Journal Log
keesh2002
Chapter2worksheet.xlsxRequired
| Before you begin, print out all the pages in this workbook. | ||
| The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April 1, 2019. | ||
| April 1 balances: | Debit | Credit |
| Cash | 5,000 | |
| Accounts receivable | 5,000 | |
| Prepaid rent | 200 | |
| Unused supplies | 500 | |
| Accounts payable | 4,000 | |
| Common stock | 6,700 | |
| Required: | ||
| 1 | Prepare journal entries to record the April transactions shown on the "Transactions" page (see tab below). Include general ledger account numbers. | |
| 2 | Post the transactions to the T- accounts. | |
| 3 | Prepare a trial balance at April 30, 2019. | |
| 4 | Prepare an interim income statement and statement of changes in equity for the month ended April 30, 2019 and interim balance sheet at April 30, 2019. | |
Transactions
| April | Transaction | Amount |
| a. | Collected cash owed by a customer | $1,000 |
| b. | Billed customers for tables rented to date | 1,000 |
| c. | Paid the following expenses: | |
| Advertising | 100 | |
| Salaries | 1,000 | |
| Telephone | 500 | |
| d. | Paid part of the accounts payable owing at April 1 | 800 |
| e. | Received a bill for April truck repair expenses | 500 |
| f. | Collected cash owed by a customer | 2,900 |
| g. | Billed customers for tables rented to date | 2,000 |
| h. | Transferred prepaid rent to rent expense | 60 |
| i. | Counted supplies and found this amount still on hand (recorded the amount used as an expense) | 300 |
| j. | Paid a dividend | 700 |
T-accounts
| Fenton Table Rentals Corporation | |||||||
| Cash | No. 101 | Acct. Pay. | No. 210 | Common Stock | No. 320 | Service Rev. | No. 470 |
| Acct. Rec. | No. 110 | Dividends | No. 350 | Advert. Exp. | No. 610 | ||
| Rent Exp. | No. 654 | ||||||
| Ppd. Rent | No. 162 | Salaries Exp. | No. 656 | ||||
| Supp. Exp. | No. 668 | ||||||
| Unused Supp. | No. 173 | ||||||
| Tel. Exp. | No. 669 | ||||||
| Truck Op. Exp. | No. 670 | ||||||
Jnl. Entries
| Fenton Table Rentals Corporation | ||||
| GENERAL JOURNAL | ||||
| April | ||||
| 2019 | Description | PR | Debit | Credit |
Trial Bal.
| Fenton Table Rentals Corporation | ||||
| Trial Balance | ||||
| At April 30, 2019 | ||||
| Accounts Balances | ||||
| Acct. No. | Account Title | Debit | Credit | |
| 101 | Cash | |||
| 110 | Accounts receivable | |||
| 162 | Prepaid rent | |||
| 173 | Unused supplies | |||
| 210 | Accounts payable | |||
| 320 | Common stock | |||
| 350 | Dividends | |||
| 470 | Service revenue | |||
| 610 | Advertising expense | |||
| 654 | Rent expense | |||
| 656 | Salaries expense | |||
| 668 | Supplies expense | |||
| 669 | Telephone expense | |||
| 670 | Truck operating expense | |||
Statements
| Fenton Table Rentals Corporation | Fenton Table Rentals Corporation | |
| Income Statement | Balance Sheet | |
| For the Month Ended April 30, 2019 | At April 30, 2019 | |
| Revenue | Assets | |
| Expenses | ||
| Liabilities | ||
| Stockholders' Equity | ||
| Fenton Table Rentals Corporation | ||
| Statement of Changes in Equity | ||
| For the Month Ended April 30, 2019 | ||
| Common stock | Retained earnings | Total equity |
| Opening balance | ||
| Ending balance | ||
Copyright
| Copyright © 2018 David Annand |
| Published by David Annand |
| Box 308, Rochester AB T0G 1Z0 |
| ISBN: 978-0-9953266-6-8 |
| Library and Archives Canada Cataloguing in Publication |
| Annand, David, 1954– |
| This case is licensed under a Creative Commons License, Attribution–Non-commercial–Share Alike 4.0 USA see www.creativecommons.org. This material may be reproduced for non-commercial purposes and changes may be used by others provided that credit is given to the author. |
| To obtain permission for uses beyond those outlined in the Creative Commons license, such as personalized assignments for students, please contact David Annand at [email protected]. |
| Latest version available at https://open.bccampus.ca/find-open-textbooks/ |
| Please forward suggested changes to [email protected]. |
| First US Edition |
| July 31, 2018 |
