Comprehensive Problem: Making Paper Music Company Complete the following compreh
ID: 2447886 • Letter: C
Question
Comprehensive Problem: Making Paper Music Company
Complete the following comprehensive problem by following the accounting cycle with the exception of the worksheet. The working papers are attached and should be used to complete this problem.
Making Paper Music Company Owner: Chris Brown Chart of Accounts as of July 1, 2014
11 Cash $5,310
12 Accounts Receivable $1,250
14 Supplies $170
15 Prepaid Insurance $0
17 Office Equipment $0
18 Accumulated Depreciation $0
21 Accounts Payable $250
22 Wages Payable $0
23 Unearned Revenue $0
31 Chris Brown, Capital $5,000
32 Chris Brown, Drawing $500
41 Fees Earned $6,650
50 Wages Expense $400
51 Office Rent Expense $750
52 Equipment Rental Expense $700
53 Utilities Expense $300
54 Music Expense $1,590
55 Advertising Expense $450
56 Supplies Expense $180
57 Legal Expenses $0
58 Insurance Expense $0
59 Miscellaneous Expense $300
60 Depreciation Expense $0
*Accounts Payable—Mega Music Café is the vendor the $250 is owed to
*Accounts Receivable-- Wiz Kalefa is the customer’s name that owes the $1250
1. Post the beginning balances shown in the Chart of Accounts above in the ledgers.
Explanation / Answer
Ledger Debit Credit Cash 5310 Accounts Receivable 1250 Supplies 170 Prepaid Insurance Office equipment Accumulated Depriciation 0 Accounts Payable 250 Wages payable 0 Unearned revenue Capital 5000 Drawing 500 Fees Earned 6650 Wage expense 400 Office rent expense 750 Equipment Rental expense 700 Utility expense 300 Music Expense 1590 Advertising Expense 450 Supplies expense 180 Legal Expense Miscellaneous 300 Accounts Payable- Mega Music 250 Accounts Receivable- Wiz 1250 Total 12650 12650
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