Sep 25, 2017 term paper 2

THE FOLLOWING TRANSACTIONS TOOK PLACE IN CHAN RENOVATIONS CORPORATION DURING JUNE 2015, ITS FIRST…

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The following transactions took place in Chan Renovations Corporation during June 2015, its first month of operation.

Jun. 1 Issued share capital for $8,000 cash

1 Purchased $5,000 of equipment on credit

2 Collected $600 cash for repairs completed today

3 Paid $20 for supplies used today

4 Purchased $1,000 of supplies on credit (recorded as unused supplies)

5 Billed customers $2,500 for repairs performed to date

8 Collected $500 of the amount billed on June 5

10 Paid half of the amount owing for equipment purchased on June 1

15 Sold excess equipment for $1,000 (its original cost). The buyer will pay this amount in several months. (Recorded as accounts receivable).

18 Paid for the supplies purchased on June 4

20 Received a $100 bill for electricity used to date (recorded as utilities expense)

22 Paid $600 to the landlord for June and July rent (recorded as prepaid rent)

23 Signed a union contract that will increase wages 5% this year.

25 Collected $1,000 of the amount billed on June 5

27 Paid the following expenses in cash: advertizing, $150; telephone, $50; truck operating expense, $1,000; wages, $2,500

30 Billed customers $2,000 for repairs completed to date

30 Transferred the amount for June’s rent to rent expense ($300)

30 Counted $150 of supplies still on hand (recorded the amount used as supplies expense). Required:

1. Open general ledger T-accounts for the following (account numbers are indicated in brackets): Cash (101), Accounts Receivable (110), Prepaid Rent (162), Unused Supplies (172), Equipment (183), Accounts Payable (210), Share Capital (320), Repair Revenue (450), Advertizing Expense (610), Rent Expense (654), Supplies Expense (668), Telephone Expense (669), Truck Operating Expense (670),= Utilities Expense (676), and Wages Expense (677).

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

3. Post the June entries to the T-accounts.

4. Prepare a trial balance at June 30, 2015

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


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