COMPREHENSIVE PROBLEM 1 PART A (CHAPTERS 1, 3, 4) Poge 135 NAME PROFESSOR\'S NAM

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COMPREHENSIVE PROBLEM 1 PART A (CHAPTERS 1, 3, 4) Poge 135 NAME PROFESSOR'S NAME SECTIONN SCORE ACC 255 FALL 2018 COVER SHEET FOR PART A COMPREHENSIVE PROBLEM 1 (CHAPTERS 1, 3, 4) INSTRUCTIONS: Complete all requirements for the comprehensive problem and turn in the original of your problem (stapled) by the due date & time specified by your professor. Ne lete problems will be accepted for any reasonts You should take pic tures of your solution to check your answers with the solutions which will be provided on Bblearn REQUIREMENTS Part A (1) PREPARE JOURNAL ENTRIES (2) PREPARE ADJUSTING JOURNAL ENTRIES Part B Grading Points

Explanation / Answer

Date Accounts Debit Credit May 1 Cash 20000 May 1 Common stock 20000 May 1 Standup Peddleboard Equipment 31500 May 1 Accounts Payable 31500 May 2 Rent Expense 450 May 2 Cash 450 May 2 Prepaid Insurance 3600 May 2 Cash 3600 May 3 Truck 84000 May 3 Cash 8000 May 3 Notes Payable 76000 May 4 Advertising Expense 175 May 4 Cash 175 May 6 Office Supplies 800 May 6 Accounts Payable 800 May 10 Cash 6300 May 10 Service Revenue 6300 May 11 Accounts Receivable 1900 May 11 Service Revenue 1900 May 12 Salaries and Wages Expense 4800 May 12 Cash 4800 May 14 Accounts Payable 5000 May 14 Cash 5000 May 15 Cash 2500 May 15 Unearned Service Revenue 2500 May 21 Cash 1280 May 21 Accounts Receivable 1280 May 26 Salaries and Wages Expense 5600 May 26 Cash 5600 May 29 Accounts Receivable 1430 May 29 Service Revenue 1430 May 30 Utility Expense 720 May 30 Accounts Payable 720 May 31 Cash 9840 May 31 Service Revenue 9840 May 31 Dividends 650 May 31 Cash 650 Adjusting Entries: Date Accounts Debit Credit May 31 Insurance Expense 600 3600/6 May 31 Prepaid Insurance 600 May 31 Interest Expense 570 76000*9%/12 May 31 Interest Payable 570 May 31 Office Supplies Expense 360 800-440 May 31 Office Supplies 360 May 31 Depreciation Expense 525 (31500/5)/12 May 31 Accumulated Depreciatin-Standup Paddleboard Equipment 525 May 31 Depreciation Expense 1000 (84000/7)/12 May 31 Accumulated Depreciatin-Truck 1000 May 31 Accounts Receivable 830 May 31 Service Revenue 830 May 31 Income Tax Expense 940 May 31 Income Tax Payable 940 May 31 Salaries and wages expense 2000 2800/7*5 May 31 Salaries and wages payable 2000 May 31 Unearned Service Revenue 750 2500*30% May 31 Service Revenue 750 Cash Service Revenue Debit Credit Debit Credit May 1 20000 May 2 4050 May 31 Income Summary 21050 May 10 6300 May 10 6300 May 3 8000 May 11 1900 May 15 2500 May 4 175 May 29 1430 May 21 1280 May 12 4800 May 31 11420 May 31 9840 May 14 5000 May 26 5600 May 31 650 Salaries and wages Expense Debit Credit Ending Balance 11645 May 12 4800 May 31 Income Summary 12400 May 26 5600 Accounts Receivable May 31 2000 Debit Credit May 11 1900 May 21 1280 May 29 1430 May 31 9840 May 31 830 Rent Expense Debit Credit Ending Balance 2880 May 2 450 May 31 Income Summary 450 Office Supplies Debit Credit May 6 800 May 31 360 Advertising Expense Debit Credit May 4 175 May 31 Income Summary 175 Ending Balance 440 Prepaid Insurance Utilities Expense Debit Credit Debit Credit May 2 3600 May 31 600 May 30 720 May 31 Income Summary 720 Ending Balance 3000 Insurance Expense Debit Credit Standup Paddleboard Equipment May 31 600 May 31 Income Summary 600 Debit Credit May 1 31500 Ending Balance 31500 Office Supplies Expense Debit Credit Truck May 31 360 May 31 Income Summary 360 Debit Credit May 3 84000 Ending Balance 84000 Depreciation Expense Debit Credit Acc Dep-Standup Paddleboard Equipment May 31 525 May 31 Income Summary 1525 Debit Credit May 31 1000 May 31 525 Ending Balance 525 Interest Expense Debit Credit Acc Dep-Truck May 31 570 May 31 Income Summary 570 Debit Credit May 31 1000 Ending Balance 1000 Income Tax Expense Debit Credit Accounts Payable May 31 940 May 31 Income Summary 940 Debit Credit May 14 5000 May 1 31500 May 6 800 May 30 720 Ending Balance 28020 Notes Payable Debit Credit May 3 76000 Ending Balance 76000 Unearned Service Revenue Debit Credit May 31 750 May 15 2500 Ending Balance 1750 Salaries and wages Payable Debit Credit May 31 2000 Ending Balance 2000 Interest Payable Debit Credit May 31 570 Ending Balance 570 Income Tax Payable Debit Credit May 31 940 Ending Balance 940 Common Stock Debit Credit May 31 20000 Ending Balance 20000 Retained Earning Debit Credit Dividends 650 Income Summary 3310 Ending Balance 2660 Dividends Debit Credit May 31 650 Retained Earning 650 Ending Balance 0 Income Summary Debit Credit Salaries and wages expense 12400 Service Revenue 21050 Service Revenue 21050 Rent Expense 450 Advertising Expense 175 Utility Expense 720 Insurance Expense 600 Office Supplies Expense 360 Depreciation Expense 1525 Interest Expense 570 Income Tax Expense 940 Retained Earning 3310 UnAdjusted Adjustments Adjusted Account Debit Credit Debit Credit Debit Credit Cash 11645 11645 Accounts Receivable 2050 830 2880 Office Supplies 800 360 440 Prepaid Insurance 3600 600 3000 Standup Peddleboard Equipment 31500 31500 Accumulated Depreciatin-Standup Paddleboard Equipment 525 525 Truck 84000 84000 Accumulated Depreciatin-Truck 1000 1000 Accounts Payable 28020 28020 Notes Payable 76000 76000 Unearned Service Revenue 2500 750 1750 Salaries and wages payable 2000 2000 interest Payable 570 570 Income Tax Payable 940 940 Common Stock 20000 20000 Dividends 650 650 Service Revenue 19470 1580 21050 Salaries and wages expense 10400 2000 12400 Rent Expense 450 450 Advertising Expense 175 175 Utility Expense 720 720 Insurance Expense 600 600 Office Supplies Expense 360 360 Depreciation Expense 1525 1525 Interest Expense 570 570 Income Tax Expense 940 940 Total 145990 145990 7575 7575 151855 151855

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