Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2021: Cash $2,350, Accounts Receivable $740, Equipment $12,380, Accounts Payable $1,530, and D. Scoffin, Capital $13,940. The following events and transactions occurred during February 2021. Feb. 1 Received and paid a $400 advertising bill. 2 Paid the YH Curling Club $1,015 rent for use of the ice for lessons during the first two weeks of February. 3 Collected $4,810 cash for February’s curling lessons. 4 Collected all of the accounts receivable at January 31 in cash. 6 Paid $1,080 of the accounts payable at January 31. 14 Paid his part-time assistant $380. 15 Paid the YH Curling Club $1,015 rent for use of the ice for lessons during the last two weeks of February. 23 Provided $1,530 of coaching services to curlers preparing for a tournament. The curlers will pay him on March 2. 26 Paid $170 cash for the telephone bill for February. 27 Received $2,900 cash for curling lessons in March. 27 Withdrew $575 cash. Used the cash to pay his Visa bill. 28 Paid his part-time assistant $380. Paid the YH Curling Club $1,015 rent for use of the ice for lessons during the first two weeks of March. Using T accounts, open the required ledger accounts for the transactions that were journalized, and enter the January 31, 2021, balances. Post the journal entries to the accounts in the ledger. (Post entries in the order of journal entries presented in the previous part.) Prepare a trial balance as at February 28, 2021. Prepare an income statement for YH Curling School for the month. Prepare a statement of owner’s equity for the month. (List items that increase owner's equity first.) Prepare a balance sheet as at February 28, 2021.

Name: Derek Scoffin owns and operates YH Curling School on evenings and week
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Description: Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2021: Cash $2,350, Accounts Receivable $740, Equipment $12,380, Accounts Payable $1,530, and D. Sc

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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Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2021: Cash $2,350, Accounts Receivable $740, Equipment $12,380, Accounts Payable $1,530, and D. Scoffin, Capital $13,940. The following events and transactions occurred during February 2021.

Feb. 1		Received and paid a $400 advertising bill.
2		Paid the YH Curling Club $1,015 rent for use of the ice for lessons during the first two weeks of February.
3		Collected $4,810 cash for February’s curling lessons.
4		Collected all of the accounts receivable at January 31 in cash.
6		Paid $1,080 of the accounts payable at January 31.
14		Paid his part-time assistant $380.
15		Paid the YH Curling Club $1,015 rent for use of the ice for lessons during the last two weeks of February.
23		Provided $1,530 of coaching services to curlers preparing for a tournament. The curlers will pay him on March 2.
26		Paid $170 cash for the telephone bill for February.
27		Received $2,900 cash for curling lessons in March.
27		Withdrew $575 cash. Used the cash to pay his Visa bill.
28		Paid his part-time assistant $380.
		Paid the YH Curling Club $1,015 rent for use of the ice for lessons during the first two weeks of March.

Using T accounts, open the required ledger accounts for the transactions that were journalized, and enter the January 31, 2021, balances.
Post the journal entries to the accounts in the ledger. (Post entries in the order of journal entries presented in the previous part.)
Prepare a trial balance as at February 28, 2021.
Prepare an income statement for YH Curling School for the month.
Prepare a statement of owner’s equity for the month. (List items that increase owner's equity first.)
Prepare a balance sheet as at February 28, 2021. (List Assets in order of liquidity.)

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