		Sold 100 coupon books for $30 each. Each book contains 10 coupons that entitle the holder to one admission to the park.
30		Received $8,900 in cash admission fees.
30		Paid $900 on balance owed for advertising incurred on April 8.

Amaro uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common Stock; Dividends; Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Journalize the April transactions. (Record entries in the order displayed in the problem statement. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Problem 2-2A (Part Level Submission)

Kara Shin is a licensed CPA. During the first month of operations of her business, Kara Shin, Inc., the following events and transactions occurred.

May 1		Stockholders invested $20,000 cash in exchange for common stock.
2		Hired a secretary-receptionist at a salary of $2,000 per month.
3		Purchased $1,500 of supplies on account from Hartig Supply Company.
7		Paid office rent of $900 cash for the month.
11		Completed a tax assignment and billed client $2,800 for services provided.
12		Received $3,500 advance on a management consulting engagement.
17		Received cash of $1,200 for services completed for Lucille Co.
31		Paid secretary-receptionist $2,000 salary for the month.
31		Paid 40% of balance due Hartig Supply Company.

Kara uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

LINK TO TEXT

(a)


	Your answer is correct.

Journalize the transactions. (Record entries in the order displayed in the problem statement. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Problem 2-3A (Part Level Submission)

Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year).

Byte Repair Service, Inc. Trial Balance December 31, 2013
	Debit	Credit
Cash	$ 8,000
Accounts Receivable	15,000
Supplies	13,000
Prepaid Rent	3,000
Equipment	21,000
Accounts Payable		$19,000
Common Stock		30,000
Retained Earnings		11,000
	$60,000	$60,000

Summarized transactions for January 2014 were as follows.

1.		Advertising costs, paid in cash, $1,000.
2.		Additional supplies acquired on account $4,000.
3.		Miscellaneous expenses, paid in cash, $1,700.
4.		Cash collected from customers in payment of accounts receivable $13,000.
5.		Cash paid to creditors for accounts payable due $15,000.
6.		Repair services performed during January: for cash $5,000; on account $9,000.
7.		Wages for January, paid in cash, $3,000.
8.		Dividends during January were $2,000.

Problem 2-3A (Part Level Submission)

Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year).

Byte Repair Service, Inc. Trial Balance December 31, 2013
	Debit	Credit
Cash	$ 8,000
Accounts Receivable	15,000
Supplies	13,000
Prepaid Rent	3,000
Equipment	21,000
Accounts Payable		$19,000
Common Stock		30,000
Retained Earnings		11,000
	$60,000	$60,000

Summarized transactions for January 2014 were as follows.

1.		Advertising costs, paid in cash, $1,000.
2.		Additional supplies acquired on account $4,000.
3.		Miscellaneous expenses, paid in cash, $1,700.
4.		Cash collected from customers in payment of accounts receivable $13,000.
5.		Cash paid to creditors for accounts payable due $15,000.
6.		Repair services performed during January: for cash $5,000; on account $9,000.
7.		Wages for January, paid in cash, $3,000.
8.		Dividends during January were $2,000.

Problem 2-5A (Part Level Submission)

The Classic Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $6,000, No. 140 Land $10,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000, No. 157 Equipment $6,000, No. 201 Accounts Payable $2,000, No. 275 Mortgage Payable $8,000, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred.

Apr. 2		Paid film rental of $800 on first movie.
3		Ordered two additional films at $1,000 each.
9		Received $1,800 cash from admissions.
10		Made $2,000 payment on mortgage and $1,000 for accounts payable due.
11		Classic Theater contracted with D. Zarle Company to operate the concession stand. Zarle is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand.
12		Paid advertising expenses $300.
20		Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April.
25		Received $5,200 cash from admissions.
29		Paid salaries $1,600.
30		Received statement from D. Zarle showing gross concession receipts of $1,000 and the balance due to The Classic Theater of $180 ($1,000 X 18%) for April. Zarle paid one-half of the balance due and will remit the remainder on May 5.
30		Prepaid $900 rental on special film to be run in May.

In addition to the accounts identified above, the chart of accounts shows No. 112 Accounts Receivable, No. 136 Prepaid Rent, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

Answers

SmartExpert

(118)

Status NEW Posted 19 Apr 2017 08:04 AM My Price 12.00

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Attachments

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