Question 1. Feb. 1 The following assets were received from Rhaenyra Targaryen: Cash, $10,000; Accounts receivable. $1,000; Supplies, $ 1500; and equipment, $8000. There were no liabilities received. Feb. 1 Paid two months' rent on a lease contract, $5000. Feb. 1 Paid the premium on the business insurance policies for the year, $2000. Feb. 4 Received cash from clients as an advance payment for services to be provided, $5000. Feb. 6 Purchased office furniture on account from Ashley Inc, $ 2000. Feb. 8 Received cash from clients on account, $1000. Feb. 10 Paid local TV channel $1000 for advertisement. Feb. 11 Paid Ashley Inc. $1000 for debt incurred on Feb. 6. Feb. 12 Recorded services provided on account for the period Feb. 1-12. $2000. Feb. 15 Paid Alicent Hightower for her part-time salary, $ 500. Feb. 15 Recorded cash from cash clients for fees/revenue earned Feb. 1-15, $3000. Feb. 16 Paid cash for supplies, $800. Feb. 18 Recorded services provided on account for Feb. 16-18, $1000. Feb. 18 Recorded cash from cash clients for fees/revenue earned Feb. 16-18, $1500. Feb. 19 Received cash from clients on account, $1500. Feb. 20 Paid Otto Hightower $500 for his consultant service. Feb. 21 Paid Telephone bill for Feb. $200. Feb. 22 Paid utility bill for Feb. $400. Feb. 28 Recorded cash from cash clients for fee/revenue earned Feb. 18-28. $2000. Feb. 28 Recorded services provided on account for Feb. 18-28. $1000. Feb. 28 Rhaenyra Targaryen received $ 5000 as salary from HouseofDragon Inc Journal Entries Date Account Debit Credit Feb. 1 Cash Accounts Receivable Supplies Equipment Capital $10,000 $1,000 $1,500 $8,000 $20,500 Feb. 1 Prepaid Rent Cash $5,000 $5,000 Feb. 1 Prepaid Insurance Cash $2,000 $2,000 Feb. 4 Cash Unearned Fees $5,000 $5,000 Feb. 6 Office Furniture Accounts Payable $2,000 $2,000 Feb. 8 Cash Accounts Receivable $1,000 $1,000 Feb. 10 Advertising Expense Cash $1,000 $1,000 Feb. 11 Accounts Payable Cash $1,000 $1,000 Feb. 12 Accounts Receivable Fees Earned $2,000 $2,000 Feb. 15 Salary Expense Cash $500 $500 Feb. 15 Cash Fees Earned $3,000 $3,000 Feb. 16 Supplies Cash $800 $800 Feb. 18 Accounts Receivable Fees Earned $1,000 $1,000 Feb. 18 Cash Fees Earned $1,500 $1,500 Feb. 19 Cash Accounts Receivable $1,500 $1,500 Feb. 20 Salary Expense Cash $500 $500 Feb. 21 Utilities Expense Cash $200 $200 Feb. 22 Utilities Expense Cash $400 $400 Feb. 28 Cash Fees Earned $2,000 $2000 Feb. 28 Accounts Receivable Fees Earned $1,000 $1,000 Feb. 28 House of Dragon Accounts Receivable $5,000 $5,000 T-accounts Cash Feb.1 Feb. 4 Feb. 8 Feb. 15 Feb. 18 Feb. 19 Feb. 28 $10,000 $5,000 $1,000 $3,000 $1,500 $1,500 $2,000 Feb.1 Feb. 1 Feb. 10 Feb. 11 Feb. 15 Feb. 16 Feb. 20 Feb. 21 Feb. 22 End Bal. $5,000 $2,000 $1,000 $1,000 $500 $800 $500 $200 $400 $12,600 $24,000 $24,000 Accounts Receivable Feb. 1 Feb. 12 Feb. 18 Feb. 28 $1,000 $2,000 $1,000 $1,000 Feb. 8 Feb. 19 End Bal. $1,000 $1,500 $2,500 $5,000 $5,000 Supplies Feb. 1 Feb. 16 $1,500 $800 End Bal. $2,300 $2,300 $2,300 Equipment Feb. 1 Feb. 6 $8,000 $2,000 End Bal. $10,000 $10,000 $10,000 Salary Expense Feb. 15 Feb. 20 $500 $500 End Bal. $1,000 $1,000 $1,000 Capital Feb. 1 $20,500 End Bal. $20,500 Prepaid Rent Feb. 1 $5,000 End Bal. 5,000 Prepaid Insurance Feb. 1 $2,000 End Bal. $2,000 Unearned Fees Feb. 4 $5,000 End Bal. $5,000 Accounts Payable Feb. 11 End Bal. $1,000 $1,000 Feb. 6 $2,000 $2,000 $2,000 Advertising Expense Feb. 10 $1,000 End Bal. $1,000 Fees Earned Feb. 12 Feb. 15 Feb. 18 Feb. 18 Feb. 28 Feb. 28 $2,000 $3,000 $1,000 $1,500 $2,000 $1,000 End Bal. $10,500 $10,500 $10,500 Utilities Expense Feb. 21 Feb. 22 $200 $400 End Bal. $600 $600 $600 House Of Dragon Feb. 28 $5,000 End Bal. $5,000 Based on the information from the journal entries and T-accounts you’ve already provided above, record and post the following adjustments, and update the T-accounts: A. Insurance expired in February, $1000. B. At the end of February, Rhaenyra found there are $500 supplies on hand. C. Total depreciation for the equipment in February is $2000. D. At the end of February, Rhaenyra found that the company has not paid the part-time salary for Daenerys, the amount is $300. E. The total rent for February expired. F. Earned $2000 of services that were previously paid for on Feb.4th.
Question 1.
- Feb. 1 The following assets were received from Rhaenyra Targaryen: Cash, $10,000;
Accounts receivable . $1,000; Supplies, $ 1500; and equipment, $8000. There were no liabilities received. - Feb. 1 Paid two months' rent on a lease contract, $5000.
- Feb. 1 Paid the premium on the business insurance policies for the year, $2000.
- Feb. 4 Received cash from clients as an advance payment for services to be provided, $5000.
- Feb. 6 Purchased office furniture on account from Ashley Inc, $ 2000.
- Feb. 8 Received cash from clients on account, $1000.
- Feb. 10 Paid local TV channel $1000 for advertisement.
- Feb. 11 Paid Ashley Inc. $1000 for debt incurred on Feb. 6.
- Feb. 12 Recorded services provided on account for the period Feb. 1-12. $2000.
- Feb. 15 Paid Alicent Hightower for her part-time salary, $ 500.
- Feb. 15 Recorded cash from cash clients for fees/revenue earned Feb. 1-15, $3000.
- Feb. 16 Paid cash for supplies, $800.
- Feb. 18 Recorded services provided on account for Feb. 16-18, $1000.
- Feb. 18 Recorded cash from cash clients for fees/revenue earned Feb. 16-18, $1500.
- Feb. 19 Received cash from clients on account, $1500.
- Feb. 20 Paid Otto Hightower $500 for his consultant service.
- Feb. 21 Paid Telephone bill for Feb. $200.
- Feb. 22 Paid utility bill for Feb. $400.
- Feb. 28 Recorded cash from cash clients for fee/revenue earned Feb. 18-28. $2000.
- Feb. 28 Recorded services provided on account for Feb. 18-28. $1000.
- Feb. 28 Rhaenyra Targaryen received $ 5000 as salary from HouseofDragon Inc
Journal Entries
|
Date |
Account |
Debit |
Credit |
|
Feb. 1 |
Cash Accounts Receivable Supplies Equipment Capital |
$10,000 $1,000 $1,500 $8,000 |
$20,500 |
|
Feb. 1 |
Prepaid Rent Cash |
$5,000 |
$5,000 |
|
Feb. 1 |
Prepaid Insurance Cash |
$2,000 |
$2,000 |
|
Feb. 4 |
Cash Unearned Fees |
$5,000 |
$5,000 |
|
Feb. 6 |
Office Furniture Accounts Payable |
$2,000 |
$2,000 |
|
Feb. 8 |
Cash Accounts Receivable |
$1,000 |
$1,000 |
|
Feb. 10 |
Advertising Expense Cash |
$1,000 |
$1,000 |
|
Feb. 11 |
Accounts Payable Cash |
$1,000 |
$1,000 |
|
Feb. 12 |
Accounts Receivable Fees Earned |
$2,000 |
$2,000 |
|
Feb. 15 |
Salary Expense Cash |
$500 |
$500 |
|
Feb. 15 |
Cash Fees Earned |
$3,000 |
$3,000 |
|
Feb. 16 |
Supplies Cash |
$800 |
$800 |
|
Feb. 18 |
Accounts Receivable Fees Earned |
$1,000 |
$1,000 |
|
Feb. 18 |
Cash Fees Earned |
$1,500 |
$1,500 |
|
Feb. 19 |
Cash Accounts Receivable |
$1,500 |
$1,500 |
|
Feb. 20 |
Salary Expense Cash |
$500 |
$500 |
|
Feb. 21 |
Utilities Expense Cash |
$200 |
$200 |
|
Feb. 22 |
Utilities Expense Cash |
$400 |
$400 |
|
Feb. 28 |
Cash Fees Earned |
$2,000 |
$2000 |
|
Feb. 28 |
Accounts Receivable Fees Earned |
$1,000 |
$1,000 |
|
Feb. 28 |
House of Dragon Accounts Receivable |
$5,000 |
$5,000 |
T-accounts
Cash
|
Feb.1 Feb. 4 Feb. 8 Feb. 15 Feb. 18 Feb. 19 Feb. 28 |
$10,000 $5,000 $1,000 $3,000 $1,500 $1,500 $2,000 |
Feb.1 Feb. 1 Feb. 10 Feb. 11 Feb. 15 Feb. 16 Feb. 20 Feb. 21 Feb. 22 End Bal. |
$5,000 $2,000 $1,000 $1,000 $500 $800 $500 $200 $400 $12,600 |
|
|
$24,000 |
|
$24,000 |
Accounts Receivable
|
Feb. 1 Feb. 12 Feb. 18 Feb. 28 |
$1,000 $2,000 $1,000 $1,000 |
Feb. 8 Feb. 19 End Bal. |
$1,000 $1,500 $2,500 |
|
|
$5,000 |
|
$5,000 |
Supplies
|
Feb. 1 Feb. 16 |
$1,500 $800 |
End Bal. |
$2,300 |
|
|
$2,300 |
|
$2,300 |
Equipment
|
Feb. 1 Feb. 6 |
$8,000 $2,000 |
End Bal.
|
$10,000 |
|
|
$10,000 |
|
$10,000 |
Salary Expense
|
Feb. 15 Feb. 20 |
$500 $500 |
End Bal. |
$1,000 |
|
|
$1,000 |
|
$1,000 |
Capital
|
Feb. 1 |
$20,500 |
End Bal. |
$20,500 |
Prepaid Rent
|
Feb. 1 |
$5,000 |
End Bal. |
5,000 |
Prepaid Insurance
|
Feb. 1 |
$2,000 |
End Bal. |
$2,000 |
Unearned Fees
|
Feb. 4 |
$5,000 |
End Bal. |
$5,000 |
Accounts Payable
|
Feb. 11 End Bal. |
$1,000 $1,000 |
Feb. 6 |
$2,000 |
|
|
$2,000 |
|
$2,000 |
Advertising Expense
|
Feb. 10 |
$1,000 |
End Bal. |
$1,000 |
Fees Earned
|
Feb. 12 Feb. 15 Feb. 18 Feb. 18 Feb. 28 Feb. 28 |
$2,000 $3,000 $1,000 $1,500 $2,000 $1,000 |
End Bal. |
$10,500 |
|
|
$10,500 |
|
$10,500 |
Utilities Expense
|
Feb. 21 Feb. 22 |
$200 $400 |
End Bal. |
$600 |
|
|
$600 |
|
$600 |
House Of Dragon
|
Feb. 28 |
$5,000 |
End Bal. |
$5,000 |
Based on the information from the journal entries and T-accounts you’ve already provided above, record and post the following adjustments, and update the T-accounts:
A. Insurance expired in February, $1000.
B. At the end of February, Rhaenyra found there are $500 supplies on hand.
C. Total depreciation for the equipment in February is $2000.
D. At the end of February, Rhaenyra found that the company has not paid the part-time salary for Daenerys, the amount is $300.
E. The total rent for February expired.
F. Earned $2000 of services that were previously paid for on Feb.4th.
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