Week 2 I)Frontier Park was started on April 1 by C.J Mendez and associates. The following selected events and transactions occurred during April.

Week 2I)Frontier Park was started on April 1 by C.J Mendez and associates. The following selected events and transactions occurred during April.April 1 Stockholders invested $40,000 cash in the business in exchange for common stock.4 Purchased land costing $30,000 for cash.8 Incurred advertising expense of $1,800 on account.11 Paid salaries to employee $1,500.12 Hired park manager at a salary of $4,000 per month, effective May 1.13 Paid $1,500 cash for a one –year insurance policy.17 Declared and paid a $1,000 cash dividend.20 Received $5,700 in cash for admission fees.25 Sold 100 coupon books for $25 each.Each book contains 10 coupons that entitle the holder to 1 admission per park.30 Received $8,900 in cash admission fees.30 Paid $900 on balance owed for advertisiing incurred on April 8.Mendez uses the following account: Cash;Prepaid Insurance;Land;Accounts payable;Unearned Admissions Revenue; Common Stock;Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.II) Jane Kent is a Licensed CPA. During the first month of operations of her business, Jane Kent Inc, the following events and transactions occurred.May 1 Stockholders invested $25,000 cash in exchange for comon stock.2 Hired a secretary-receptionist at a salary of $2,000 per month.3 Purchased $2,500 of supplies on acount from Read Supply Company.7 Paid office rent of $900 cash for the month.11 Completed a tax assignment and billed client $2,100 for services provided.12 Received $3,500 advance on a management consulting engagement .17 Received cash of $1,200 for services completed for H. Arnold Co.31 Paid Secretary-receptionist $2,000 salry for the month.31 Paid 40% of balance due Read Supply Company.Jane uses the following chart accounts: No. 101 Cash, Mo. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No.311 Common Stock, No. 400 Service Revenue, no. 726 Salaries Expense, and No. 729, Rent Expense.Instructions(a)Journalize the transactions.(b)Post to the lefger accounts(c)Prepare a trial balance on May 31,2008.III)Tony Masasi started his own consulting firm, Masasi Company, Inc, on June 1 2008.The trial balance at June 30 is shown on page 129.MASASI COMPANY, INC Trial BalanceJune 30,2008Account Number DebitCredit101Cash7,150112Accounts Receivable6000126Supplies2000130Prepaid Insurance3000157Office Equipent15000201Accounts Payable4500209Unearned Revenue4000311Common Stock21750400Service Revenue7900726Salaries Expense4000729Rent Expense100038,15038,150In addition to those accounts listed on the trial balance , the chart of accounts for Masasi Company, Inc. also contains the following account numbers: No. 158 Accumulated Depreciation –Office Equipment, No. 212 Salaries Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, no 722 Insurance Expense, and No. 732 Utilities Expense.Other Data:1.Supplies on hand at June 30 are $6002.A utility I bill for 4150 has not been recorded and will not be paid until next month.3.The Insurance policy is for a year.4.$2,500 of unearned service revenue has been earned at the end of the month.5.Salaries of $2,000 are accrued at June 30.6.The office equipment has 5-year life with no slavage value. It is being deperciated at $250 per month for 60 moths.7.Invoicees representing $1,000 of services performed during the month have been recorded as of June 30.Instructionsa)Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal. b) Post the adjusting entries to the ledger accounts. Enter the total from the trial balane as beginning account balances and place a check mark in the posting reference clumnc)Prepare an adjusted trial balance at June 30,2008.IV)NEOSHO RIVER RESORT, INC.Trial BalanceAugust 31,2008Account NumberDebitCredit101Cash$19,600 126Supplies3330130Prepaid Insurance6000140Land25000143Cottages125000149Furniture26000201Accounts Payable$6,500 208Unearned Rent7400275Mortgage Payable80000311Common Stock100000332Dividends5000429Rent Revenue80000622Repair Expense3600726Salaries Expense51000732Utilities Expense9400273,900273,900In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No.112 Accounts Receivable, No. 144 Accumulated Depreciation-Cottages, no. 150 accumulated Depreciation-Furniture, No.212 Salaries payable, No 230 Interest Payable, No. 320 Retained Earnings, No.620 Depreciation Expense-Cottages No. 621 Depreciation Expense-Furniture , No.631 Supplies Expense , No 718 Interest Expense, and No. 722 Insurance Expense.Other Data:1.Insurance expires the rate of $400 per month.2.A count on August 31 shows $600 of supplies on hand.3.Annual depreciation is $6,000 on cottages and $2400 on furniture4.Uneraned rent of $4100 was earned prior to august 31.5.Salaries of $400 were unpaid at August 31.(Use Accounts Receivable.)7.The mortagage interest rate is 9% per year(The mortgage was taken out on august 1.)Instructions(a)Journalize the adjusting entries onaugust 31 for the 3-month period June 1-August 31(b)Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries (Use J1 as the posting reference)(c)Prepare an adjusted trial balance on August 31.(d)Prepare an income statement and retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31.Week 3 1)Thomas Magnum began operations as a private investigator on January 1, 2008 . The trail balance columns of the worksheet for Thomas Magnum, P.I at March 31 are as follows.THOMAS MAGNUM, P.I., INCWork SheetFor the Quarter Ended March 31, 2008TRIAL BALANCEAccount TitlesDr.Cr.11400Cash5620Accounts Receivable1050Supplies2400Prepaid Insurance30000EquipmentNotes Payable10000Accounts Payable12350Common stock20000Dividends600Service Revenue13620Salaries Expense2200Travel Expense1300Rent Expense1200Miscellaneous Expense20055,97055970Other data:1.Supplies on hand total $380.2.Depreciation is $1,000 per quarter.3.Interest accrued on 6-month note payable, issued January 1, $300.4.Insurance expires at the rate of $200 per month.5.Services provided but unbilled at March 31 total $530.Instructions(a)Enter the trial balance on a worksheet and complete the worksheet.Prepare an income statement and a retained earnings statement for the quarter and classified balance sheet at March 31. Additional common stock was issued during the quarter ended March 31, 2008.(b)Journalize the adjusting entries from the adjustments columns of the worksheet.(c)Journalize the adjusting entries from the adjustments columns of the worksheet.(d)Journalize the closing entries from the financial statement columns of the worksheet.ii) II) The adjusted trial balance columns of the worksheet for Porter Company are as follows.PORTER COMPANYWorksheetFor the Year Ended December 31, 2008Adjusted Trial BalanceCr.101Cash4400112Accounts Receivable44000126Supplies130Prepaid Insurance151Office Equipment152Accumulated Depreciation-Office Equipment20000200Notes Payable20000201Accounts Payable8000212Salaries Payable2600230Interest Payable1000311Common Stock30000320Retained Earnings6000332Dividends12000400Service Revenue77800610Advertising Expense12,000631Supplies Expense3700711Depreciation Expense8000722Insurance Expense4000726Salaries Expense39000905Interest Expense1000Totals165400165400Instructionsa)Complete the worksheet by extending the balances to the financial statement columns.(Net income $10,100)b)Prepare an income statement, a retained earnings statement, and a classified balance sheet.(Current assets $41700 Current liabilities $21,600).$10,000 of the notes payable become due in 2009.No additional issuance of common stock occurred during 2008.c)Prepare the closing entries. Use JI4 for the journal page.d)Post the closing entries. Use the three column form of account. Income Summary is account No. 350.e)Prepare a post closing-trial balance.(Post –closing trial balance $85,700).iii)The completed financial statement columns of the worksheet for Woods Company Inc. are shown below:WOODS COMPANY, INCWorksheetFor the Year Ended December 31,2008Income StatementBalance SheetCr.101Cash8200112Accounts Receivable7500130Prepaid Insurance 1800157Equipment28000167Accumulated Depreciation8600201Accounts Payable11700212Salaries payable3000311Common stock20000320Retained Earnings14000332Dividends400Service Revenue440007200622Repair Expense5400711Depreciation Expense2800722Insurance Expense1200726Salaries Expense35200732Utilities Expense4000 Totals48600440005270057300Net Loss4600460048600486005730057300Instructionsa)Prepare an income statement, a retained earnings statement, and classified balance sheet. No additional common stock was issued during 2008.b)Prepare the closing entriesc)Post the closing entries and rule and balance the accounts . Use T accounts, Income Summary is account No.350.d)Prepare a post-closing trial balance.

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