accounting problem

September2017.xlsx

Home >Business & Finance homework help >Accounting homework help >accounting problem

T1. JEs

Drillmakers, Inc.
Journal Entries
9/1	Accounts Receivable		3150.00
		Service Revenue		3150.00
9/2	Cash		2215.00
		Service Revenue		2215.00
9/3	Supplies Inventory		1755.00
		Accounts Payable		1755.00
9/5	Equipment		9000.00
		Notes Payable		9000.00
9/7	Accounts Payable		750.00
		Cash		750.00
9/8	Accounts Receivable		1750.00
		Service Revenue		1750.00
9/9	Cash		1870.00
		Accounts Receivable		1870.00
9/10	Repairs Expense		490.00
		Accounts Payable		490.00
9/12	Telephone Expense		298.00
		Accounts Payable		298.00
9/15	Salaries Expense		1500.00
		Cash		1500.00
9/20	Accounts Receivable		1675.00
		Service Revenue		1675.00
9/23	Equipment Rental Expense		275.00
		Cash		275.00
9/28	Gas Expense		320.00
		Cash		320.00
9/30	Salaries Expense		1500.00
		Cash		1500.00
			19428.00	19428.00
a.	Insurance Expense		1000.00
		Prepaid Insurance		1000.00
a.	Rent Expense		4000.00
		Prepaid Rent		4000.00
b.	Payroll Tax Expense		750.00
		Accounts Payable		750.00
c.	Supplies Expense		2825.00
		Supplies Inventory		2825.00
d.	Depreciation Expense		187.50
		Accumulated Depreciation		187.50
e.	Cash		800.00
		Unearned Revenue		800.00
			28990.50	28990.50

T1 Taccount

Drillmakers, Inc.
Cash				Accounts Rec				Prepaid Rent
bb	55,300.00	750.00	9/7	bb	- 0	1,870.00	9/9	bb	12,000.00	4,000.00	a
9/2	2,215.00	1,500.00	9/15	9/1	3,150.00
9/9	1,870.00	275.00	9/23	9/8	1,750.00
e	800.00	320.00	9/28	9/20	1,675.00
		1,500.00	9/30
	60,185.00	4,345.00			6,575.00	1,870.00			12,000.00	4,000.00
	55,840.00				4,705.00				8,000.00
Prepaid Insurance				Prepaid Deposits				Supplies Inv.
bb	3,000.00	1,000.00	a	bb	- 0			bb	2,500.00	2,825.00	c
								9/3	1,755.00
					- 0	- 0
	3,000.00	1,000.00			- 0				4,255.00	2,825.00
	2,000.00								1,430.00
Equipment				Accumulated Depreciation				Accounts Pay.
bb	1,200.00					187.50	d	9/7	750.00	1,500.00	bb
9/5	9,000.00									1,755.00	9/3
										490.00	9/10
										298.00	9/12
										750.00	b
	10,200.00	- 0			- 0	187.50			750.00	4,793.00
	10,200.00					187.50				4,043.00
Unearned Revenue				Notes Payable				Common Stock
		- 0	bb			- 0	bb			75,000.00	bb
		800.00	e			9,000.00	9/5
	- 0	800.00			- 0	9,000.00			- 0	75,000.00
		800.00				9,000.00				75,000.00
Retained Earnings				Service Revenue				Equipment Rental Exp.
bb	2,500.00					3,150.00	9/1	9/23	275.00
						2,215.00	9/2
						1,750.00	9/8
						1,675.00	9/20
	2,500.00	- 0
	2,500.00
					- 0	8,790.00			275.00	- 0
						8,790.00			275.00
Gas Expense				Supplies Expense				Salaries Expense
9/28	320.00			c	2,825.00			9/15	1,500.00
								9/30	1,500.00
	320.00	- 0			2,825.00	- 0			3,000.00	- 0
	320.00				2,825.00				3,000.00
Payroll Tax Exp.				Insurance Expense					Telephone Expense
b	750.00			a	1,000.00			9/12	298.00
	750.00	- 0			1,000.00	- 0			298.00	- 0
	750.00				1,000.00				298.00
Depreciation Expense				Repair Expense				Rent Expense
d	187.50			9/10	490.00			a	4,000.00
	187.50	- 0			490.00	- 0			4,000.00	- 0
	187.50				490.00				4,000.00
Utilities Expense
	- 0	- 0
	- 0

T1 All

Drillmakers, Inc.
Trial Balance
For the month ended September 30, 2017
Cash	55,840.00
Accounts Receivable	4,705.00
Prepaid Insurance	2,000.00
Prepaid Rent	8,000.00
Supplies Inventory	1,430.00
Equipment	10,200.00
Accumulated Depreciation		187.50
Accounts Payable		4,043.00
Unearned Revenue		800.00
Notes Payable		9,000.00
Retained Earnings	2,500.00
Common Stock		75,000.00
Services Revenue		8,790.00
Equipment Rental Expense	275.00
Gas Expense	320.00
Salaries Expense	3,000.00
Payroll Tax Expense	750.00
Supplies Expense	2,825.00
Insurance Expense	1,000.00
Equipment Repair Expense	490.00
Depreciation Expense	187.50
Rent Expense	4,000.00
Telephone Expense	298.00
Utilities Expense	- 0
	97,820.50	97,820.50	0.00
Drillmakers, Inc.
Income Statement
As of September 30, 2017
Total Services Performed		8,790.00
Expenses:
Equipment Rental Expense	275.00
Gas Expense	320.00
Supplies Expense	2,825.00
Wages Expense	3,000.00
Payroll Tax Expense	750.00
Insurance Expense	1,000.00
Equipment Repair Expense	490.00
Depreciation Expense	187.50
Rent Expense	4,000.00
Telephone Expense	298.00
Utilities Expense	- 0
Total expenses		13,145.50
Net income		(4,355.50)
Drillmakers, Inc.
Statement of Retained Earnings
September 30, 2017
Retained Earnings, Beg Bal		(2,500.00)
Add: Net Income		(4,355.50)
		(6,855.50)
Less: Dividends		- 0
Retained Earnings, End Bal		(6,855.50)
Drillmakers, Inc.
Balance Sheet
September 30, 2017
Assets			Liabilities
Cash	55,840.00		Accounts payable	4,043.00
Accounts receivable	4,705.00		Unearned Revenue	800.00
Prepaid Insurance	2,000.00		Total Current Liabilities	4,843.00
Prepaid Rent	8,000.00
Prepaid Deposits	- 0
Supplies Inventory	1,430.00		Notes Payable	9,000.00
Total Current Assets	71,975.00		Total Liabilities	13,843.00
			Equity
Equipment	10,200.00		Common stock	75,000.00
Accumulated Depreciation	(187.50)		Retained earnings	(6,855.50)
Total Long Term Assets	10,012.50		Total Equity	68,144.50
			Total liabilities and
Total assets	81,987.50		owner’s equity	81,987.50
				- 0

T1 CE

Closing Entries
9/30	Service Revenue		8,790.00
		Income Summary		8790.00
9/30	Income Summary		13,145.50
		Equipment Rental Expense		275.00
		Gas Expense		320.00
		Supplies Expense		2,825.00
		Wages Expense		3,000.00
		Payroll Tax Expense		750.00
		Insurance Expense		1,000.00
		Equipment Repair Expense		490.00
		Depreciation Expense		187.50
		Rent Expense		4,000.00
		Telephone Expense		298.00
		Utilities Expense		- 0
9/30	Retained Earnings		4355.50
		Income Summary		4355.50
			21935.50	21935.50
		Income Summary
		13145.50	8790.00
		13145.50	8790.00
		4355.50
		Retained Earnings
		2500.00
		4355.50
		6855.50	0.00
		6855.50