Assets> Liabilities> Stockholders 1 Equity> Acts Pay Wages рayable Cash Accts Rec Prepaid Insur Prepaid Rent Work in Finished Goods Land Utilities Notes Pay Unearned Revenue Supp Materials Factory Overhead Office Indirect Materials Payable Legal Expenses Payable Common Retained Paid In Dividend Progress Equip Payable Stock Earnings Capital in Excess of 2 PAR a. Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common 100000 100000 3 stock. 4 Balances Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. -9000 9000 Balances Paid $4,200 for an insurance premium on a one-year policy. 7 -4200 4200 8 Balances Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and 15000 15000 an estimated residual value of $3,000. 10 Balances e.Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 600 600 11 12 Balances f. Purchased $50,000 of raw materials from Chemical Supply Inc on account 50000 50000 13 14 Balances Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. -17000 17000 15 16 Balances 17 Paid off account with Office Hoard -588 -600 -588 Corp with cash. 18 Balances Incurred $2,500 worth of direct labor costs while working on Job A and another $1,800 of direct labor went to Job B. 4300 4300 19 20 Balances Allocated $5,000 worth of factory overhead (based on a previously calculated rate) to Job A and $3,600 is allocated to Job B. 8600 -8600 21 22 Balances 23 Job A was completed. LO 24 Balances Job A was sold for $36,000 to Retail Corp on account with FOB 36000 36000 25 destination terms. 26 Balances Paid $800 for delivery charges for Job A. 27 -800 -800 28 Balances Incurred (but did not pay) factory overhead costs as follows: indirect 4200 1850 2300 -8350 29 wages, $4,200; indirect materials, $1,850; utilities, $2,300. 30 Balances Paid all previously incurred wages with cash. 31 -4200 -4200 32 Balances Paid $5,000 for advertising services with cash. 33 -5000 -5000 34 Balances Incurred $1,500 of legal expenses which will be paid on February 10th. 35 1500 -1500 36 Balances Received $10,000 from Retail Corp to partially pay off their account. 37 10000 -10000 38 Balances B&C Inc issued 50,000 shares of $1 par common stock in exchange for $75,000 from Elizabeth (a new investor). 75000 50000 25000 39 40 Balances Paid $25,000 to Chemical Supply Inc to partially pay off the account. |41 -25000 -25000 42 Balances Announced a $3,000 cash dividend which will be distributed on February 43 5th. 44 Balances 45 There are $120 of supplies on hand. 46 Balances 120

Assets> Liabilities> Stockholders 1 Equity> Acts Pay Wages рayable Cash Accts Rec Prepaid Insur Prepaid Rent Work in Finished Goods Land Utilities Notes Pay Unearned Revenue Supp Materials Factory Overhead Office Indirect Materials Payable Legal Expenses Payable Common Retained Paid In Dividend Progress Equip Payable Stock Earnings Capital in Excess of 2 PAR a. Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common 100000 100000 3 stock. 4 Balances Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. -9000 9000 Balances Paid $4,200 for an insurance premium on a one-year policy. 7 -4200 4200 8 Balances Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and 15000 15000 an estimated residual value of $3,000. 10 Balances e.Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 600 600 11 12 Balances f. Purchased $50,000 of raw materials from Chemical Supply Inc on account 50000 50000 13 14 Balances Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. -17000 17000 15 16 Balances 17 Paid off account with Office Hoard -588 -600 -588 Corp with cash. 18 Balances Incurred $2,500 worth of direct labor costs while working on Job A and another $1,800 of direct labor went to Job B. 4300 4300 19 20 Balances Allocated $5,000 worth of factory overhead (based on a previously calculated rate) to Job A and $3,600 is allocated to Job B. 8600 -8600 21 22 Balances 23 Job A was completed. LO 24 Balances Job A was sold for $36,000 to Retail Corp on account with FOB 36000 36000 25 destination terms. 26 Balances Paid $800 for delivery charges for Job A. 27 -800 -800 28 Balances Incurred (but did not pay) factory overhead costs as follows: indirect 4200 1850 2300 -8350 29 wages, $4,200; indirect materials, $1,850; utilities, $2,300. 30 Balances Paid all previously incurred wages with cash. 31 -4200 -4200 32 Balances Paid $5,000 for advertising services with cash. 33 -5000 -5000 34 Balances Incurred $1,500 of legal expenses which will be paid on February 10th. 35 1500 -1500 36 Balances Received $10,000 from Retail Corp to partially pay off their account. 37 10000 -10000 38 Balances B&C Inc issued 50,000 shares of $1 par common stock in exchange for $75,000 from Elizabeth (a new investor). 75000 50000 25000 39 40 Balances Paid $25,000 to Chemical Supply Inc to partially pay off the account. |41 -25000 -25000 42 Balances Announced a $3,000 cash dividend which will be distributed on February 43 5th. 44 Balances 45 There are $120 of supplies on hand. 46 Balances 120

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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Can you please check my work, I was supposes to record all of the transactions in green for the month of operations

1/1 Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common stock.

1/1 Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility.

1/1 Paid $4,200 for an insurance premium on a one-year policy.

1/1 Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of $3,000.

1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30.

1/3 Purchased $50,000 of raw materials from Chemical Supply Inc on account.

1/5 Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B.

1/8 Paid off account with Office Hoard Corp with cash.

1/10 Incurred $2,500 worth of direct labor costs while working on Job A and another $1,800 of direct labor went to Job B.

1/11 Allocated $5,000 worth of factory overhead (based on a previously calculated rate) to Job A and $3,600 is allocated to Job B.

1/13 Job A was completed.

1/16 Job A was sold for $36,000 to Retail Corp on account with FOB destination terms.

1/17 Paid $800 for delivery charges for Job A.

1/20 Incurred (but did not pay) factory overhead costs as follows: indirect wages, $4,200; indirect materials, $1,850; utilities, $2,300.

1/23 Paid all previously incurred wages with cash.

1/28 Paid $5,000 for advertising services with cash.

1/30 Incurred $1,500 of legal expenses which will be paid on February 10th.

1/30 Received $10,000 from Retail Corp to partially pay off their account.

1/30 B&C Inc issued 50,000 shares of $1 par common stock in exchange for $75,000 from Elizabeth (a new investor).

1/31 Paid $25,000 to Chemical Supply Inc to partially pay off the account.

1/31 Announced a $3,000 cash dividend which will be distributed on February 5th.

1/31 There are $120 of supplies on hand.

Assets>
Liabilities>
Stockholders
1
Equity>
Acts Pay
Wages
рayable
Cash
Accts Rec
Prepaid
Insur
Prepaid
Rent
Work in
Finished
Goods
Land
Utilities
Notes Pay Unearned
Revenue
Supp
Materials
Factory
Overhead
Office
Indirect
Materials
Payable
Legal
Expenses
Payable
Common
Retained
Paid In
Dividend
Progress
Equip
Payable
Stock
Earnings
Capital in
Excess of
2
PAR
a. Ray incorporated B&C Inc and
invested $100,000 in exchange for
100,000 shares of $1 par common
100000
100000
3
stock.
4
Balances
Paid $9,000 for the first 6 months
of rent (Jan-June) on a production
facility.
-9000
9000
Balances
Paid $4,200 for an insurance
premium on a one-year policy.
7
-4200
4200
8
Balances
Purchased a $15,000 piece of
factory equipment with a 3% Note
Payable which will be paid in full at
the end of 2 years. This equipment
has an estimated life of 5 years and
15000
15000
an estimated residual value of
$3,000.
10
Balances
e.Purchased $600 of supplies from
Office Hoard Corp on account
with terms 2/10, n/30.
600
600
11
12
Balances
f. Purchased $50,000 of raw
materials from Chemical Supply Inc
on account
50000
50000
13
14
Balances
Requisitioned $10,000 of raw
materials to begin working on Job A
(a batch of doodads) and another
$7,000 of raw materials to begin
working on Job B.
-17000
17000
15
16
Balances
17
Paid off account with Office Hoard
-588
-600
-588
Corp with cash.
18
Balances
Incurred $2,500 worth of direct labor
costs while working on Job A and
another $1,800 of direct labor went
to Job B.
4300
4300
19
20
Balances
Allocated $5,000 worth of factory
overhead (based on a previously
calculated rate) to Job A and $3,600
is allocated to Job B.
8600
-8600
21
22
Balances
23
Job A was completed.
LO

24
Balances
Job A was sold for $36,000 to Retail
Corp on account with FOB
36000
36000
25
destination terms.
26
Balances
Paid $800 for delivery charges for
Job A.
27
-800
-800
28
Balances
Incurred (but did not pay) factory
overhead costs as follows: indirect
4200
1850
2300
-8350
29
wages, $4,200; indirect materials,
$1,850; utilities, $2,300.
30
Balances
Paid all previously incurred wages
with cash.
31
-4200
-4200
32
Balances
Paid $5,000 for advertising services
with cash.
33
-5000
-5000
34
Balances
Incurred $1,500 of legal expenses
which will be paid on February 10th.
35
1500
-1500
36
Balances
Received $10,000 from Retail Corp
to partially pay off their account.
37
10000
-10000
38
Balances
B&C Inc issued 50,000 shares of $1
par common stock in exchange for
$75,000 from Elizabeth (a new
investor).
75000
50000
25000
39
40
Balances
Paid $25,000 to Chemical Supply Inc
to partially pay off the account.
|41
-25000
-25000
42
Balances
Announced a $3,000 cash dividend
which will be distributed on February
43
5th.
44
Balances
45
There are $120 of supplies on hand.
46
Balances
120

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