need help filling out the rest please Spicewood Stables, Inc. was established in
ID: 2408377 • Letter: N
Question
need help filling out the rest please
Spicewood Stables, Inc. was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new Assistant Controller. The following transactions for April are provided for your review. 1. Received contributions from investors and issued $190,000 of common stock on April 1 2. Built a barn and other buildings for $145,000. On April 2, the company paid half the amount in cash on three-year note payable for the balance April 1 and signed a 3. Provided $20,200 in animal care services for customers on April 3, all on credit. 4. Rented stables to customers who cared for their own animals; received cash of $17,500 on April 4 5. On April 5, received $1,800 cash from a customer to board her horse in May, June, and July (record as Unearned Revenue). 6. Purchased hay and feed supplies on account on April 6 for $5,000 7. Paid $3,160 on accounts payable on April 7 for previous purchases. 8. Received $2,360 from customers 9. On April 9, prepaid a two-year insurance policy for $5,600. for coverage starting in May. 10.On April 28, paid $1,390 in cash for water utilities incurred in the month 11 Paid $14,500 in wages on April 29 for work done this month. 12.Received an electric utility bill on April 30 for $1,380 for usage in April; the bill will be paid next month on April 8 on a ccounts receivable Required 1. Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Cash 1,800 Unearned Reven ue 1,800 Supplies 5,000 Accounts Payable 5,000 Accounts Payable 3,160 Cash 3,160 Cash 2,360 Accounts Receivable 2,360 Prepaid Insurance 5,600 Cash 5,600 10 10 Utilities Expense 1,390 Cash 1,390Explanation / Answer
Journal entries
Date
Account Title
Debit
Credit
1-Apr
Cash
$ 190,000.00
Comon Stock
$ 190,000.00
(common stock issued)
1-Apr
Barn and Building
$ 145,000.00
cash
$ 72,500.00
Accounts Payable
$ 72,500.00
(Notes payaple for asset.
2-Apr
Accounts Payable
$ 72,500.00
Notes Payable
$ 72,500.00
3-Apr
Accounts Receivable
$ 20,200.00
Service revenue
$ 20,200.00
(service revenue earned)
4-Apr
Cash
$ 17,500.00
Rental Income
$ 17,500.00
(rental income received in cash)
5-Apr
Cash
$ 1,800.00
Unearned revenue
$ 1,800.00
(Advance for service to be rendered)
6-Apr
Supplies
$ 5,000.00
Accounts Payable
$ 5,000.00
(supplies purchased)
7-Apr
Accounts Payable
$ 3,160.00
Cash
$ 3,160.00
(cash paid for credit balance)
8-Apr
cash
$ 2,360.00
Accounts Receivable
$ 2,360.00
(Cash received)
9-Apr
Prepaid insurance
$ 5,600.00
cash
$ 5,600.00
(insurance paid in advance)
28-Apr
Utilities
$ 1,390.00
cash
$ 1,390.00
(cash paid for supplies bill)
29-Apr
Wages
$ 14,500.00
cash
$ 14,500.00
(wages paid in cash)
30-Apr
Electricity expenses
$ 1,380.00
Accrued Expenses
$ 1380
$ 480,390.00
$ 480,390.00
Cash Account
1-Apr
Common Stock
$ 190,000.00
2-Apr
Barn and Building
$ 72,500.00
4-Apr
Rental Income
$ 17,500.00
7-Apr
Accounts Payable
$ 3,160.00
5-Apr
Unearned Income
$ 1,800.00
9-Apr
Prepaid Insurance
$ 5,600.00
8-Apr
Accounts Receivable
$ 2,360.00
28-Apr
Utilities
$ 1,390.00
29-Apr
Wages
$ 14,500.00
30-Apr
Closing Balance
$ 114,510.00
$ 211,660.00
$ 211,660.00
Accounts Receibables
3-Apr
Service Revenue
20200
7-Apr
Cash
$ 2,360.00
30-Apr
Closing Balance
$ 17,840.00
$ 20,200.00
$ 20,200.00
Common Stock
30-Apr
Closing Balance
$ 190,000.00
1-Apr
Cash
$ 190,000.00
$ 190,000.00
$ 190,000.00
Barn and Building
2-Apr
Notes Payable
$ 72,500.00
30-Apr
Closing Balance
$ 145,000.00
Cash
$ 72,500.00
$ 145,000.00
$ 145,000.00
Accounts Payable
2-Apr
Notes Payable
$ 72,500.00
1-Apr
Barn and Building
$ 72,500.00
7-Apr
Cash
$ 3,160.00
6-Apr
Supplies
$ 5,000.00
30-Apr
Closing Balance
$ 1,840.00
$ 77,500.00
$ 77,500.00
Rental Income
30-Apr
Closing Balance
$ 17,500.00
4-Apr
Cash
$ 17,500.00
$ 17,500.00
$ 17,500.00
service Revenue
30-Apr
Closing Balance
$ 20,200.00
3-Apr
Accounts Receivable
20200.0
$ 20,200.00
$ 20,200.00
Unearned Revenue
30-Apr
Closing Balance
$ 1,800.00
5-Apr
Cash
$ 1,800.00
$ 1,800.00
$ 1,800.00
Prepaid Insurance
9-Apr
Cash
$ 5,600.00
30-Apr
Closing Balance
$ 5,600.00
$ 5,600.00
$ 5,600.00
Wages
29-Apr
Cash
$ 14,500.00
30-Apr
Closing Balance
$ 14,500.00
$ 14,500.00
$ 14,500.00
Utilities
28-Apr
Cash
$ 1,390.00
30-Apr
Closing Balance
$ 1,390.00
$ 1,390.00
$ 1,390.00
Supplies
6-Apr
Accounts Payable
$ 5,000.00
30-Apr
Closing Balance
$ 5,000.00
$ 5,000.00
$ 5,000.00
Trial Balance
Spicewoods stables
30th april
Account title
Debit
Credit
Cash
$ 114,510.00
Accounts Recivables
$ 17,840.00
Accounts Payable
$ 1,840.00
Service revenue
$ 20,200.00
Utilities
$ 1,390.00
Suppplies
$ 5,000.00
wages
$ 14,500.00
rental income
$ 17,500.00
Unearned revenue
$ 1,800.00
Common Strock
$ 190,000.00
Barns and Building
$ 145,000.00
Electricity Expenses
$ 1,380.00
Notes Payable
$ 72,500.00
Prepaid Insurance
$ 5,600.00
Accrued Expenses
$ 1,380.00
Total
$ 305,220.00
$ 305,220.00
Income Statement
Spicewoods stables
30th april 2017
rental income
$ 17,500.00
Service revenue
$ 20,200.00
$ 37,700.00
Expenses
Utilities
$ 1,390.00
wages
$ 14,500.00
Electricity Expenses
$ 1,380.00
$ 17,270.00
Net Income during Period
$ 20,430.00
Primary net income
$ 37,700.00
Net profit
$ 20,430.00
Net Profit Margin
54%
Journal entries
Date
Account Title
Debit
Credit
1-Apr
Cash
$ 190,000.00
Comon Stock
$ 190,000.00
(common stock issued)
1-Apr
Barn and Building
$ 145,000.00
cash
$ 72,500.00
Accounts Payable
$ 72,500.00
(Notes payaple for asset.
2-Apr
Accounts Payable
$ 72,500.00
Notes Payable
$ 72,500.00
3-Apr
Accounts Receivable
$ 20,200.00
Service revenue
$ 20,200.00
(service revenue earned)
4-Apr
Cash
$ 17,500.00
Rental Income
$ 17,500.00
(rental income received in cash)
5-Apr
Cash
$ 1,800.00
Unearned revenue
$ 1,800.00
(Advance for service to be rendered)
6-Apr
Supplies
$ 5,000.00
Accounts Payable
$ 5,000.00
(supplies purchased)
7-Apr
Accounts Payable
$ 3,160.00
Cash
$ 3,160.00
(cash paid for credit balance)
8-Apr
cash
$ 2,360.00
Accounts Receivable
$ 2,360.00
(Cash received)
9-Apr
Prepaid insurance
$ 5,600.00
cash
$ 5,600.00
(insurance paid in advance)
28-Apr
Utilities
$ 1,390.00
cash
$ 1,390.00
(cash paid for supplies bill)
29-Apr
Wages
$ 14,500.00
cash
$ 14,500.00
(wages paid in cash)
30-Apr
Electricity expenses
$ 1,380.00
Accrued Expenses
$ 1380
$ 480,390.00
$ 480,390.00
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