x WleyPLUS 20r%20(1).pdf Name: BUS ADM 201 Intro to Financial Accounting Spring
ID: 2523635 • Letter: X
Question
x WleyPLUS 20r%20(1).pdf Name: BUS ADM 201 Intro to Financial Accounting Spring 2018 EXTRA CREDIT Hardcopy due to your TA by 11:59pm on 4/21 Disc #:- GRADING: Worth up to 15 points. Carefully READ the instructions on page 3 first, Partially completed prøblems completed by hand. If you complete all items as requested, you will carn at least 7.5 points. The remaining points are dependent upon the accuracy of your an will earn no credit-that means all requirements must be FULLY completed. All work must be swers! Round amounts to the nearest dollar, if applicable. Cudahy Corporation prepares guarterly financial statements, ending March 31,2017. The balance sheet at December 31, 2016, is presented below Cudahy Corporation Balance Sheet December 31, 2016 Assets Cash Accounts receivable Allowance for doubtful accounts Land Equipment A/D- equipment Building A/D - building 14,575 Accounts payable 34,050 Common stock (4,000) Retained earnings 32,000 70,000 3,025 40,000 84,050 (28,000) 25.050) 177075 77,075 During the first quarter the following transactions occurred: I. Performed services for $85,000 on account 2. On February 1, collected fees of $23,040 in advance. $1,920 worth of services are to be performed each month from February 1, 2017, to January 31, 2018 (Wait to make adjusting entries.) 3. on February 1 , purchased equipment fr$17,000 phas 5% sales tax. S4.500 cash was paid with the remaining balance on account. Check #755 was used. 4. On Murch 5, collected $100,500 on from customers on account 5, Paid $22,750 on accounts payable. Check #756 was used. 6. Paid administrative expenses of S50250. Check #757 was used. Acquired a patent with a 10-year life for $13,800 cash on March I. Check #758 was used 8. Wrote off a receivable of $900 from a customer who went bankrupt DOLLExplanation / Answer
a & c.
b.
d.
e.
Cash Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit Jan.1,2017 14575 Jan.1,2017 34050 2 23040 37615 1 85000 119050 3 4500 33115 4 100500 18550 4 100500 133615 8 900 17650 5 22750 110865 17650 6 50250 60615 7 13800 46815 9b 9100 55915 Land Date Debit Credit Balance Allowance for doubtful accounts Debit Credit Date Debit Credit Balance Jan.1,2017 32000 Debit Credit 32000 Jan.1,2017 4000 32000 8 900 3100 32000 11 6375 9475 32000 Equipment A/D - Equipment Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit Jan.1,2017 70000 Jan.1,2017 28000 3 17850 87850 9a 350 28350 9b 16000 71850 9b 5950 22400 71850 12 3135 25535 71850 Building A/D - Building Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit Jan.1,2017 83500 Jan.1,2017 23050 83500 13 1280 24330 83500 24330 83500 24330 83500 Accounts Payable Common Stock Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit Jan.1,2017 53025 Jan.1,2017 40000 3 13350 66375 40000 5 22750 43625 40000 43625 40000 Retained Earnings Service Revenue Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit Jan.1,2017 84050 1 85000 85000 84050 10 3840 88840 84050 88840 84050 88840 88840 Unearned Service Revenue Administrative eXpenses Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit 2 23040 23040 6 50250 50250 10 3840 19200 50250 19200 Patent Depreciation Expense Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit 7 13800 13800 9a 350 350 13800 12 3135 3485 13 1280 4765 Loss on Sale of equipment Bad debt Expense Date Debit Credit Balance Date Debit Credit Balance Debit Credit Debit Credit 9b 950 950 11 6375 6375 950 6375Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.