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6 Purchased supplies for $12,455 cash. 8 Collected $39,000 from plumbing local shopping centers. 12 Chris withdrew $23,050 from the business for his own personal use. 20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200. 26 Paid salaries to employees, $10,285. 28 Paid Daisy Corp. one-half amount owed for office equipment. 29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740. 30 Paid telephone bill, $1,030 Adjustment Data a. Supplies on hand, $1,310. b. Rent expired, $3,250. c. Depreciation on office equipment, $1,840 d. Depreciation on plumbing equipment, $2,250 e. Accrued salaries, $1,975. f. Performance bonus was declared of $7,000. Chris agreed to pay the bonus on 1St Feb. Chart of Accounts Assets Owner's Equity

6 Purchased supplies for $12,455 cash. 8 Collected $39,000 from plumbing local shopping centers. 12 Chris withdrew $23,050 from the business for his own personal use. 20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200. 26 Paid salaries to employees, $10,285. 28 Paid Daisy Corp. one-half amount owed for office equipment. 29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740. 30 Paid telephone bill, $1,030 Adjustment Data a. Supplies on hand, $1,310. b. Rent expired, $3,250. c. Depreciation on office equipment, $1,840 d. Depreciation on plumbing equipment, $2,250 e. Accrued salaries, $1,975. f. Performance bonus was declared of $7,000. Chris agreed to pay the bonus on 1St Feb. Chart of Accounts Assets Owner's Equity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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FE16 
From the following transactions as well as additional data, please complete the entire accounting
cycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing
201X Jan
1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbing
company.
1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.
4 Purchased office equipment on account from Daisy Corp., $42,610.

7:01 PM Thu Feb 3 a 21% O A pwcollege.brightspace.com 112 Accounts Receivable 312 Chris, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Supplies Revenue 121 Office Equipment 411 Plumbing Fees 122 Accumulated Depreciation, Office Equipment Expenses 123 Plumbing Equipment 511 Salaries Expense 124 Accumulated Depreciation plumbing Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 211 Accounts Payable 514 Rent Expense 212 Salaries & Bonus Payable 515 plumbing supplies Expense 516 Depreciation, Office Equipment Page 6|9 517Depreciation,plumbingequipment 518 Bonus Expense
Transcribed Image Text:7:01 PM Thu Feb 3 a 21% O A pwcollege.brightspace.com 112 Accounts Receivable 312 Chris, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Supplies Revenue 121 Office Equipment 411 Plumbing Fees 122 Accumulated Depreciation, Office Equipment Expenses 123 Plumbing Equipment 511 Salaries Expense 124 Accumulated Depreciation plumbing Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 211 Accounts Payable 514 Rent Expense 212 Salaries & Bonus Payable 515 plumbing supplies Expense 516 Depreciation, Office Equipment Page 6|9 517Depreciation,plumbingequipment 518 Bonus Expense
7:01 PM Thu Feb 3 a 21% O A pwcollege.brightspace.com 6 Purchased supplies for $12,455 cash. 8 Collected $39,000 from plumbing local shopping centers. 12 Chris withdrew $23,050 from the business for his own personal use. 20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200. 26 Paid salaries to employees, $10,285. 28 Paid Daisy Corp. one-half amount owed for office equipment. 29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740. 30 Paid telephone bill, $1,030 Adjustment Data a. Supplies on hand, $1,310. b. Rent expired, $3,250. c. Depreciation on office equipment, $1,840 d. Depreciation on plumbing equipment, $2,250 e. Accrued salaries, $1,975. f. Performance bonus was declared of $7,000. Chris agreed to pay the bonus on 1St Feb. Chart of Accounts Assets Owner's Equity 111 Cash 311 Chris, Capital
Transcribed Image Text:7:01 PM Thu Feb 3 a 21% O A pwcollege.brightspace.com 6 Purchased supplies for $12,455 cash. 8 Collected $39,000 from plumbing local shopping centers. 12 Chris withdrew $23,050 from the business for his own personal use. 20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200. 26 Paid salaries to employees, $10,285. 28 Paid Daisy Corp. one-half amount owed for office equipment. 29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740. 30 Paid telephone bill, $1,030 Adjustment Data a. Supplies on hand, $1,310. b. Rent expired, $3,250. c. Depreciation on office equipment, $1,840 d. Depreciation on plumbing equipment, $2,250 e. Accrued salaries, $1,975. f. Performance bonus was declared of $7,000. Chris agreed to pay the bonus on 1St Feb. Chart of Accounts Assets Owner's Equity 111 Cash 311 Chris, Capital
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