Question
fill in charts from chart of accounts pic1 need income statement, retained earnings statement, balance sheet all charts needs filled
Accounting Cycle Practice Problem-Summer 2018 For the past several years, John Addarms has operatad a part me tusivess from hos ne A of April 1,2002, John decikled to move to ranted quarters and to operate Phe busness, wi was?be known as Addams Farnily Inc , on a rull time, basie Addarns & Farney entered me the folowing transactions during Apr Aprit 4 The fotowing assets were receired from John Addarns: cash, $10,000, wzounts receivable, $1,800, supplies, 31,250 and office eqápmerd, $7,00 There wers no liabilties received Apri 4 Paid three months' rent on a lease rental contract, $4,500 Apni 4 Paid the premium on property and casuaty insurance policies for the year, $1800 Apni 8 Received cash from clents as an advance paryment for services to be pevuited, Apil 7 Purchased additional office furniture on account from Moriton Company, $1,800 $3,000 April 8 Received cash from clients on account, 380 April 11 Paid cash for newspaper advertisement, $120 April 12 Paid Morriton Company $800 for debt incurred on Aprl 7 April 15 Recorded services provided on account for the peried April 4-15, $2.250 April 15 Paid part-time receptionist for two weeks salary. $400 April 15 Recorded cash from cash clients for fees earned Aprit 4-15, 33,175 April 18 Paid cash for supplies, $750 April 22 Recorded services prowided on account for April 18-22, $1,100 April 22 Recorded cash from cash clients for fees earned April 18-22, $1,850 Apri 25 Received cash from clients on account, $1,600 Apri 27 Paid part-tme receptionist for two week's salary, $400 Apri 28 Paid telephone bill for April, $130. Apil 29 Paid electric bil for April, $200 April 29 Recorded cash from cash clients for fees eamed April 25-29, $2,050 April 29 Recorded services provided on account for Apri 25-29, $1,000 April 29 John received $4,500 from the company as his salary. Instructions: (The first transaction has been recorded and posted for you). 1. Record the transactions stated above in good general journal form 2. Post the transactions to T-accounts. 3. Record and post the following adjustments: a Insurance expired in April, $150 b. Supples on hand April 29, $1,020 c. Depreciation for the office equipment in April, $500 d. Accrued receptionist salary on April 30, $20 e. Rent expired in April, $1,500 f Earned $2,000 of services that were previously paid for on 4/ 5. Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet. 0. Record and post closing entries. 7. Prepare a post-closing trial balance.
Explanation / Answer
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Addams & Family Inc. General journal for the month of April 2002 Date Account Title Debit Credit Apr.4 Cash 10000 Accounts Receivable 1500 Supplies 1250 Office Equipment 7500 contributed Capital 20250 (Assets contributed by the owners) Apr.4 Prepaid Rent 4500 Cash 4500 (Payment of three months' rental) Apr.4 Prepaid Insurance 1800 Cash 1800 (Payment for one-year insurance) Apr.6 Cash 3000 Unearned Revenue 3000 (Advance received from clients) Apr.7 Office Equipment 1800 Accounts Payable 1800 (Purchase of office furniture) Apr.8 Cash 800 Accounts Receivable 800 (Receipt of cash from clients on account) Apr.11 Advertising Expense 120 Cash 120 (Payment for newspaper advertisement) Apr.12 Accounts Payable 800 Cash 800 (Payment made to creditor on account) Apr.15 Accounts Receivable 2250 Service Revenue 2250 (Service provided on account) Apr.15 Salary Expense 400 Cash 400 (Salary paid for two weeks) Apr.15 Cash 3175 Service Revenue 3175 (Cash received from cash customers) Apr.18 Supplies 750 Cash 750 (Cash paid for supplies) Apr.22 Accounts Receivable 1100 Service Revenue 1100 (Service provided on account) Apr.22 Cash 1850 Service Revenue 1850 (Cash received from cash customers) Apr.25 Cash 1600 Accounts Receivable 1600 (Receipt of cash from clients on account) Apr.27 Salary Expense 400 Cash 400 (Salary paid for two weeks) Apr.28 Telephone Expense 130 Cash 130 (Payment of telephone bill) Apr.29 Utility Expense 200 Cash 200 (Payment of electricity bill) Apr.29 Cash 2050 Accounts Receivable 2050 (Receipt of cash from clients on account) Apr.29 Accounts Receivable 1000 Service Revenue 1000 (Service provided on account) Apr.29 Drawings 4500 Cash 4500 (Cash received by the owner)
