Accouting hw1.1

April 2

Invested $35,197 cash and equipment valued at $18,933 in the business.

2

Hired a secretary-receptionist at a salary of $290 per week payable monthly.

3

Purchased supplies on account $712. (Debit an asset account.)

7

Paid office rent of $684 for the month.

11

Completed a tax assignment and billed client $1,555 for services rendered. (Use Service Revenue account.)

12

Received $3,483 advance on a management consulting engagement.

17

Received cash of $3,043 for services completed for Ferengi Co.

21

Paid insurance expense $171.

30

Paid secretary-receptionist $1,668 for the month.

30

A count of supplies indicated that $209 of supplies had been used.

30

Purchased a new computer for $6,135 with personal funds. (The computer will be used exclusively for business purposes.)

Date

Description/Account

Debit

Credit

Apr. 2

Apr. 2

Apr. 3

Apr. 7

Apr. 11

Apr. 12

Apr. 17

Apr. 21

Apr. 30

Apr. 30

Apr. 30

GERONIMO COMPANY

Trial Balance

April 30, 2012

Debit

Credit

Cash

$2,219

Accounts Receivable

2,570

Prepaid Insurance

893

Equipment

$8,119

Accounts Payable

4,693

Property Tax Payable

753

Geronimo, Capital

11,319

Service Revenue

6,960

Salaries Expense

4,081

Advertising Expense

1,293

Property Tax Expense

800

$18,769

$24,931

GERONIMO COMPANY

Trial Balance

April 30, 2012

Debit

Credit

Cash

$

$

Accounts Receivable

Prepaid Insurance

Equipment

Accounts Payable

Property Tax Payable

Geronimo, Capital

Geronimo, Drawing

Service Revenue

Salaries Expense

Advertising Expense

Property Tax Expense

$

$

SCARLATTI CORPORATION

Trial Balance

April 30, 2012

Debit

Credit

Cash

$6,037

Accounts Receivable

5,240

Supplies on Hand

3,092

Furniture and Equipment

6,100

Accounts Payable

$7,044

Common Stock

8,125

Retained Earnings

2,125

Service Revenue

5,200

Office Expense

4,320

$24,789

$22,494

1.

Cash received from a customer on account was recorded (both debit and credit) as $1,380 instead of $1,830.

2

The purchase on account of a computer costing $3,682 was recorded as a debit to Office Expense and a credit to Accounts Payable.

3.

Services were performed on account for a client, $2,250, for which Accounts Receivable was debited $2,250 and Service Revenue was credited $225.

4.

A payment of $95 for telephone charges was entered as a debit to Office Expenses and a debit to Cash.

5.

The Service Revenue account was totaled at $5,200 instead of $5,280.

SCARLATTI CORPORATION

Trial Balance

April 30, 2012

Debit

Credit

Cash

$

$

Accounts Receivable

Supplies on Hand

Furniture and Equipment

Accounts Payable

Common Stock

Retained Earnings

Service Revenue

Office Expense

$

$

Debit

Credit

Prepaid Insurance

$3,600

Supplies

2,800

Equipment

25,000

Accumulated Depreciation-Equipment

$8,400

Notes Payable

20,000

Unearned Rent Revenue

9,300

Rent Revenue

60,000

Interest Expense

-0-

Wage Expense

14,000

1.

The equipment depreciates $349 per month.

2.

One-third of the unearned rent was earned during the quarter.

3.

Interest of $571 is accrued on the notes payable.

4.

Supplies on hand total $895.

5.

Insurance expires at the rate of $344 per month.

Description/Account

Debit

Credit

1.

2.

3.

4.

5.

1.

Performed services for patients who had dental plan insurance. At January 31, $780 of such services was earned but not yet billed to the insurance companies.

2.

Utility expenses incurred but not paid prior to January 31 totaled $581.

3.

Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3-year note payable. The equipment depreciates $486 per month. Interest is $500 per month.

4.

Purchased a one-year malpractice insurance policy on January 1 for $12,000.

5.

Purchased $1,600 of dental supplies. On January 31, determined that $538 of supplies were on hand.

Description/Account

Debit

Credit

1.

2.

3.

(To record depreciation expense.)

(To record interest expense.)

4.

5.

SAFIN COMPANY

Adjusted Trial Balance

January 31, 2012

Supplies

$970

Prepaid Insurance

4,020

Salaries Payable

$1,070

Unearned Revenue

1,020

Supplies Expense

950

Insurance Expense

670

Salaries Expense

2,070

Service Revenue

2,270

(a)

If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1?

$

(b)

If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium of the policy?

$

(c)

If $2,770 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2011?

$

(d)

If $1,870 was received in January for services performed in January, what was the balance in Unearned Revenue at December 31, 2011?

$