FE16 From the following transactions as well as additional data, please complete the entire accounting cycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing 201X Jan 1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbing company. 1 Paid rent for eight months in advance for garage space. Rent per month is $3,250. 4 Purchased office equipment on account from Daisy Corp., $42,610. 6 Purchased supplies for $12,455 cash. 8 Collected $39,000 from plumbing local shopping centers. 12 Chris withdrew $23,050 from the business for his own personal use. 20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200. 26 Paid salaries to employees, $10,285. 28 Paid Daisy Corp. one-half amount owed for office equipment. 29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740. 30 Paid telephone bill, $1,030 Adjustment Data a. Supplies on hand, $1,310. b. Rent expired, $3,250. c. Depreciation on office equipment, $1,840 d. Depreciation on plumbing equipment, $2,250 e. Accrued salaries, $1,975. f. Performance bonus was declared of $7,000. Chris agreed to pay the bonus on 1St Feb. Chart of Accounts Assets Owner’s Equity 111 Cash 311 Chris, Capital 112 Accounts Receivable 312 Chris, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Supplies Revenue 121 Office Equipment 411 Plumbing Fees 122 Accumulated Depreciation, Office Equipment Expenses 123 Plumbing Equipment 511 Salaries Expense 124 Accumulated Depreciation plumbing Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 211 Accounts Payable 514 Rent Expense 212 Salaries & Bonus Payable 515 plumbing supplies Expense 516 Depreciation, Office Equipment
FE16
From the following transactions as well as additional data, please complete the entire accounting
cycle (including of preparing a post-closing
201X Jan
1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbing
company.
1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.
4 Purchased office equipment on account from Daisy Corp., $42,610.
6 Purchased supplies for $12,455 cash.
8 Collected $39,000 from plumbing local shopping centers.
12 Chris withdrew $23,050 from the business for his own personal use.
20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200.
26 Paid salaries to employees, $10,285.
28 Paid Daisy Corp. one-half amount owed for office equipment.
29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740.
30 Paid telephone bill, $1,030
Adjustment Data
a. Supplies on hand, $1,310.
b. Rent expired, $3,250.
c.
d. Depreciation on plumbing equipment, $2,250
e. Accrued salaries, $1,975.
f. Performance bonus was declared of $7,000. Chris agreed to pay the bonus on 1St Feb.
Chart of Accounts
Assets Owner’s Equity
111 Cash 311 Chris, Capital
112
114 Prepaid Rent 313 Income Summary
115 Supplies Revenue
121 Office Equipment 411 Plumbing Fees
122
123 Plumbing Equipment 511 Salaries Expense
124 Accumulated Depreciation plumbing Equipment 512 Advertising Expense
Liabilities 513 Telephone Expense
211 Accounts Payable 514 Rent Expense
212 Salaries & Bonus Payable 515 plumbing supplies Expense
516 Depreciation, Office Equipment
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