Accounting 202 Assessment Cycle Problem Your Name City Park Yoga, Inc. Wren teac
ID: 2567117 • Letter: A
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Accounting 202 Assessment Cycle Problem Your Name City Park Yoga, Inc. Wren teaches yoga and meditation. Because she likes the quiet and contemplative outdoor environment, she opened her overlooking City Park. She incorporated her new business, City Park Yoga, Inc. in the Instructions: Complete Parts 1-9 as listed in this packet studio in a beginning of September in 2018. Part 1 Record your journal entries in the space provided below from the descriptions o Sept 1 . wren invested 20.000 cash and $12,000 of each individual event. equipment in the company in exchange for common stoe Account 1-ScP jeash C o m mon Slotk Sept. 1 Wren paid $4,500 cash in advance to pay for three months' rent on the studio. Date L Account 4,500 Cash Accoun Sept. 1. Wren paid $3,000 cash in advance to pay for 6 months of insurance for her business. Debit- 1 Credit I- e p Prepaid lasuran 3o DD 3,00Explanation / Answer
Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Sep Cash Dr. 20,000 Equipment Dr. 12,000 To Common Stock 32,000 1-Sep Prepaid Rent Dr. 4,500 To Cash 4,500 1-Sep Prepaid Insurance Dr. 3,000 To Cash 3,000 2-Sep Cash Dr. 10,000 To Unearned Revenue 10,000 3-Sep Supplies Dr. 2,000 To Accounts Payable 2,000 4-Sep Cash Dr. 1,000 To Revenue 1,000 17-Sep Accounts Receivable Dr. 5,000 To Revenue 5,000 19-Sep Accounts Payable Dr. 700 To Cash 700 21-Sep Cash Dr. 3,000 To Accounts Receivables 3,000 27-Sep Utility Expenses Dr. 300 To Cash 300 30-Sep Dividend Dr. 5,000 To Cash 5,000 Adjusting Entries 30-Sep Depreciation Expenses Dr. 208 To Accumulated Depreciation 208 30-Sep Rent Expenses Dr. 1,500 To Prepaid Rent 1,500 30-Sep Insurance Expenses Dr. 500 To Prepaid Insurance 500 30-Sep Unearned Revenue Dr. 4,000 To Revenue 4,000 30-Sep Supplies Expenses Dr. 800 To Supplies 800 30-Sep Accounts Receivable Dr. 2,000 To Revenue 2,000 30-Sep Salaries Expenses Dr. 500 To Salary Payable 500 Cash Equipment Prepaid Rent 1-Sep 20,000 4,500 1-Sep 1-Sep 12,000 1-Sep 4,500 1,500 30-Sep 2-Sep 10,000 3,000 1-Sep 4-Sep 1,000 700 19-Sep 21-Sep 3,000 300 27-Sep 5,000 30-Sep End. Bal. 20,500 End. Bal. 12,000 End. Bal. 3,000 Common Stock Prepaid Insurance Unearned Revenue 32,000 1-Sep 1-Sep 3,000 500 30-Sep 30-Sep 4,000 10,000 2-Sep End. Bal 32,000 End. Bal 2,500 End. Bal 6,000 Supplies Accounts Payable Revenue 3-Sep 2,000 800 30-Sep 19-Sep 700 2,000 3-Sep 1,000 4-Sep 5,000 17-Sep 4,000 30-Sep 2,000 30-Sep End. Bal 1,200 End. Bal. 1,300 End. Bal 12,000 Accounts Receivable Utility Expenses Dividend 17-Sep 5,000 3,000 21-Sep 27-Sep 300 30-Sep 5,000 30-Sep 2,000 End. Bal. 4,000 End. Bal. 300 End. Bal. 5,000 Depreciation Expenses Accumulated Depreciation - Equipment Rent Expenses 30-Sep 208 208 30-Sep 30-Sep 1,500 End. Bal 208 End. Bal 208 End. Bal. 1,500 Insurance Expenses Supplies Expenses Salaries Expenses 30-Sep 500 30-Sep 800 30-Sep 500 End. Bal. 500 End. Bal. 800 End. Bal. 500 Salary Payable 500 30-Sep End. Bal. 500 City Park Yoga Inc. Trial Balance For the Month Ended Sep 30, 2018 Particulars Dr. Amt. Cr. Amt. Cash 20,500.00 Equipment 12,000.00 Prepaid Rent 4,500.00 Common Stock 32,000.00 Prepaid Insurance 3,000.00 Unearned Revenue 10,000.00 Supplies 2,000.00 Accounts Payable 1,300.00 Revenue 6,000.00 Accounts Receivable 2,000.00 Utility Expenses 300.00 Dividend 5,000.00 Total 49,300.00 49,300.00 - City Park Yoga Inc. Adjusted Trial Balance For the Month Ended Sep 30, 2018 Particulars Dr. Amt. Cr. Amt. Cash 20,500.00 Equipment 12,000.00 Prepaid Rent 3,000.00 Common Stock 32,000.00 Prepaid Insurance 2,500.00 Unearned Revenue 6,000.00 Supplies 1,200.00 Accounts Payable 1,300.00 Revenue 12,000.00 Accounts Receivable 4,000.00 Utility Expenses 300.00 Dividend 5,000.00 Depreciation Expenses 208.00 Accumulated Depreciation - Equipment 208.00 Rent Expenses 1,500.00 Insurance Expenses 500.00 Supplies Expenses 800.00 Salaries Expenses 500.00 Salary Payable 500.00 Total 52,008.00 52,008.00
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