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Boilermaker House Painting Company incurs the following transactions for September:
1. Paint houses in the current month for $11,000 on account.
2. Purchase painting equipment for $12,000 cash.
3. Purchase office supplies on account for $1,700.
4. Pay workers' salaries of $2,400 for the current month
5. Purchase advertising to appear in the current month for $1,200 caslh
6. Pay office rent of $3,600 for the current month.
7. Receive $6,000 from customers in (1) above.
8. Receive cash of $4,200 in advance from a customer who plans to have his house painted in the following month.
Required:
1. Prepare journal entries for the above transactions.
2. Post each transaction to T-accounts and calculate the ending balances.
At the beginning of September, the company had the following account balances:
Cash $17,100
Accounts Receivable 800
Supplies 320
Equipment 5,600
Accounts Payable 700
Common Stock 16,000
Retained Earnings 7,120.
All other accounts had a beginning balance of zero.
3. Prepare a trial balance.

Respuesta :

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Answer:

1) Dr Accounts receivable 11,000

    Cr Service revenue 11,000

2) Dr Equipment 12,000

    Cr Cash 12,000

3) Dr Supplies 1,700

    Cr Accounts payable 1,700

4) Dr Wages expense 2,400

    Cr Cash 2,400

5) Dr Advertising expense 1,200

    Cr Cash 1,200

6) Dr Rent expense 3,600

    Cr Cash 3,600

7) Dr Cash 6,000

    Cr Accounts receivable 6,000

8) Dr cash 4,200

    Cr Deferred revenue 4,200

Cash                                           Accounts receivable

debit          credit                       debit          credit      

17,100                                         800

                  12,000                     11,000

                  2,400                                        6,000

                  1,200                        5,800  

                  3,600

6,000

4,200                  

8,100

           

Supplies                                    Equipment

debit          credit                       debit          credit      

320                                            5,600

1,700                                         12,000                

2,020                                         17,600  

Accounts payable                     Deferred revenue

debit          credit                       debit          credit      

                  700                                            4,200              

                  1,700                                    

                  2,400

Common stock                          Retained earnings

debit          credit                       debit          credit      

                  16,000                                       7,120

Service revenue                        Rent expense

debit          credit                       debit          credit      

                  11,000                     3,600  

Wages expense                        Advertising expense

debit          credit                       debit          credit      

2,400                                         1,200      

Boilermaker House Painting Company

Trial Balance

For the month ended September 30, 202x

                                                   debit                    credit

Cash                                        $8,100

Accounts Receivable             $5,800

Supplies                                  $2,020

Equipment                             $17,600

Accounts Payable                                                 $2,400

Deferred revenue                                                 $4,200

Common Stock                                                    $16,000

Retained Earnings                                                 $7,120

Service revenue                                                   $11,000

Rent expense                         $3,600

Wages expense                     $2,400                      

Advertising expense              $1,200                                

Totals                                    $40,720                 $40,720

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