the chart of accounts of pete\'s delivery services includes the following: cash
ID: 2405759 • Letter: T
Question
the chart of accounts of pete's delivery services includes the following: cash 111 accounts receivable 112 office equipment 121 delivery trucks 122 accounts payable 211 pete jean capital 311 pete jean withdrawals 312 delivery fees earned 411 advertising expense 511 gas expense 512 salaries expense 513 telephone expense 514 the following tranactions resulted for pete's delivery service during the month of march? a. pete invested $40,000 in the business for his personal savings account b. bought delivery trucks on account $25,000 c. advertising bill received but unpaid $800 d. bought office eqipment for cash $2,500 e. received cash for delivery services rendered $13,000 f. paid salaries expense $1,850 g. paid gas expense for company trucks $750 h. billed customers for delivery services rendered $5,500 i. paid telephone bill $400 j. received $1,600 as partial payment of transaction h k. pete paid home telephone bill from company checkbook $88 As pete's newly employed account your task is to 1. set up T accounts in a ledger 2. record transactions in the T accounts (place the letter of the transaction next tot the entry) 3. foot the T accounts where appropriate 4. Prepare a trial balance at the end of March 5. Prepare from the trial balance, in proper form (a) an income statement for the month of March (b) a statement of owner's equity and (c) a balance sheet as of March 31
Explanation / Answer
1., 2., & 3.
4.
5(a)
5(b)
5(c)
Cash Accounts Receivable a. 40000 2500 d. h. 5500 1600 j. e. 13000 1850 f. j. 1600 750 g. 400 i. 88 k. End. Bal. 49012 End. Bal. 3900 Office Equipment Delivery Trucks d. 2500 b. 25000 End. Bal. 2500 End. Bal. 25000 Accounts Payable Pete Jean, Capital 25000 b. 40000 a. 800 c. End. Bal. 25800 End. Bal. 40000 Pete Jean, Withdrawals Delivery Fees Earned k. 88 13000 e. 5500 h. End. Bal. 88 End. Bal. 18500 Advertising Expense Gas Expense c. 800 g. 750 End. Bal. 800 End. Bal. 750 Salaries Expense Telephone Expense f. 1850 i. 400 End. Bal. 1850 End. Bal. 400Related Questions
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