Transaction Entries, Posting, Trial Balance, and Adjusting EntriesThe Wellness Catering Service had the following transactions in July, its first month of operations1 Kelly Foster contributed personal funds in exchange for common stock to begin the business. $40,000Purchased the following for cash: (make a compound entry):2Delivery vanEquipmentSupplies34Paid one-year premium on liability insurance policyEntered into a contract with a local service club to caterweekly luncheon meetings for one year at $790per month. Received 6 months fees in advance5 Paid rent for July, August, and September6 Paid employee's two weeks' wages (five-day week)7Billed customers for services rendered8 Purchased supplies on account9 Paid employee's two weeks' wages10 Paid July bill for gas, oil and repairs on delivery van11 Collected on account from customers12 Billed customers for services rendered13 Foster received a dividend3,7803,2405,6005,1004,7406,3455,7008,5007,4005,7007307,7008,8005,900RequiredUsing the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Rent; Prepaid Insurance; Delivery Van; Accumulated Depreciation-Delivery Van; Equipment; Accumulated Depreciation-Equipment;Accounts Payable; Wages Payable; Unearned Catering Fees; Common Stock; Dividends; Retained Earnings; Catering Fees Revenue; Wages Expense; Rent Expense; Supplies Expense; Insurance Expense; DeliveryVan Expense; Depreciation Expense-Delivery Van; and Depreciation Expense-Equipment.a. Record July transactions in the general journal.b. Post transactions to the ledger accounts.c. Prepare an unadjusted trial balance as of July 31.d. Record adjusting journal entries in the general journal and post to the ledger accounts in part b. (1)(2)(3)(4)(5)(6)(9)(10)(11)(13)Bal(8)Bal(10)Bal(16)BalCash00000000Accounts Payable00Delivery Van Expense00000000000000Depr.Exp.-Delivery Van0000(7)(11)(12)Bal(1)Bal(17)Bal(18)BalAccounts Receivable000Common Stock00000000Accum Depr.-EquipmentInsurance Expense00000000(2)(8)(14)Bal(7)(12)(20)Bal(17)Bal(2)BalSupplies0O00Catering Fees Revenue00000000Depr. Exp.-EquipmentEquipment0000000(4)(20)Bal(6)(9)(15)Bal(13)Bal(3)(18)BalUnearned Catering Fees000000Wages Expense000Dividends00Prepaid Insurance000000000000

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Description: Transaction Entries, Posting, Trial Balance, and Adjusting EntriesThe Wellness Catering Service had the following transactions in July, its first month of operations1 Kelly Foster contributed personal funds in exchange for common stock to begin the

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The Wellness Catering Service had the following transactions in July, its first month of operations 1 Kelly Foster contributed personal funds in exchange for common stock to begin the business. $40,000 Purchased the following for cash: (make a compound entry): 2 Delivery van Equipment Supplies 3 4 Paid one-year premium on liability insurance policy Entered into a contract with a local service club to cater weekly luncheon meetings for one year at $790 per month. Received 6 months fees in advance 5 Paid rent for July, August, and September 6 Paid employee's two weeks' wages (five-day week) 7 Billed customers for services rendered 8 Purchased supplies on account 9 Paid employee's two weeks' wages 10 Paid July bill for gas, oil and repairs on delivery van 11 Collected on account from customers 12 Billed customers for services rendered 13 Foster received a dividend 3,780 3,240 5,600 5,100 4,740 6,345 5,700 8,500 7,400 5,700 730 7,700 8,800 5,900

The Wellness Catering Service had the following transactions in July, its first month of operations 1 Kelly Foster contributed personal funds in exchange for common stock to begin the business. $40,000 Purchased the following for cash: (make a compound entry): 2 Delivery van Equipment Supplies 3 4 Paid one-year premium on liability insurance policy Entered into a contract with a local service club to cater weekly luncheon meetings for one year at $790 per month. Received 6 months fees in advance 5 Paid rent for July, August, and September 6 Paid employee's two weeks' wages (five-day week) 7 Billed customers for services rendered 8 Purchased supplies on account 9 Paid employee's two weeks' wages 10 Paid July bill for gas, oil and repairs on delivery van 11 Collected on account from customers 12 Billed customers for services rendered 13 Foster received a dividend 3,780 3,240 5,600 5,100 4,740 6,345 5,700 8,500 7,400 5,700 730 7,700 8,800 5,900

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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