Sep 25, 2017 term paper 2

THE FOLLOWING BALANCES APPEARED IN THE GENERAL LEDGER ACCOUNTS OF FENTON TABLE RENTALS…

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The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April 1, 2015.

The following transactions occurred during April:

a. Collected $2,000 cash owed by a customer

b. Billed $3,000 to customers for tables rented to date

c. Paid the following expenses:  advertizing, $300; salaries, $2,000; telephone, $100

d. Paid half of the accounts payable owing at April 1

e. Received a $500 bill for April truck repair expenses

f. Collected $2,500 owed by a customer

g. Billed $1,500 to customers for tables rented to date

h. Transferred $500 of prepaid rent to rent expense

i. Counted $200 of supplies on hand at April 30; recorded the amount used as an expense

j. Paid a $100 dividend.

Required:

1. Open general ledger T-accounts for the following and enter the April 1 balances (account numbers are indicated in brackets): Cash (101), Accounts Receivable (110), Prepaid Rent (162), Unused Supplies (173), Accounts Payable (210), Share Capital (320), Dividends (350),Service Revenue (470), Advertizing Expense (610), Rent Expense (654), Salaries Expense ()656, Supplies Expense (668), Telephone Expense (669), and Truck Operating Expense (670).

2. Prepare journal entries to record the April transactions, including general ledger account numbers.

3. Post transactions a through j to the T- accounts.

4. Prepare a trial balance at April 30, 2015.

5. Prepare an interim income statement and statement of changes in equity for the month ended April 30, 2015 and interim balance sheet at April 30, 2015.


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