Ahuna, Inc., provides in-honme cooking lessons to its clients. The company's trial balance dated March 1, 2009, is shown below: AFiNA, INC. Trief Balance Viarcii 1. 2009 Cash... $ 5,700 Accounts recelvable... Cooklng supplies Accounts payable Dividends payable 1,800 300 500 Dividends 500 Capitál' stock. Retalned earnings.. Cllent revenue 6,000 1,400 5,800 Salarles expense Travel expense.. Printing expense 3,100 1,500 600 $14,000 $14,000 Ahuna engaged in the following transactions in March: Mur. 3 Collected a $1,200 account receivable from Kim Mitchell: Purchased cooking supplies for $700 cash. Paid $200 of outstanding accounts payable. Mar. 20 Issued additional shares of capital stock for $4,000 cash. Recorded $6,200 of client reyvenue on account. Mar. 11 Mar. 15 Mar. 24 Mar. 27 Paid March salaries of $900. Mar. 30 Mar. 31 Recorded $300 in printing cxpenses for recipe books. Payment is due April 12. Recorded and paid March' travel expenses of $400. Instructions Record the company's March transactions in gencral journal form. Include a brief explanatioa of the transaction as part of cach journal entry. b Post each entry to the appropriate ledger accounts (use the T account format illustrated in Ezhibit 3-8 on page 110). a. Prepare a trial balance dated March 31, 2009. (Hint: Retained Eariings will be reported at the same amount as it was on March 1. Accounting for changes in the Retained Earmings accoun resulting from rewnue, expense, and dividerid activities is discussed in Chapler S.) a. d. Has the company paid all of the dividends that it has declared? Explain
Ahuna, Inc., provides in-honme cooking lessons to its clients. The company's trial balance dated March 1, 2009, is shown below: AFiNA, INC. Trief Balance Viarcii 1. 2009 Cash... $ 5,700 Accounts recelvable... Cooklng supplies Accounts payable Dividends payable 1,800 300 500 Dividends 500 Capitál' stock. Retalned earnings.. Cllent revenue 6,000 1,400 5,800 Salarles expense Travel expense.. Printing expense 3,100 1,500 600 $14,000 $14,000 Ahuna engaged in the following transactions in March: Mur. 3 Collected a $1,200 account receivable from Kim Mitchell: Purchased cooking supplies for $700 cash. Paid $200 of outstanding accounts payable. Mar. 20 Issued additional shares of capital stock for $4,000 cash. Recorded $6,200 of client reyvenue on account. Mar. 11 Mar. 15 Mar. 24 Mar. 27 Paid March salaries of $900. Mar. 30 Mar. 31 Recorded $300 in printing cxpenses for recipe books. Payment is due April 12. Recorded and paid March' travel expenses of $400. Instructions Record the company's March transactions in gencral journal form. Include a brief explanatioa of the transaction as part of cach journal entry. b Post each entry to the appropriate ledger accounts (use the T account format illustrated in Ezhibit 3-8 on page 110). a. Prepare a trial balance dated March 31, 2009. (Hint: Retained Eariings will be reported at the same amount as it was on March 1. Accounting for changes in the Retained Earmings accoun resulting from rewnue, expense, and dividerid activities is discussed in Chapler S.) a. d. Has the company paid all of the dividends that it has declared? Explain
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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financial accounting
please give me the answer of this question thnaks
Transcribed Image Text:3 PROBLEM 3.7B
Short Comprehensive
rg Problem
Ahuna, Inc., provides in-honme cooking lessons to its clients. The company's trial balance dated
March 1, 2009, is shown below:
9
AFNA, INC.
Triel Bala1ce
Viarcii 1. 2009
Cash ...
$ 5,700
Accounts recelvable.
1,800
Cooking supplies
Accounts payable
Dividends payable
800
$ 300
500
Dividends
500
Capltal stock
Retalned earnings..
6,000
1,400
5,800
Cllent revenue
Salarles expense
3,100
Travel expense..
1,500
Printing expense
600
$14,000
$14,000
Ahuna engaged in the following uransactions in March:
Collected a $1,200 account receivable from Kim MitchelI:
Purchased cooking supplies for $700 cash.
Mar. 15 Paid $200 of outstanding accounts payable.
Mar. 20 Issued additional shares of capital stock for $4,000 cash.
Mur. 3
Mar. 11
Mar. 24 Recorded $6,200 of client roveque on account.
Mar: 27 Paid March salaries of $900.
Mar. 30
Recorded and paid March travel expenses of $400.
Mar. 31 Recorded $300 in printing expenses for recipe books. Payment is due April 12.
Instructions
Record the company's March transactions in general journal form. Include a brief explanation
of the transaction as part of cach journal entry.
a.
b.
Post each entry to the appropriate ledger accounts (use the T account format illustrated in
Exhibit 3-8 on page 110).
Prepare a trial balance dated March 31, 2009. (Hint: Retained Earuings will be reported at the
same amount as it was on March 1. Accounting for changes in the Retained Earnings account
resulting from rewnue, expense, and dividerid activities is discussed in Chapler S.)
d. Has the company paid all of the dividends that it has declared? Explain.
C.
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