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    Journal Class

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    Khondokar Shanto
    P&C Hall invested $20,000 to start her dental business. During the month, she hired a secretary, paid rent and supplies, provided dental services, received cash from patients, and paid expenses. At the end of the month, she must journalize and post transactions, and prepare a trial balance. Fantasy Golf Course was opened by Matt Forte. In March, he invested cash, purchased land and equipment, paid expenses, earned revenue from fees, and withdrew money. He must journalize transactions, prepare ledger accounts, and a trial balance for March.

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    Journal Class

    Uploaded by

    Khondokar Shanto
    32 views1 page
    P&C Hall invested $20,000 to start her dental business. During the month, she hired a secretary, paid rent and supplies, provided dental services, received cash from patients, and paid expenses. At the end of the month, she must journalize and post transactions, and prepare a trial balance. Fantasy Golf Course was opened by Matt Forte. In March, he invested cash, purchased land and equipment, paid expenses, earned revenue from fees, and withdrew money. He must journalize transactions, prepare ledger accounts, and a trial balance for March.

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    P&C Hall invested $20,000 to start her dental business. During the month, she hired a secretary, paid rent and supplies, provided dental services, received cash from patients, and paid expenses. At the end of the month, she must journalize and post transactions, and prepare a trial balance. Fantasy Golf Course was opened by Matt Forte. In March, he invested cash, purchased land and equipment, paid expenses, earned revenue from fees, and withdrew money. He must journalize transactions, prepare ledger accounts, and a trial balance for March.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    32 views1 page

    Journal Class

    Uploaded by

    Khondokar Shanto
    P&C Hall invested $20,000 to start her dental business. During the month, she hired a secretary, paid rent and supplies, provided dental services, received cash from patients, and paid expenses. At the end of the month, she must journalize and post transactions, and prepare a trial balance. Fantasy Golf Course was opened by Matt Forte. In March, he invested cash, purchased land and equipment, paid expenses, earned revenue from fees, and withdrew money. He must journalize transactions, prepare ledger accounts, and a trial balance for March.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Problem 1:

    P&C Hall is a licensed dentist. During the first month of the operation of her business, the
    following events and transactions occurred.
    April 1 Invested $20,000 cash in her business.
    1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.
    2 Paid office rent for the month $1,100.
    3 Purchased dental supplies on account from Smile Company $4,000.
    10 Provided dental services and billed insurance companies $5,100.
    11 Received $1,000 cash advance from Trudy Borke for an implant.
    20 Received $2,100 cash for services completed and delivered to John Carl.
    30 Paid secretary-receptionist for the month $2,800.
    30 Paid $2,400 to Smile Company for accounts payable due.

    P&C uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126
    Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 301 Owner’s
    Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent
    Expense.

    Instructions
    (a) Journalize the transactions.
    (b) Post to the ledger accounts.
    (c) Prepare a trial balance on April 30, 2012.

    Problem 2:

    Fantasy Golf Course was opened on March 1 by Matt Forte. The following selected events and
    transactions occurred during March.

    Mar. 1 Invested $20,000 cash in the business.


    3 Purchased Heeren’s Golf Land for $15,000 cash. The price consists of land
    $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.)
    5 Paid advertising expenses of $700.
    6 Paid cash $600 for a one-year insurance policy.
    10 Purchased golf discs and other equipment for $1,050 from Innova Company
    payable in 30 days.
    18 Received $1,100 in cash for golf fees earned (Fantasy records golf fees as service
    revenue).
    19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable
    the holder to play one round of disc golf.
    25 Withdrew $800 cash for personal use.
    30 Paid salaries of $250.
    30 Paid Innova Company in full.
    31 Received $2,100 cash for fees earned.

    Fantasy uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment,
    Accounts Payable, Unearned Service Revenue, Owner’s Capital, Owner’s Drawings, Service
    Revenue, Advertising Expense, and Salaries and Wages Expense.

    Requirements:
    1. Prepare Journal for the month of March.
    2. Prepare Ledger Accounts for the month of March.
    3. Prepare Trial Balance for the month ending March.

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