1 From the following transactions as well as additional data, please complete the entire accounting cycle for Parker’s Plowing 201X Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company. 1 Paid rent for six months in advance for garage space, $6,000. 4 Purchased office equipment on account from Lumen Corp., $12,600. 6 Purchased snow supplies for $800 cash. 8 Collected $14,000 from plowing local shoppin
Ex5.21
From the following transactions as well as additional data, please complete the entire accounting
cycle for Parker’s Plowing
201X
Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing
company.
1 Paid rent for six months in advance for garage space, $6,000.
4 Purchased office equipment on account from Lumen Corp., $12,600.
6 Purchased snow supplies for $800 cash.
8 Collected $14,000 from plowing local shopping centers.
P a g e 7 | 8
12 Parker Muroney withdrew $4,000 from the business for his own personal use.
20 Plowed Alton Co. parking lots, payment not to be received until May, $1,500.
26 Paid salaries to employees, $1,900.
28 Paid Lumen Corp. one-half amount owed for office equipment.
29 Advertising bill received from Washington Co. but will not be paid until May, $700.
30 Paid telephone bill, $130.
Adjustment Data
a. Snow supplies on hand, $700.
b. Rent expired, $1,000.
d.
e. Accrued salaries, $380.
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