Task 4 Agatha Feeling is the owner and manager of the Good Night B&B, which caters to family travellers. She has hired you to do her bookkeeping. The following transactions occurred in August: a. Cash of £1,000 was paid on August 15 for September's rent. b. b. Cash room sales of £9,400. C. c. Cash F&B sales of £5,600 d. d. Room sales on account, £250. e. e. Purchase of cleaning supplies for cash, £290. f. f. Purchase of office supplies on account from Bing's Office Supply, £150. g. g. New investment by owner of £1,000. h. h. Payment on account (Bing's), £50. i. i. Rental income from vending machines, £75. j. j. Payment of wages with cash, £5,700. k. k. Food & Beverage expense purchase on account from Market Food Supply £1500 Further, he has account balances for the beginning of August as follows: Cash £ 3120 £ 200 £ 30 £ 100 £ 50 £ 400 £ 3000 Accounts Receivable Cleaning Supplies Office Supplies Accounts Payable, Bing's Office Supply Hut Notes Payable Jack Wicks, Capital 1. Enter the transactions into the general journal, showing debits and credits, and an explanation for eac 2. Open T-accounts for each balance sheet account as well as for the revenue and expense accounts. Enter the beginning balances. 3. Post the August transactions to the T-accounts. Determine the ending balance for each account.
Task 4 Agatha Feeling is the owner and manager of the Good Night B&B, which caters to family travellers. She has hired you to do her bookkeeping. The following transactions occurred in August: a. Cash of £1,000 was paid on August 15 for September's rent. b. b. Cash room sales of £9,400. C. c. Cash F&B sales of £5,600 d. d. Room sales on account, £250. e. e. Purchase of cleaning supplies for cash, £290. f. f. Purchase of office supplies on account from Bing's Office Supply, £150. g. g. New investment by owner of £1,000. h. h. Payment on account (Bing's), £50. i. i. Rental income from vending machines, £75. j. j. Payment of wages with cash, £5,700. k. k. Food & Beverage expense purchase on account from Market Food Supply £1500 Further, he has account balances for the beginning of August as follows: Cash £ 3120 £ 200 £ 30 £ 100 £ 50 £ 400 £ 3000 Accounts Receivable Cleaning Supplies Office Supplies Accounts Payable, Bing's Office Supply Hut Notes Payable Jack Wicks, Capital 1. Enter the transactions into the general journal, showing debits and credits, and an explanation for eac 2. Open T-accounts for each balance sheet account as well as for the revenue and expense accounts. Enter the beginning balances. 3. Post the August transactions to the T-accounts. Determine the ending balance for each account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Task 4
Agatha Feeling is the owner and manager of the Good Night B&B, which caters to family
travellers. She has hired you to do her bookkeeping. The following transactions occurred in August:
a. Cash of £1,000 was paid on August 15 for September's rent.
b. b. Cash room sales of £9,400.
c. c. Cash F&B sales of £5,600
d. d. Room sales on account, £250.
e. e. Purchase of cleaning supplies for cash, £290.
f. f. Purchase of office supplies on account from Bing's Office Supply, £150.
g. g. New investment by owner of £1,000.
h. h. Payment on account (Bing's), £50.
i.
i. Rental income from vending machines, £75.
j. j. Payment of wages with cash, £5,700.
k. k. Food & Beverage expense purchase on account from Market Food Supply £1500
Further, he has account balances for the beginning of August as follows:
Cash
£ 3120
£ 200
Accounts Receivable
Cleaning Supplies
Office Supplies
Accounts Payable, Bing's Office Supply Hut
Notes Payable
Jack Wicks, Capital
£ 30
£ 100
£ 50
£ 400
£ 3000
1. Enter the transactions into the general journal, showing debits and credits, and an explanation for each.
2. Open T-accounts for each balance sheet account as well as for the revenue and expense
accounts. Enter the beginning balances.
3. Post the August transactions to the T-accounts. Determine the ending balance for each account.
4. Prepare a trial balance for August 31, 2014
5. Prepare a Balance Sheet for August 31, 2014
6. Prepare an Income Statement for the period ending August 31, 2014
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education