Cash:105,496 Supplies: 200 Accounts Receivable: 23,000 MI-Std. Alarms 4@260; 30@
ID: 2373372 • Letter: C
Question
Cash:105,496
Supplies: 200
Accounts Receivable: 23,000
MI-Std. Alarms 4@260; 30@575:8,990
MI- Deluxe alarms 11@575:6,325
Prepaid rent: 1,200
Van: 9,200
Accumulated Depre:2,400
Accounts Payable: 8,570
Common stock: 50,000
retained earnings: 93,441
1. On March 1, 2007, Pacilio created a petty cash fun for $100 to handle small expenditures
2. Paid 7,200 on march 2, 2007 for one year's rent in advance
3. Purchased 400 worth of supplies on account
4. Purchased 80 standard alarm systems for 22,400 and 50 delux systems for 28,500. all sales were on account. (compute cost of goods using FIFO cost flow method)
5. sold 82 standard alarm systems for 45,920 and 28 deluxe systems for 25,480
6. paid 6,000 on accounts payable for the year
7. replenished the petty cash fund on August 1. at this time, the petty cash fund had only $7 of cash left. it contained the following receipts: office 23, cutting grass 55, and misc expense 14
8. billed 75,000 of monitoring services for the year
9. paid installer salaries of 25,000 for the year
10. collected 122,300 of accounts receivable for the year
11. paid 3,600 of advertising expense for the year
12. paid 2,500 of utilities expense for the year
Adjustments:
13. there were $160 of supplies on hand at the end of year
14. recognized expired rent for the year
15. recognitzed depreciation expense for the year
A) Post transactions to T-Account
B) prepare a bank reconciliation at the end of the year. The following info is available for the bank reconciliation
1. checks written, but not paid by the bank, 8,350.
2. a deposit of 6,500 made on december 31, 2007, had been recorded but was not shown on the bank statement
3. a debit memo for 55 for new supply of checks
4. a credit memo for 20 for interest earned on the checking account
5. a NSF check for 120
6. the balance shown on the statement was 134,098
C) record and post any adjustments necessary for the bank reconciliation
D) Prepare a trial balance
E) close the temporary accounts to retained earnings
F) Post closing entries to T accounts and prepare an after closing trial bal
Explanation / Answer
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