Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500. July 31 Declared and paid cash dividend of $1,100. Account Type Account Number Account Title Normal Balance Assets 111 Cash Debit 117 Repair Supplies Debit 119 Prepaid Insurance Debit 144 Repair Equipment Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 Pool Service Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Peter's Pool Corporation Adjusted Trial Balance July 31 Account Account Balance Number Title Debit Credit
6
Date |
Transaction Description |
|
||
July 1 |
Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. |
|
||
July 1 |
Paid the premium on a 1-year insurance policy, $4,800. |
|
||
July 1 |
Paid the current month's store rent expense, $3,600. |
|
||
July 6 |
Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. |
|
||
July 8 |
Purchased repair supplies from Mary's Repair Company on credit, $450. |
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July 10 |
Paid telephone bill, $300. |
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July 11 |
Cash pool service revenue for the first third of July, $2,650. |
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July 18 |
Made payment to Mary's Repair Company, $300. |
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July 20 |
Cash pool service revenue for the second third of July, $4,000. |
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||
July 31 |
Cash pool service revenue for the last third of July, $2,250. |
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July 31 |
Paid the current month's electric bill, $500. |
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July 31 |
Declared and paid cash dividend of $1,100. |
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Account Type |
Account Number |
Account Title |
Normal Balance |
|
Assets |
||||
111 |
Cash |
Debit |
||
117 |
Repair Supplies |
Debit |
||
119 |
Prepaid Insurance |
Debit |
||
144 |
Repair Equipment |
Debit |
||
145 |
Accum Dep -Repair Equipment |
Credit |
||
Liabilities |
||||
212 |
Accounts Payable |
Credit |
||
213 |
Income Tax Payable |
Credit |
||
|
||||
311 |
Common Stock |
Credit |
||
312 |
|
Credit |
||
313 |
Dividends |
Debit |
||
Revenue |
||||
411 |
Pool Service Revenue |
Credit |
||
Expenses |
||||
511 |
Store Rent Expense |
Debit |
||
512 |
Telephone Expense |
Debit |
||
513 |
Insurance Expense |
Debit |
||
514 |
Repair Supplies Expense |
Debit |
||
515 |
Dep Expense - Repair Equipment |
Debit |
||
516 |
Income Tax Expense |
Debit |
||
517 |
Electric Expense |
Debit |
REQUIREMENT #6: Prepare an Adjusted |
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Peter's Pool Corporation Adjusted Trial Balance July 31 |
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Account | Account | Balance | ||
Number | Title | Debit | Credit | |
0 | 0 | |||
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