Scribd Logo
Upload

Welcome to Scribd!

  • 57 views

    Laundry 001 PDF

    Uploaded by

    Abu Zaki
    P2-9A Leo Mataruka owns and manages a computer repair service. It had the following trial balance on December 31, 2010 (its fiscal year end) prepare a trial balance at the end of may 2011 and prepare financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Laundry 001 PDF

    Uploaded by

    Abu Zaki
    57 views1 page
    P2-9A Leo Mataruka owns and manages a computer repair service. It had the following trial balance on December 31, 2010 (its fiscal year end) prepare a trial balance at the end of may 2011 and prepare financial statements.

    Original Title

    laundry 001.pdf

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    P2-9A Leo Mataruka owns and manages a computer repair service. It had the following trial balance on December 31, 2010 (its fiscal year end) prepare a trial balance at the end of may 2011 and prepare financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    57 views1 page

    Laundry 001 PDF

    Uploaded by

    Abu Zaki
    P2-9A Leo Mataruka owns and manages a computer repair service. It had the following trial balance on December 31, 2010 (its fiscal year end) prepare a trial balance at the end of may 2011 and prepare financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    98

    The Recording Process

    CHAPTER 2

    The December transactions were as follows:


    Dec .

    1 Borrowed $5,000 cash from the First Financial Bank and signed a note payable.
    2 Purchased a used pressing machine for $5,500 cash from another company.
    The machine was probably worth $7,000, but the other company needed the
    cash and was anxious to sell it.
    2 Paid December rent, $850.
    4 Received $5,550 cash from customers in payment of their accounts.
    7 Paid the $365 monthly insurance premium.
    9 Paid $2,900 to creditors on account.
    lO Performed $800 of services for customers who had paid in advance in November.
    ll Received $1,350 cash from customers for services provided.
    15 Purchased $400 of supplies on account.
    20 Billed customers $5,750 for services provided.
    22 Paid employee salaries of $1,450 (includes a year-end bonus of $300).
    24 Owner withdrew $3,000 for personal use.
    29 Received $425 cash from a customer for services to be provided in January.
    30 Paid the bank $525. Of this amount, $25 is interest and the remainder is a
    principal payment.
    31 The bill for December utilities was $615. The bill will be paid in January.

    Instructions
    (a) Journalize the December transactions.
    (b) Enter the November 30 balances in ledger accounts. Use T accounts.
    (c) Post the December journal entries to the T accounts. You may need to add new accounts
    for some of the transactions.
    (d) Prepare a trial balance at December 31, 2011.

    Taking It Further Comment on the company's cash balance. What concerns or suggestions
    do you have for the company to consider in January?
    Prepare financial statements.
    (SO 5) AP

    P2-8A

    Refer to the trial balance for Abramson Financial Services prepared in P2-5A part (c).

    Instructions
    (a) Prepare an income statement for May.
    (b) Prepare a statement of owner's equity for May.
    (c) Prepare a balance sheet at the end of May 2011.

    Tabng It Further
    Journalize transactions, post,
    and prepare trial balance.

    Discuss how well the company performed in its first month of operations.

    P2-9A Leo Mataruka owns and manages a computer repair service. It had the following
    trial balance on December 31, 2010 (its fiscal year end):

    (SO 3, 4, 5) AP

    CYBERDYNE REPAIR SERVICE

    Trial Balance
    December 31, 2010
    Cash
    Accounts receivable
    Repair parts inventory
    Shop equipment
    Accounts payable
    Unearned revenue
    L. Mataruka, capital
    Totals

    Debit
    $ 2,000
    16,500
    16,000
    28,000

    $62,500

    Credit

    $23 ,000
    2 ,000
    37 500
    $62,500

    You might also like