T Accounts and Trial Balance Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair. Kohl hired a part-time college student as an assistant. Kohl has decided to use the following accounts for recording transactions: Assets Owner’s Equity Cash Wilhelm Kohl, Capital Accounts Receivable Wilhelm Kohl, Drawing Office Supplies Revenue Prepaid Insurance Service Fees Equipment Expenses Van Rent Expense Liabilities Wages Expense Accounts Payable Phone Expense Gas and Oil Expense The following transactions occurred during May: (a) Invested cash in the business, $24,848. (b) Purchased a used van for cash, $6,144. (c) Purchased equipment on account, $3,878. (d) Received cash for services rendered, $7,679. (e) Paid cash on account owed from transaction (c), $2,369. (f) Paid rent for the month, $845. (g) Paid telephone bill, $275. (h) Earned revenue on account, $4,360. (i) Purchased office supplies for cash, $165. (j) Paid wages to an assistant, $804. (k) Purchased a one-year insurance policy, $1,048. (l) Received cash from services performed in transaction (h), $3,539. (m) Paid cash for gas and oil expense on the van, $144. (n) Purchased additional equipment for $4,231, paying $1,652 cash and spreading the remaining payments over the next 10 months. (o) Earned service fees for the remainder of the month of $3,391: $1,989 in cash and $1,402 on account. (p) Withdrew cash at the end of the month, $2,967. Required: 1 and 2. Enter the transactions in T accounts, identifying each transaction with its corresponding letter. Foot and balance the accounts where necessary. 3. Prepare a trial balance as of May 31, 20--. If an amount box does not require an entry, leave it blank. T Accounts 1 and 2. Enter the transactions in T accounts, identifying each transaction with its corresponding letter. Foot and balance the accounts where necessary. Assets Dr. + Cr. - = Liabilities Dr. - Cr. + + Owner's Equity Dr. - Cr. + Cash fill in the blank cae2660e5fcafa4_2 fill in the blank cae2660e5fcafa4_4 fill in the blank cae2660e5fcafa4_6 fill in the blank cae2660e5fcafa4_8 fill in the blank cae2660e5fcafa4_10 fill in the blank cae2660e5fcafa4_12 fill in the blank cae2660e5fcafa4_14 fill in the blank cae2660e5fcafa4_16 fill in the blank cae2660e5fcafa4_18 fill in the blank cae2660e5fcafa4_20 fill in the blank cae2660e5fcafa4_22 fill in the blank cae2660e5fcafa4_24 fill in the blank cae2660e5fcafa4_26 fill in the blank cae2660e5fcafa4_28 fill in the blank cae2660e5fcafa4_29 fill in the blank cae2660e5fcafa4_30 Bal. fill in the blank cae2660e5fcafa4_31 Accounts Payable fill in the blank cae2660e5fcafa4_33 fill in the blank cae2660e5fcafa4_35 fill in the blank cae2660e5fcafa4_37 fill in the blank cae2660e5fcafa4_38 Bal. fill in the blank cae2660e5fcafa4_39 Wilhelm Kohl, Capital fill in the blank cae2660e5fcafa4_41 Accounts Receivable fill in the blank cae2660e5fcafa4_43 fill in the blank cae2660e5fcafa4_45 fill in the blank cae2660e5fcafa4_47 fill in the blank cae2660e5fcafa4_48 Bal. fill in the blank cae2660e5fcafa4_49 Drawing Dr. + Cr. - Expenses Dr. + Cr. - Revenues Dr. - Cr. + Office Supplies fill in the blank cae2660e5fcafa4_51 W. Kohl, Drawing fill in the blank cae2660e5fcafa4_53 Rent Expense fill in the blank cae2660e5fcafa4_55 Service Fees fill in the blank cae2660e5fcafa4_57 fill in the blank cae2660e5fcafa4_59 fill in the blank cae2660e5fcafa4_61 Bal. fill in the blank cae2660e5fcafa4_62 Prepaid Insurance fill in the blank cae2660e5fcafa4_64 Wages Expense fill in the blank cae2660e5fcafa4_66 Equipment fill in the blank cae2660e5fcafa4_68 fill in the blank cae2660e5fcafa4_70 Bal. fill in the blank cae2660e5fcafa4_71 Telephone Expense fill in the blank cae2660e5fcafa4_73 Van fill in the blank cae2660e5fcafa4_75 Gas & Oil Expense fill in the blank cae2660e5fcafa4_77 Trial Balance 3. Prepare a trial balance as of May 31, 20--. If an amount box does not require an entry, leave it blank. Kohl's Home Repair Trial Balance May 31, 20-- Account Debit Balance Credit Balance fill in the blank 8e96b5079f82f98_2 fill in the blank 8e96b5079f82f98_3 fill in the blank 8e96b5079f82f98_5 fill in the blank 8e96b5079f82f98_6 fill in the blank 8e96b5079f82f98_8 fill in the blank 8e96b5079f82f98_9 fill in the blank 8e96b5079f82f98_11 fill in the blank 8e96b5079f82f98_12 fill in the blank 8e96b5079f82f98_14 fill in the blank 8e96b5079f82f98_15 fill in the blank 8e96b5079f82f98_17 fill in the blank 8e96b5079f82f98_18 fill in the blank 8e96b5079f82f98_20 fill in the blank 8e96b5079f82f98_21
T Accounts and Trial Balance Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair. Kohl hired a part-time college student as an assistant. Kohl has decided to use the following accounts for recording transactions: Assets Owner’s Equity Cash Wilhelm Kohl, Capital Accounts Receivable Wilhelm Kohl, Drawing Office Supplies Revenue Prepaid Insurance Service Fees Equipment Expenses Van Rent Expense Liabilities Wages Expense Accounts Payable Phone Expense Gas and Oil Expense The following transactions occurred during May: (a) Invested cash in the business, $24,848. (b) Purchased a used van for cash, $6,144. (c) Purchased equipment on account, $3,878. (d) Received cash for services rendered, $7,679. (e) Paid cash on account owed from transaction (c), $2,369. (f) Paid rent for the month, $845. (g) Paid telephone bill, $275. (h) Earned revenue on account, $4,360. (i) Purchased office supplies for cash, $165. (j) Paid wages to an assistant, $804. (k) Purchased a one-year insurance policy, $1,048. (l) Received cash from services performed in transaction (h), $3,539. (m) Paid cash for gas and oil expense on the van, $144. (n) Purchased additional equipment for $4,231, paying $1,652 cash and spreading the remaining payments over the next 10 months. (o) Earned service fees for the remainder of the month of $3,391: $1,989 in cash and $1,402 on account. (p) Withdrew cash at the end of the month, $2,967. Required: 1 and 2. Enter the transactions in T accounts, identifying each transaction with its corresponding letter. Foot and balance the accounts where necessary. 3. Prepare a trial balance as of May 31, 20--. If an amount box does not require an entry, leave it blank. T Accounts 1 and 2. Enter the transactions in T accounts, identifying each transaction with its corresponding letter. Foot and balance the accounts where necessary. Assets Dr. + Cr. - = Liabilities Dr. - Cr. + + Owner's Equity Dr. - Cr. + Cash fill in the blank cae2660e5fcafa4_2 fill in the blank cae2660e5fcafa4_4 fill in the blank cae2660e5fcafa4_6 fill in the blank cae2660e5fcafa4_8 fill in the blank cae2660e5fcafa4_10 fill in the blank cae2660e5fcafa4_12 fill in the blank cae2660e5fcafa4_14 fill in the blank cae2660e5fcafa4_16 fill in the blank cae2660e5fcafa4_18 fill in the blank cae2660e5fcafa4_20 fill in the blank cae2660e5fcafa4_22 fill in the blank cae2660e5fcafa4_24 fill in the blank cae2660e5fcafa4_26 fill in the blank cae2660e5fcafa4_28 fill in the blank cae2660e5fcafa4_29 fill in the blank cae2660e5fcafa4_30 Bal. fill in the blank cae2660e5fcafa4_31 Accounts Payable fill in the blank cae2660e5fcafa4_33 fill in the blank cae2660e5fcafa4_35 fill in the blank cae2660e5fcafa4_37 fill in the blank cae2660e5fcafa4_38 Bal. fill in the blank cae2660e5fcafa4_39 Wilhelm Kohl, Capital fill in the blank cae2660e5fcafa4_41 Accounts Receivable fill in the blank cae2660e5fcafa4_43 fill in the blank cae2660e5fcafa4_45 fill in the blank cae2660e5fcafa4_47 fill in the blank cae2660e5fcafa4_48 Bal. fill in the blank cae2660e5fcafa4_49 Drawing Dr. + Cr. - Expenses Dr. + Cr. - Revenues Dr. - Cr. + Office Supplies fill in the blank cae2660e5fcafa4_51 W. Kohl, Drawing fill in the blank cae2660e5fcafa4_53 Rent Expense fill in the blank cae2660e5fcafa4_55 Service Fees fill in the blank cae2660e5fcafa4_57 fill in the blank cae2660e5fcafa4_59 fill in the blank cae2660e5fcafa4_61 Bal. fill in the blank cae2660e5fcafa4_62 Prepaid Insurance fill in the blank cae2660e5fcafa4_64 Wages Expense fill in the blank cae2660e5fcafa4_66 Equipment fill in the blank cae2660e5fcafa4_68 fill in the blank cae2660e5fcafa4_70 Bal. fill in the blank cae2660e5fcafa4_71 Telephone Expense fill in the blank cae2660e5fcafa4_73 Van fill in the blank cae2660e5fcafa4_75 Gas & Oil Expense fill in the blank cae2660e5fcafa4_77 Trial Balance 3. Prepare a trial balance as of May 31, 20--. If an amount box does not require an entry, leave it blank. Kohl's Home Repair Trial Balance May 31, 20-- Account Debit Balance Credit Balance fill in the blank 8e96b5079f82f98_2 fill in the blank 8e96b5079f82f98_3 fill in the blank 8e96b5079f82f98_5 fill in the blank 8e96b5079f82f98_6 fill in the blank 8e96b5079f82f98_8 fill in the blank 8e96b5079f82f98_9 fill in the blank 8e96b5079f82f98_11 fill in the blank 8e96b5079f82f98_12 fill in the blank 8e96b5079f82f98_14 fill in the blank 8e96b5079f82f98_15 fill in the blank 8e96b5079f82f98_17 fill in the blank 8e96b5079f82f98_18 fill in the blank 8e96b5079f82f98_20 fill in the blank 8e96b5079f82f98_21
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
T Accounts and
Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair. Kohl hired a part-time college student as an assistant. Kohl has decided to use the following accounts for recording transactions:
| Assets | Owner’s Equity |
| Cash | Wilhelm Kohl, Capital |
| |
Wilhelm Kohl, Drawing |
| Office Supplies | Revenue |
| Prepaid Insurance | Service Fees |
| Equipment | Expenses |
| Van | Rent Expense |
| Liabilities | Wages Expense |
| Accounts Payable | Phone Expense |
| Gas and Oil Expense |
The following transactions occurred during May:
| (a) | Invested cash in the business, $24,848. | |
| (b) | Purchased a used van for cash, $6,144. | |
| (c) | Purchased equipment on account, $3,878. | |
| (d) | Received cash for services rendered, $7,679. | |
| (e) | Paid cash on account owed from transaction (c), $2,369. | |
| (f) | Paid rent for the month, $845. | |
| (g) | Paid telephone bill, $275. | |
| (h) | Earned revenue on account, $4,360. | |
| (i) | Purchased office supplies for cash, $165. | |
| (j) | Paid wages to an assistant, $804. | |
| (k) | Purchased a one-year insurance policy, $1,048. | |
| (l) | Received cash from services performed in transaction (h), $3,539. | |
| (m) | Paid cash for gas and oil expense on the van, $144. | |
| (n) | Purchased additional equipment for $4,231, paying $1,652 cash and spreading the remaining payments over the next 10 months. | |
| (o) | Earned service fees for the remainder of the month of $3,391: $1,989 in cash and $1,402 on account. | |
| (p) | Withdrew cash at the end of the month, $2,967. |
Required:
1 and 2. Enter the transactions in T accounts, identifying each transaction with its corresponding letter. Foot and balance the accounts where necessary.
3. Prepare a trial balance as of May 31, 20--. If an amount box does not require an entry, leave it blank.
T Accounts
1 and 2. Enter the transactions in T accounts, identifying each transaction with its corresponding letter. Foot and balance the accounts where necessary.
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Trial Balance
3. Prepare a trial balance as of May 31, 20--. If an amount box does not require an entry, leave it blank.
| Kohl's Home Repair | ||
| Trial Balance | ||
| May 31, 20-- | ||
| Account | Debit Balance | Credit Balance |
| fill in the blank 8e96b5079f82f98_2 | fill in the blank 8e96b5079f82f98_3 | |
| fill in the blank 8e96b5079f82f98_5 | fill in the blank 8e96b5079f82f98_6 | |
| fill in the blank 8e96b5079f82f98_8 | fill in the blank 8e96b5079f82f98_9 | |
| fill in the blank 8e96b5079f82f98_11 | fill in the blank 8e96b5079f82f98_12 | |
| fill in the blank 8e96b5079f82f98_14 | fill in the blank 8e96b5079f82f98_15 | |
| fill in the blank 8e96b5079f82f98_17 | fill in the blank 8e96b5079f82f98_18 | |
| fill in the blank 8e96b5079f82f98_20 | fill in the blank 8e96b5079f82f98_21 | |
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