Assessment Task:
Journal Entries Accounting and Finance Assessment Answer

TRANSACTIONS

May:

1 Issued $XXX,XXX of common shares in the new company for cash. (The value of the common shares is $800,000 + the last 5 digits of your Student Number. So if your Student Number ends in 25268, the value of common shares is $825,268)

1 Purchased land and a building worth $275,000 and $433,000 respectively, by making a down payment of $100,000 and securing a mortgage through TD Bank for the difference.

1 Purchased a three-year insurance policy for $69,300 effective today.

1 The local police force paid $92,000 for the care of their detective and search and rescue dogs in advance.

2 Purchased $3,075 of office supplies from Staples on account.

14 Paid employees $7,300 representing two weeks’ salary.

21 Summarized and recorded the billings to customers for the first three weeks of May for veterinary service fees earned. Billings totalled $48,000.

28 Received $22,000 from clients in partial settlement of accounts billed on the 21st.

28 Paid another $7,300 for two weeks’ salary.

30 Repaired the damaged flooring for $8,550 on account.

30 Paid Staples for the office supplies purchased on May 2.

31 Paid a total of $1,115 for the month’s gas, water and electric bill.

31 Paid out dividends to shareholders of $1,040.

31 Made a mortgage payment of $3,800 to the bank consisting of $1,200 in interest and $2,600 in principal.

 

Use the following information to journalize and post the adjustments for the month:

a. One month's insurance coverage was consumed.

b. There was $2,300 of office supplies on hand at the end of the month.

c. The building has an estimated useful life of 25 years and a salvage value of $67,000.

d. Employees earned $3,650 of unpaid and unrecorded salary.

e. A review of the contract with the police force that paid $92,000 in advance for veterinary services on May 1 revealed that one-eighth of the services had been completed in the month.

f. The company earned $15,000 of fees that had not yet been billed.

g. Income taxes for the month were estimated to be $975.

 

REQUIRED:

1. Prepare journal entries for each transaction.

2. Prepare T accounts and post the transactions.

3. Prepare an Adjusted Trial Balance as at May 31.

4. Prepare an Income Statement for the month.

5. Prepare a Statement of Changes in Equity.

6. Prepare a classified Statement of Financial Position.

7. Prepare closing journal entries.

8. Post the closing entries to T accounts.

9. Prepare a post-closing Trial Balance.

 

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  • Uploaded By : Mitchell Lee
  • Posted on : November 25th, 2018

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