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October 1 -Invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3,000,000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction suppliles and materials for 450,.000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse etffective October 1 October 12 - Billed customers 1.250,000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300,000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700,000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1,500,000

October 1 -Invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3,000,000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction suppliles and materials for 450,.000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse etffective October 1 October 12 - Billed customers 1.250,000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300,000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700,000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1,500,000

FINANCIAL ACCOUNTING
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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October 31 - Paid gas and oil for the entire month 100.000 October 31 - Owner withdrew 600,000 Supplies on hand, 250,000 Unpaid Salaries, 300.000 Instructions: 1. Journalize and post the October transactions. 2. Prepare a trial balance for October 31, 2019. 3. Prepare the Income Statement, Owner's Equity Statement, and the Balance Sheet for October 321. 2019 4. Journalize and post adjusting entries. 5. Journalize and post-closing entries and complete the closing process. 6. Prepare the post-closing trial balance.
Transcribed Image Text:October 31 - Paid gas and oil for the entire month 100.000 October 31 - Owner withdrew 600,000 Supplies on hand, 250,000 Unpaid Salaries, 300.000 Instructions: 1. Journalize and post the October transactions. 2. Prepare a trial balance for October 31, 2019. 3. Prepare the Income Statement, Owner's Equity Statement, and the Balance Sheet for October 321. 2019 4. Journalize and post adjusting entries. 5. Journalize and post-closing entries and complete the closing process. 6. Prepare the post-closing trial balance.
1 of 2 CHART OF ACCOUNTS ASSETS Account No. Account Name Cash Accounts Receivable 005 010 015 020 025 Truck Prepaid Insurance Prepaid Rent LIABILITIES 0105 Accounts Payable OWNER'S EQUITY 205 210 Вар. Саpital Erap. Drawing REVENUE 305 Sevice Revenue EXPENSES 405 410 415 Professional Fee Salaries Expense Gas and Oil Supplies Expense 420 Erap opened Eraption Engineering Services on October 1, 2019. During October, the following transactions were completed. October - invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3.000.000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction supplies and materials for 450,000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse effective October I October 12 - Billed customers 1.250.000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300.000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700.000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1.500.000
Transcribed Image Text:1 of 2 CHART OF ACCOUNTS ASSETS Account No. Account Name Cash Accounts Receivable 005 010 015 020 025 Truck Prepaid Insurance Prepaid Rent LIABILITIES 0105 Accounts Payable OWNER'S EQUITY 205 210 Вар. Саpital Erap. Drawing REVENUE 305 Sevice Revenue EXPENSES 405 410 415 Professional Fee Salaries Expense Gas and Oil Supplies Expense 420 Erap opened Eraption Engineering Services on October 1, 2019. During October, the following transactions were completed. October - invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3.000.000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction supplies and materials for 450,000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse effective October I October 12 - Billed customers 1.250.000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300.000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700.000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1.500.000
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