To record revenue for services provided on account 101 102 100 100
To record cash received as payment on account
17
Wages Expense
Cash Paid wages to assistant
Paid an installment on the note payable.
2. Post journal entries from part 1 to the ledger accounts. Cash Account No.101
Date
Aug.1 2 3 15 17 17
PR
G1 G1 G1 G1 G1 G1
Operating expense
Rent expense Wages expense Total operating expense $500 125 625 $1230
Net income
5.
EXPRESSIONS Statement of Owner’s Equity For Month Ended August 31
PR
G1
Credit
Balance
500
3.Prepare a trial balance from the ledger
Trial
Cash
EXPRESSIONS Balance August 31 Debit
$2330
Credit
Accounts receivable Furniture
Store equipment Note payable J.Worthy,Capital J.Worthy,Withdrawals Haircutting services revenue Wages expense Rent expense
18000
PR
G1
Balance
18000
J.Worthy,Withdrawals
Date
Aug.31
Account No.302
Credit Balance
900
PR
G1
Debit
900
Haircutting Services Revenue
Date
Aug.15
Account No.403
Balance
3.Prepare a trial balance as of August 31. 4. Prepare an income statement for August. 5. Prepare a statement of owner’s equity for August. 6. Prepare a balance sheet as of August 31.
Paid rent for August
4 Store Equipment Note Payable
Purchased additional equipment on credit
Continued from previous page Date 15 Account Titles and Explanation Cash Haircutting Services Revenue Cash receipts from first half of August 15 Accouts Receivable Haircutting Services Revenue 17 Cash Accounts Receivable 102 403 100 100 PR 101 403 Debit 825 825 Credit
623
101
125
125
Continued from previous page
Date
31
Account Titles and Explanation
Cash Haircutting Services Revenue 101 403
PR
Debit
930
Credit
930
Cash receipts from second half of August. 31 Note Payable Cash 31 J.Worthy.Withdrawals cash 240 101 320 101 Cash withdrawal by owner. 900 900 400 400
Required
1.Open the following ledger accounts in balance column format (account numbers are in parentheses): Cash (101); Accounts Receivable (102); Furniture (161); Store Equipment (165); Note Payable (240); J.Worthy,Capital (301); J.Worthy, Withdrawals (302); Haircutting Services Revenue (403);Wages Expense (623); and Rent Expense (640). Prepare general journal entries for the transactions. 2.Post the journal entries from (1) to the ledger accounts.
6.
5 EXPRESSIONS Balance Sheet August31
Assets
Cash Furniture Store equipment $2330 600 16200
Liabilities
Note payable $800
Equity
J.Worthy,Capital 18330 $19130
会计学原理
案例分析
第二组
(This problem extends the demonstration problem of Chapter 1.)After several months of planing,Jasmine Worthy started a haircutting business called Expressions.The following events occurred during its first month. a. On August 1,Worthy invested $3,000 cash and $15,000 of equipment in Expressions. b. On August 2,Expression paid $600 cash for furniture for the shop. c. On August 3,Expression paid $500 cash to rent space in a strip mall for August. d. On August 4,it purchased $1,200 of equipment on credit for the shop (using a long-term note payable).
0 600
16200 $800 18000 900 1855 125 500
Totals
20655
20655
4.
EXPRESSIONS Income Statement From Month Ended August 31 Revenues
Haircutting services revenue $1855
J.Worthy,Capital Owner’s investment 2 Furniture Cash Purchased furniture for cash 3 Rent Expense Cash
165
301 161 101 640 101 165 240
15,000
18,000 600 600 500 500 1,200 1,200
SOLUTION TO DEMONSTRATION PROBLEM
1.General journal entries: General journal
Date
Aug 1
Account Titles and Explanation
Cash
PR
101
Debit
3,000
Credit
Store Equipment
825
PR
G1
Debit
Credit
825
15
31
G1
G1
100
930
925
1855
Wages Expense
Date
Aug.17
Account No.623
Debit
125
PR
G1
Credit
Balance
125
Rent Expense
Date
Aug.3
Account No.640
Debit
500
J.Worthy,Captital,August 1 Plus: Investments by owner Net income $18,000 1,230 19,230 19,230 Less: Withdrawals by owner J.Worthy,Captital,August 31 900 $18,330 $ 0
Balance
15000
16200
Note Payable
Date
Aug.4 31
Account No .240
Debit Credit
1200 400
PR
G1 G1