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Amol srivastava
Amol srivastava, CFA level 3 candidate
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Experience:  CFA Level 3 candidate and Chartered Accountant from India
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Problem 2-2A Preparing and posting journal entries; preparing

Customer Question

Problem 2-2A

Preparing and posting

journal entries; preparing a

trial balance

C4 C5 A1 P1 P2

Shelton Engineering completed the following transactions in the month of June.

a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and

$45,000 of drafting equipment to launch the business.

b. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note

payable for $48,600.

c. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b.

d. Paid $6,000 cash for the premium on an 18-month insurance policy.

e. Completed and delivered a set of plans for a client and collected $5,700 cash.

f. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a longterm

note payable for $12,000.

g. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days.

h. Purchased $2,250 of additional office equipment on credit.

i. Completed engineering services for $18,000 on credit.

j. Received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent

must be paid within 30 days.

k. Collected $7,200 cash in partial payment from the client described in transaction g.

l. Paid $1,500 cash for wages to a drafting assistant.

m. Paid $2,250 cash to settle the account payable created in transaction h.

n. Paid $675 cash for minor repairs to the drafting equipment.

o. Shelton withdrew $9,360 cash for personal use.

p. Paid $1,500 cash for wages to a drafting assistant.

q. Paid $3,000 cash for advertisements in the local newspaper during June.

Required

1. Prepare general journal entries to record these transactions (use the account titles listed in

part 2).

2. Open the following accounts-their account numbers are in parentheses (use the balance column

format): Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (163);

Drafting Equipment (164); Building (170); Land (172); Accounts Payable (201); Notes Payable

(250); S. Shelton, Capital (301); S. Shelton, Withdrawals (302); Engineering Fees Earned (402);

Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs

Expense (604). Post the journal entries from part 1 to the accounts and enter the balance after

each posting.

3. Prepare a trial balance as of the end of this month's operations

Submitted: 5 years ago.
Category: Homework
Expert:  Amol srivastava replied 5 years ago.
Can you please complete the question?
Customer: replied 5 years ago.

I just updated it

 

Customer: replied 5 years ago.

are u still working on it?

 

Expert:  Amol srivastava replied 5 years ago.
Yes whats ur deadline on this one?
Customer: replied 5 years ago.
today
Expert:  Amol srivastava replied 5 years ago.
around what time?
Customer: replied 5 years ago.
an hour plus i have 3 more questions
Expert:  Amol srivastava replied 5 years ago.
Ok then i will rush through. You will answers to this in about half an hour.
Customer: replied 5 years ago.
ok thank you do u wan tth eother ones too? i can only afford another 30 bucks then i am tapped out
Expert:  Amol srivastava replied 5 years ago.
To get your answers click here
Amol srivastava, CFA level 3 candidate
Category: Homework
Satisfied Customers: 626
Experience: CFA Level 3 candidate and Chartered Accountant from India
Amol srivastava and 13 other Homework Specialists are ready to help you
Customer: replied 5 years ago.
do u want me to give you the other questions?
Expert:  Amol srivastava replied 5 years ago.
Send them i can have a look.
Customer: replied 5 years ago.

Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance

sheet as of December 31, 2005.

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000

Accounts receivable . . . . . . . . . . . . . . . . . . . 16,500

Office supplies . . . . . . . . . . . . . . . . . . . . . . 2,000

Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000

Accumulated depreciation-Trucks . . . . . . . . $ 35,000

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000

Accounts payable . . . . . . . . . . . . . . . . . . . . . 11,000

Interest payable . . . . . . . . . . . . . . . . . . . . . . 3,000

Long-term notes payable . . . . . . . . . . . . . . . 52,000

K.Webb, Capital . . . . . . . . . . . . . . . . . . . . . 161,000

K.Webb, Withdrawals . . . . . . . . . . . . . . . . . 19,000

Trucking fees earned . . . . . . . . . . . . . . . . . . 128,000

Depreciation expense-Trucks . . . . . . . . . . . 22,500

Salaries expense . . . . . . . . . . . . . . . . . . . . . 60,000

Office supplies expense . . . . . . . . . . . . . . . . 7,000

Repairs expense-Trucks . . . . . . . . . . . . . . . 11,000

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $390,000 $390,000

Exercise 4-5

Preparing the financial statements

C2

Use the information in the adjusted trial balance reported in Exercise 4-4 to prepare Webb Trucking

Company's (1) income statement, and (2) statement of owner's equity. The K. Webb, Capital account

balance is $161,000 at December 31, 2004.

Expert:  Amol srivastava replied 5 years ago.
Can you please accept the question I just answered for you so that I get paid for my work.
Customer: replied 5 years ago.
yes
Customer: replied 5 years ago.
i accepted
Expert:  Amol srivastava replied 5 years ago.
I have your answers ready for this question. You can add bonus in the same question to pay me for this answer.

Click here
Amol srivastava, CFA level 3 candidate
Category: Homework
Satisfied Customers: 626
Experience: CFA Level 3 candidate and Chartered Accountant from India
Amol srivastava and 13 other Homework Specialists are ready to help you
Expert:  Amol srivastava replied 5 years ago.
I'm sorry if I get not make myself clear. I said just to add bonus and not to accept it again. Sorry you had to pay more.i can answer a question free for you to make it up to you.
Customer: replied 5 years ago.

i just paid u $32 again. Can u answer one more for me? I am broke now

Expert:  Amol srivastava replied 5 years ago.
Thats what I told you I will answer one free for you :)
Customer: replied 5 years ago.

thank you so much

Customer: replied 5 years ago.

did u post the answers for the question above? i do not see it

Expert:  Amol srivastava replied 5 years ago.
Yes here they are again Click here
Customer: replied 5 years ago.

The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal

year. The June 30, 2004, credit balance of the owner's capital account was $52,660, and the owner

invested $25,000 cash in the company during the 2005 fiscal year.

 

Debit Credit

 

 

101 Cash $ 17,500

126 Supplies 8900

128Prepaid insurance 6200

167Equipment 131000

168Accumulated depreciation-Equipment 25250

201Accounts payable 5800

203Interest payable 0

208Rent payable 0

210Wages payable 0

213Property taxes payable 0

251Long-term notes payable 24000

301S. Adams, Capital 77660

302S. Adams, Withdrawals 30000

401Construction fees earned 134000

612Depreciation expense-Equipment 0

623Wages expense 45860

633Interest expense 2640

637Insurance expense 0

640Rent expense 13200

652Supplies expense 0

683Property taxes expense 4600

684Repairs expense 2810

690Utilities expense 4000

Totals 266710 266710

Required

1. Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance

and including adjustments based on these additional facts:

a. The supplies available at the end of fiscal year 2005 had a cost of $3,200.

b. The cost of expired insurance for the fiscal year is $3,900.

c. Annual depreciation on equipment is $8,500.

d. The June utilities expense of $550 is not included in the unadjusted trial balance because the

bill arrived after the trial balance was prepared. The $550 amount owed needs to be recorded.

e. The company's employees have earned $1,600 of accrued wages at fiscal year-end.

f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200.

g. Additional property taxes of $900 have been assessed for this fiscal year but have not been

paid or recorded in the accounts.

h. The long-term note payable bears interest at 1% per month. The unadjusted Interest Expense

account equals the amount paid for the first 11 months of the 2005 fiscal year. The $240 accrued

interest for June has not yet been paid or recorded. (Note that the company is required

to make a $5,000 payment toward the note payable during the 2006 fiscal year.)

2. Use the work sheet to enter the adjusting and closing entries; then journalize them.

3. Prepare the income statement and the statement of owner's equity for the year ended June 30 and

the classified balance sheet at June 30, 2005.

Here is the first part

Customer: replied 5 years ago.

I lost formatting on this one, but you know what the debits and credits are right?

Customer: replied 5 years ago.

Also, I do not need to click on accept again correct?

Customer: replied 5 years ago.

ru there?

Expert:  Amol srivastava replied 5 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Customer: replied 5 years ago.

wow ur good! I do not need to click on accept again right?

Expert:  Amol srivastava replied 5 years ago.
Yes do not click accept on this. Enjoi!!

In case you have any questions in future which you want to direct to me you can say 'Amol' in front of your posts.
Customer: replied 5 years ago.
i will be needing u tomorrow

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