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following transactions for the company:May 1 Began business

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HOMEWORK PROBLEM


On May 1, 2011, Javier Munoz opened Javier’s Repair Service.  During the month, he completed the following transactions for the company: May 1 Began business by depositing $5,000 in a bank account in the name of the company in exchange for 500 shares of $10 par value common stock. 1 Paid the rent for the store for current month, $425. 1 Paid the premium on a one-year insurance policy, $480. 2 Purchased repair equipment from Chmura Company, $4,200. Terms were $600 down and $300 per month for one year. First payment is due June 1. 5 Purchased repair supplies from Brown Company on credit, $468. 8 Paid cash for an advertisement in a local newspaper, $60. 15 Received cash repair revenue for the first half of the month, $400. 21 Paid Brown Company on account, $225. 31 Received cash repair revenue for the last half of May, $975. 31 Declared and paid a cash dividend, $300. Required for May 1. Prepare journal entries to record the May transactions. 2. Open the following accounts: Cash (111); Prepaid Insurance (117); Repair Supplies (119); Repair Equipment (144); Accumulated Depreciation – Repair Equipment (145); Accounts Payable (212); Common Stock (311); Dividends (313): Income Summary (314); Repair Revenue (411); Store Rent Expense (511); Advertising Expense (512); Insurance Expense (513); Repair Supplies Expense (514); and Depreciation Expense – Repair Equipment (515). Post the May journal entries to the ledger accounts. 3. Using the following information, record adjusting entries in the general journal and post to the ledger accounts: a. One month’s insurance has expired b. The remaining inventory of unused repair supplies is $169. c. The estimated depreciation on repair equipment is $70. 4. From the accounts in the ledger, prepare an adjusted trial balance. (Note: Normally, a trial balance is also prepared before adjustments but is omitted here to save time). 5. From the adjusted trial balance, prepare an income statement, a statement of retained earnings, and a balance sheet for May. 6. Prepare and post closing entries. 7. Prepare a post-closing trial balance. I have specific sheets that need to be filled in. 21 in total. I will upload those as soon as question is accepts by expert. Or it can be also done by Microsoft Excel
Submitted: 2 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello and welcome to JA

 

 

Please advise your deadline as well as the name of the book you are using: Title, author's name, and edition

 

Thank you

Customer: replied 2 years ago.

Hello!

 

My deadline for this assignment is this coming Wednesday, February 8th. The book for this class is Financial Accounting, 11th edition, Authors Needles/Powers. Please let me know if you need anything else!!

Expert:  Manal Elkhoshkhany replied 2 years ago.

Thank you :)

 

I answered this before but from an older edition, just double checking if the numbers are the same or not. Please allow me just a couple of minutes :)

Expert:  Manal Elkhoshkhany replied 2 years ago.
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