Can you show me what the general ledgers would look like. I have them done just want to double check my work
Can you show me what the general ledgers would look like. I have them done just want to double check my work
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Can you show me what the general ledgers would look like. I have them done just want to double check my work
![Journal
Date
Post
Description
Ref.
Debit
Credit
101
301
capital snck
I barker chail#l
Ear ber chMI#2
casn
40,000
110
112
ToT
3,000
S400
INGIrand
3,300
3,300
101
2 orenaia rent
cach
8400
8400
supplres
410
201
40
101
2,880
Fers earnd
2,e80
19aanes ex Eense
5ol
50
956
2| accounts Receivalble
Fees eamed
(00
Cash
Fees
101
40
31
carned
3,144
3744
Salarus Ex ben se
casn
3000
31
3000
31
dividenas
303
125
125
lation Ex pen se - BC #
beoneciation Expence- BCH 2
1-31
SOy
20
2.
22
sa larces exbense
salanes payale
31
900
supplies expense
suppeces
200
31
300
1
ADJUSTME
1.
re
3. A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb2fce02-1cc5-4342-9ea3-e4d7997c5ea1%2Fabb97ac5-9ae0-4eb5-86b5-ea33ca34e554%2F8s2w69a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Journal
Date
Post
Description
Ref.
Debit
Credit
101
301
capital snck
I barker chail#l
Ear ber chMI#2
casn
40,000
110
112
ToT
3,000
S400
INGIrand
3,300
3,300
101
2 orenaia rent
cach
8400
8400
supplres
410
201
40
101
2,880
Fers earnd
2,e80
19aanes ex Eense
5ol
50
956
2| accounts Receivalble
Fees eamed
(00
Cash
Fees
101
40
31
carned
3,144
3744
Salarus Ex ben se
casn
3000
31
3000
31
dividenas
303
125
125
lation Ex pen se - BC #
beoneciation Expence- BCH 2
1-31
SOy
20
2.
22
sa larces exbense
salanes payale
31
900
supplies expense
suppeces
200
31
300
1
ADJUSTME
1.
re
3. A
![Name
АССТ2401
Billy Bob's Barber Shop Project
Transactions for January 2020
Use the following transactions to complete the first month of the Billy Bob's Barber Shop.
Jan.
.1
Billy Bob Caroll organized the barber shop as a corporation and invested his
savings of $40,000 cash in the business in return for capital stock.
1
Paid cash for two barber chairs. The first chair (Barber Chair #1) cost $3,000. The
second chair (Barber Chair #2) cost $2,400. *See ledger for account titles.
Paid cash for a one-year insurance policy $3,300.
Paid cash for a help wanted advertisement in the local newspaper, $110.
Signed a contract to lease a building for $2,100 per month. Billy paid cash for the
first four months in advance.
Purchased supplies on account, $410.
The barber shop provided haircuts to a total of 240 customers at $12/haircut during
the first two weeks of business. The customers paid cash.
12
12
17
19 Paid worker (hair stylist) cash of $750 for the first two weeks of wages.
21
Provided haircuts for a family of five for $60. The family did not have the cash but
agreed to pay at the beginning of next month.
31
The barber shop provided haircuts to a total of 312 customers at $12/haircut during
the last two weeks of business. The customers paid cash.
The barber shop paid Billy a salary of $3,000 for the month.
31 The barber shop paid Billy a dividend of $125.
31
ADJUSTMENT INFORMATION at January 31, 2020
1. Record one month of depreciation on the fixed assets. The fixed assets are
depreciated using the straight-line depreciation method AND have the following
residual values and useful lives:
Residual Value
$600
$0
Useful Life
10 years
10 years
Barber Chair #1
Barber Chair #2
2. The hair stylist had worked for 9 days at $100 per day, but will not be paid until
next month.
3. A physical count of supplies revealed that $110 remains in supplies.
4. Utility bills that have been received but not paid totaled $405.
5. Don't forget to record the adjusting entries for the amount of expired insurance
and rent.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb2fce02-1cc5-4342-9ea3-e4d7997c5ea1%2Fabb97ac5-9ae0-4eb5-86b5-ea33ca34e554%2Fq74f45f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Name
АССТ2401
Billy Bob's Barber Shop Project
Transactions for January 2020
Use the following transactions to complete the first month of the Billy Bob's Barber Shop.
Jan.
.1
Billy Bob Caroll organized the barber shop as a corporation and invested his
savings of $40,000 cash in the business in return for capital stock.
1
Paid cash for two barber chairs. The first chair (Barber Chair #1) cost $3,000. The
second chair (Barber Chair #2) cost $2,400. *See ledger for account titles.
Paid cash for a one-year insurance policy $3,300.
Paid cash for a help wanted advertisement in the local newspaper, $110.
Signed a contract to lease a building for $2,100 per month. Billy paid cash for the
first four months in advance.
Purchased supplies on account, $410.
The barber shop provided haircuts to a total of 240 customers at $12/haircut during
the first two weeks of business. The customers paid cash.
12
12
17
19 Paid worker (hair stylist) cash of $750 for the first two weeks of wages.
21
Provided haircuts for a family of five for $60. The family did not have the cash but
agreed to pay at the beginning of next month.
31
The barber shop provided haircuts to a total of 312 customers at $12/haircut during
the last two weeks of business. The customers paid cash.
The barber shop paid Billy a salary of $3,000 for the month.
31 The barber shop paid Billy a dividend of $125.
31
ADJUSTMENT INFORMATION at January 31, 2020
1. Record one month of depreciation on the fixed assets. The fixed assets are
depreciated using the straight-line depreciation method AND have the following
residual values and useful lives:
Residual Value
$600
$0
Useful Life
10 years
10 years
Barber Chair #1
Barber Chair #2
2. The hair stylist had worked for 9 days at $100 per day, but will not be paid until
next month.
3. A physical count of supplies revealed that $110 remains in supplies.
4. Utility bills that have been received but not paid totaled $405.
5. Don't forget to record the adjusting entries for the amount of expired insurance
and rent.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Required ledger accounts are shown below
Step by step
Solved in 4 steps with 4 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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