Required: ( Note the answers should be computerized please ) 1- Post to the appr
ID: 2513098 • Letter: R
Question
Required: ( Note the answers should be computerized please )
1- Post to the appropriate ledger accounts. (3 marks)
2- Prepare the trial balance on January 31 2018. (3 marks)
3. Prepare the financial statements of Rose Company on January 31 2018. (3 marks)
Rose Company started its operations on January 1, 2018. The following transactions took place during the first month of operations: January 1: Rose invests $1,150,000 cash to start the business. January 3: Purchased furniture for S124,000, paying $24,000 in cash and sign a note for the remaining balance. January 7: Purchased office supplies for $5,000 on credit. January 11: Paid $11,000 cash for January rent. January 15: Paid S3,600 cash for office supplies purchased on January 7 January 20: Services billed to customers amount to $64,000. January 22: Received utility bills for $7,000 for the month of January. January 25: Paid S31,600 cash as salaries for the month. January 29: Received $44,000 cash from customers in payment for services billed orn January20. January 31: Rose withdrew $10,400 from the business for personal use.Explanation / Answer
Ledger Rose Capital Date Particulars Debit Date Particulars Credit Balance C/d 1,50,000 Jan. 1 2018 Cash 1,50,000 Total 1,50,000 Total 1,50,000 Cash Date Particulars Debit Date Particulars Credit Jan. 1 2018 Rose Capital 1,50,000 Jan. 3 2018 Furniture 24,000 Jan. 29 2018 Accounts Receivable 44,000 Jan. 11 2018 Rent 11,000 Jan. 15 2018 Accounts Payable 3,600 Jan. 25 2018 Salaries 31,600 Jan. 31 2018 Rose Drawings 10,400 Balance C/d 1,13,400 Total 1,94,000 Total 1,94,000 Furniture Date Particulars Debit Date Particulars Credit Jan. 3 2018 Cash 24,000 Balance C/d 1,24,000 Jan. 3 2018 Notes Payable 1,00,000 Total 1,24,000 Total 1,24,000 Notes Payable Date Particulars Debit Date Particulars Credit Balance C/d 1,00,000 Jan. 3 2018 Furniture 1,00,000 Total 1,00,000 Total 1,00,000 Office Supplies Date Particulars Debit Date Particulars Credit Jan. 7 2018 Accounts Payable 5,000 Balance C/d 5,000 Total 5,000 Total 5,000 Accounts Payable Date Particulars Debit Date Particulars Credit Jan. 15 2018 Cash 3,600 Jan. 7 2018 Office supplies 5,000 Balance C/d 8,400 Jan. 22 2018 Utility bills 7,000 Total 12,000 Total 12,000 Rent Date Particulars Debit Date Particulars Credit Jan. 11 2018 Cash 11,000 Balance C/d 11,000 Total 11,000 Total 11,000 Revenue Date Particulars Debit Date Particulars Credit Balance C/d 64,000 Jan. 20 2018 Accounts receivable 64,000 Total 64,000 Total 64,000 Utility bills Date Particulars Debit Date Particulars Credit Jan. 22 2018 Accounts Payable 7,000 Balance C/d 7,000 Total 7,000 Total 7,000 Salaries Date Particulars Debit Date Particulars Credit Jan. 25 2018 Cash 31,600 Balance C/d 31,600 Total 31,600 Total 31,600 Accounts Receivable Date Particulars Debit Date Particulars Credit Jan. 20 2018 Revenue 64,000 Jan. 29 2018 Cash 44,000 Balance C/d 20,000 Total 64,000 Total 64,000 Rose Drawings Date Particulars Debit Date Particulars Credit Jan. 31 2018 Cash 10,400 Balance C/d 10,400 Total 10,400 Total 10,400 Trail balance Debit Credit Rose's Capital 1,50,000 Cash 1,13,400 Accounts Receivable 20,000 Furniture 1,24,000 Notes Payable 1,00,000 Accounts Payable 8,400 Rose's Drawing 10,400 Revenue 64,000 Office Supplies 5,000 Rent 11,000 Utility bills 7,000 Salaries 31,600 3,22,400 3,22,400 Income Statement Revenue 64000 Expenses: Office Supplies 5,000 Rent 11,000 Utility bills 7,000 Salaries 31,600 Total Expenses 54,600 Net Income 9,400 Balance Sheet Assets Current Assets: Cash 1,13,400 Accounts Receivable 20,000 Total Current Assets 1,33,400 Furniture 1,24,000 Total Assets 2,57,400 Liabilities Accounts Payable 8400 Notes Payable 100000 Total Liabilites 108400 Rose Capital 150000 Less: Rose's Drawings -10400 139600 Retained Earings 9400 Total Liabilites & Capital 257400
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