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1. Woodscross LLC had the following events occur during the month of July:
Received $40,000 from investors for contributed capital
Borrowed $15,500 from the bank
Paid $4,100 for rent
Made sales on account for $12,500
Made cash sales to customers totaling $29,700
Repaid part of bank loan for $6,000
Purchased new equipment for $5,000
Paid $13,000 for wages
Paid $1,900 for utilities
Prepare the nine journal entries. Each entry will have a debit and a credit entry. Indicate word debit followed by the Account title (name), Credit followed by the account title (name).
2. On December 31, 2008, Tie One On reported net income for the year of $265,000 and the following account balances:
Cash $175,000
Accounts receivable $21,000
Prepaid rent $6,000
Equipment and furnishings $230,000
Accumulated Depreciation – Equipment and furnishings $(43,000)
Accounts payable $39,000
Wages payable $13,000
Owners’ equity (including net income of $265,000) $337,000
After this information was prepared, the bookkeeper discovered that they failed to prepare two adjusting entries. These were not reflected in the balances shown. Here is the information on these two entries.
The prepaid rent account was paid on April 1, 2008, for one year for $6,000. The account has not been adjusted since
A bill received in January 2009 for utilities incurred in December 2008 for $1,4000 was mistakenly not entered into the system.
Please calculate the year-end corrected balances for the following three accounts: assets, liabilities, and equity.
3. On December 31, 2008 Kings Bait and Tackle had the following ending account balances after all adjusting entries were complete:
Cash $35,000
Inventory $29,000
Prepaid Rent $8,500
Equipment $83,900
Accumulated depreciation ($17,400)
Accounts payable $41,2220
Wages payable $10,500
Owners’ equity $50,000
Sales revenue $99,000
Cost of goods sold $21,000
Wages expense $15,000
Utilities expense $1,020
Depreciation expense $3,200
Insurance expense $1,000
Supplies expense $1,500
Rent expense $12,000
Please post both closing entries that will be done at the end of the year.
What is the ending owners’ equity balance?
Please use the following format when recording your closing entries:
Debit account name $X
Credit account name $X
4. Prepare a bank reconciliation for XYZ company at September 30 using the following information:
Balance per DYZ Company Bank statement at September 30 $7,351.10
Outstanding checks $5,645.45
NSF checks from customer $444.22
Deposits in transit $7,135.46
Interest revenue $100.00
Service Charge $230.30
Cash balance per XYZ’s records at September 30 $9,415.63
