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05 Assignment 5 Solutions

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38 views6 pages

05 Assignment 5 Solutions

Uploaded by

rghotra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Entry # Date Account name Debit $ Credit $

1 1-Aug Cash 200.00


Common shares 200.00

2 1-Aug Cash 25,000.00


Shareholder loan 25,000.00

3 15-Aug no entry

4 16-Aug no entry

5 17-Aug no entry

6 18-Aug Advertising expense 90.00


Cash 90.00

7 28-Aug no entry

8 1-Sep Rent expense 3,000.00


Prepaid expenses / Security deposit 3,000.00
Cash 6,000.00

9 1-Sep Furniture and fixtures 6,000.00


Accounts payable 6,000.00

10 1-Sep Supplies inventory / supplies 2,500.00


Accounts payable 2,500.00

11 6-Sep no entry

12 7-Sep Purchases 3,000.00


Cash 3,000.00

13 10-Sep Cash 7,500.00


Service revenue / revenue / sales 7,500.00
14 11-Sep Accounts payable 6,000.00
Cash 5,940.00
Furniture and fixtures 60.00

15 15-Sep Accounts payable 2,500.00


Cash 2,500.00

16 16-Sep Wage expense / Salaries 1,750.00


Cash 1,750.00

17 17-Sep Cash 10,100.00


Service revenue / revenue / sales 9,500.00
Service revenue / revenue / sales 600.00

18 19-Sep Utilities expense 350.00


Accounts payable 350.00

19 24-Sep Cash 8,620.00


Service revenue / revenue / sales 7,900.00
Service revenue / revenue / sales 620.00
Unearned revenue / gift card payable / deferred revenue 100.00

20 30-Sep Wage expense / Salaries 3,500.00


Cash 3,500.00

21 30-Sep Opening inventory -


Closing inventory 2,400.00
Inventory 2,400.00

Supplies expense 1,400.00


Supplies inventory / supplies 1,400.00
1100
Cash Common shares
1 200 90 6 200 1
2 25,000 6,000 8
13 7,500 3,000 12
17 10,100 5,940 14
19 8,620 2,500 15
1,750 16
3,500 20
Shareholder loan
25,000 2

28,640

Advertising expense Rent expense


6 90 8 3,000

Prepaid expenses / Security deposit Furniture and fixtures


8 3,000 9 6,000 60 14

5,940

Accounts payable Supplies inventory / supplies


15 2,500 6,000 9 10 2,500 1,400 21
14 6,000 2,500 10
350 18

350
Purchases Service revenue / revenue / sales
### 3,000 7,500 13
9,500 17
7,900 19

Wage expense / Salaries Service revenue / revenue / sales


16 1,750 600 17
20 3,500 620 19

Utilities expense Unearned revenue / gift card payable / deferred revenue


18 350 100 19

Opening Inventory Closing inventory


21 - 2,400 21

Inventory Supplies expense


21 2,400 21 1,400
Accounts payable (350.00)
Advertising expense 90.00
Cash 28,640.00
Closing inventory (2,400.00)
Common shares (200.00)
Furniture and fixtures 5,940.00
Inventory 2,400.00
Opening inventory -
Prepaid expenses / Sec 3,000.00
Rent expense 3,000.00
Service revenue / reve (26,120.00)
Shareholder loan (25,000.00)
Supplies expense 1,400.00
Supplies inventory / s 1,100.00
Unearned revenue / gif (100.00)
Utilities expense 350.00
Wage expense / Salari 5,250.00
Purchases 3,000.00
-

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