A140/ACG1022 Section 14 Financial Accounting I - Winter 2013 Module 2

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M2 Assignment

Module 2 Assignment:
The following are the transactions for Smith Construction for the month of June. The balances from May have been inserted in the T accounts.
During June the following transactions occurred:
1-Jun Smith sold $5000 of common stock to his brother for cash
5-Jun Smith purchased supplies for $500 on account
7-Jun Performed work on an addition and received $20,000 in cash
10-Jun Paid $1200 cash for tools
14-Jun Built a deck for $15,000 and sent a bill to the customer
18-Jun Paid off the accounts payable balance
22-Jun Installed a garage door and opener for $5000 cash
24-Jun Billed a customer $800 for a bid
26-Jun Received $18000 from a customer on account
28-Jun Had a delivery truck repaired $1,000
30-Jun Paid rent of $1000
30-Jun Paid wages of $7,000
30-Jun Paid $2500 in dividends
Requirements:
1 Journalize the transactions (explanations are not necessary).
Date Accounts Post Ref. Debit Credit
2 Post the transactions to the T accounts.
Cash 10 Accounts Receivable 12 Accounts Payable 20 Service Revenue 40
Bal. 13,440 Bal 3,280 Bal 1,000 Bal 10,900
Supplies 14 Equipment 16 Tools 18 Common Stock 30
Bal. 1,000 Bal 24,000 Bal 36,000
Salary Expense 50 Rent Expense 52 Repair Expense 54 Dividends 32
Bal. 3,780 Bal 1,000 Bal 1,400
3 Prepare a trial balance for Smith Construction as of June 30.
Smith Construction
Trial Balance
30-Jun
Account Debit Credit