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IntroQuiz Winter2019 Q Search Sheet AutoSave OFF Homc Insert Page Layout Formulas Data Review View Share Insert Times NeW..11 AA- B Í U, i i,d, A, v/ Wrap Text Number Delete ▼ 恒恒ーMerge & Center, $, 96 , *.0.00 Conditional Format Cell Formatting as Table Styles Paste Sort & A11 : X Background: Plush Service Corporation Plush was founded in 2008 by Judy and Julie Plush. The company repairs espresso machines and grinders for coffee shops and other types of clients. x ▼ Background: Plush Service Corporation (Plush) wasfounded in 2008 by Judy and Julie Plush. The company repairs espresso machines and grinders for coffee shops and other types of clients. Judy and Julie decided to start the company when they realized it was the perfect way to combine their love of coffee and mechanical systems. Plush employs a few field technicians and sales people as well as an MBA, Suzanne Johnson. To date Suzanne 11 has been doing all the accounting for the company. In January 2017, Plush hires you as an accounting intern. 12 13 Required: 14 Suzanne Johnson has just provided you with the attached beginning balances for 2017. Assume this trial balance has 15 been correctl y prep ared. Plushs vear end is December 31st. (A) Using the Excel General Journal spreadsheet in this file, record the 2017 transactions listed below AND the necessary year end adjusting journal entries. Label the transactions in numeric sequence corresponding to the numbers below. Each of the transactions below requires a journal entry. Note that there is a debit and credit control 17 total at the top of the general journal so that you can check after each entry to see if you are in balance. 1. Issued an additional 10,000 shares of common stock on January 2. The stock was sold for S120,000, which 19 equals the par value of the stock. 20 2. Purchased store equipment for $18,000 cash on January 3 21 3. Provided services for cash of S42,000 on February 5 224. Provided services on credit for $75,000 on February 10 235. Received bill and paid utilities of $8,000 on February 15 Trial Balance 1-1-17 General Journal T-Accounts Income Stmt Balance Shoet Statement of Retained Earnings Ready + 169%IntroQuiz Winter2019 Q Search Sheet AutoSave OFF Homc Insert Page Layout Formulas Data Review View ShareA -Insert ▼ Times New 1111 , A▲A Wrap Text Delete ▼ B 1 U, i..-:, d▼ A, 恒恒ーMerge & Center, S, 96 , *.0.00 Conditional Format Cell Formatting as Table Styles Sort & Format ▼ 874 Plush Service Corporation General Journal (Control 3 120,000 120,000 totals 5 # Date 6 1 January 2 Transaction Debit Credit 120,000 Common Stock 120,000 To record issuance of common stock. 10 2 12 14 3 15 16 17 18 4 19 Trial Balance 1-1-17 General Journal T-Accounts Income Stmt Balance Shoet Statement of Retained Earnings Ready 回凹 + 191%IntroQuiz Winter2019 Q Search Sheet AutoSave OFF Homc Insert Page Layout Formulas Data Review View Share ^ -Insert ▼ Times New , 18 , A▲A Wrap Text ーー恒恒 ||.. Merge & Center- S , 96 , 400.00 Conditional Format Cell Sort & Formatting as Table Styles DEF 27 28 29 30 31 32 Notes Pavable Common Stock Retained Earnings 75,000 beg 120,000 1 195,000 end 34 35 Dividends Service Revenue Gain on Sale of Land 37 38 39 40 43 Salaries Expense Rental Expense Legal Fees Expense 45 46 47 48 49 Depreciation Expense Utilities Expense Insurance Expense 51 52 53 54 Instructions Trial Balance 1-1-17 General Journal T-Accounts Income Stmt Balance Sheet Statement of Retained Earnings Ready 回凹 + 136%

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136 137 138 Date 1392-Jan Cash 140 141 142 1433-Jan Store Equipment 144 145 146 147 5-Feb Cash 148 149 150 15110-Feb Accounts Receivable 152 153 154 155 15-Feb Utilities Expense 156 157 158 Plush Service Corporation General Journal Transaction Debit Credit 120,000 Common Stock 120,000 To record issue of Common Stock 18,000 Cash 18,000 To record purchase of Store Equipment) 42,000 Service Revenue 42,000 To record services rendered for Cash 75,000 Service Revenue 75,000 (To record services rendered for Credit) 8,000 Cash 8,000 (To record payment o1591-Mar Salaries Expense 160 161 162 163 10-Apr Legal Fees Expense 164 165 166 167 30-Apr Dividend 168 169 170 17115-May Cash 172 173 174 175 1-Jun Prepaid Insurance 176 38,000 Cash 38,000 (To record payment of Salaries) 9,000 Accounts Payable 9,000 To record payment of Legal Fees) 4,000 Cash 4,000 To record payment of dividend) 30,000 Unearned Service Revenue 30,000 (T record receipt of cash for the services to be rendered in future) 36,000 Cash 36,000 To record prepaid insurance) 178 179 10-Sep Rental Expense 180 181 182 3,000 Cash 3,000 To record payment of rental expense)183 20-Oct Cash 184 185 186 187 18-Nov Accounts Payable 188 189 190 191 1-Dec Cash 192 193 194 195 196 197 Date 198 31-Dec Insurance expense (36000/3*6/12) 199 200 201 202 31-Dec Depreciation Expense Store Equipment 203 204 205 60,000 Accounts Receivable 60,000 To record collection of accounts receivable 5,000 Cash 5,000 To record payment of Accounts Payable) 125,000 Land Gain on sale of Land 100,000 25,000 To record sale of Land at gain) Adiusting Entries Transaction Debit Credit 6,000 Prepaid insurance 6,000 To record expired insurance) 9,000 Accumulated Depreciation - Store Equipment 9,000 To record depreciation expense)A. 31-Dec Unearned Service Revenue(30000*40%) Service Revenue 12,000 To record rent revenue earned during the Ye 210 31-Dec Accounts receivable 211 212 213 14 31-Dec Salaries Expense 215 216 217 218 219 38,000 Service Re venue 38,000 To record Service Revenue earned during the year) 4,600 Salaries Payable 4,600 ((To record accrued salaries) Cash Accounts Receivable Prepaid Insurance 63,000 2-Jan 120,000 5-Feb 42,000 30,000 60,000 1-Dec125,000 Beg. 18,000 3-Jan 8,000 15-Feb 38,000 1-Mar 4,000 30-Apr 36,000 1-Jun 3,000 10-Sep 5,000 18-Nov Beg. 10-Feb 75,000 31-Dec 38,000 5,000 60,000 20-Oct -Jun 36,000 6,000 31-Dec 221 223 15-May 227 End 328,000 End. 98,000 End. 30,000Equipment 70,000 18,000 Accum. Depreciation Land 9,000 31-Dec Beg. 3-Jan Beg. 100,000 100,0001-Dec End. 88,000 9,000 End. End. Accounts Payable Unearned Service Revenue Salaries Payable 18-Nov 5,000 10,000 Beg. 31-Dec 12,000 30,000 15-May 4,600 31-Dec 9,000 10-Apr 18,000 End. 4,600 End. 14,000 End Notes Payable Common Stock Retained Earnin 30,000 Beg. 75,000 Beg 120,000 2-Jan 195,000 End. 163,000 Beg. 30,000 End. 163,000 End. Dividends Service Revenue Gain on Sale of Land 30-Apr 4,000 42,000 5-Feb 75,000 10-Feb 12,000 31-Dec 38,000 31-Dec 167,000 End 25,000 1-Dec End. 4,000 25,000 EndSalaries Expense Legal Fees Expense Rental Expense 3,000 1-Mar 31-Dec 38,000 4,600 10-Apr9,000 10-Sep End. 42,600 End 9,000 End. 3,000 Insurance Expense De iation Expense Utilities Expense 31-Dec 6,000 31-Dec 9,000 15-Feb 8,000 End. 6,000 End 9,000 End. 8,000267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 Plush Services Corporation Income Statement For the Year Ended 12/31/17 Service Revenue Gain on Sale of Land Total Revenues 167,000 25,000 192,000 Less Expenses Rental Expense Bad Debt Expense Depreciation Expense Insurance Expense Legal Fees Expense Utilities Expense Salaries Expense Total Expenses Net Income 3,000 9,000 6,000 9,000 8,000 42,600 77,600 114,400Plush Services Corporation 286 287 288 289 290 291 292 293 Balance Sheet 12/31/17 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets 328,000 98,000 30,000 456,000 295 296 297 298 299 300 301 302 303 Land Store Equipment Less Accumulated Depreciation Total Assets 88,000 (9,000) 535,000 Liabilities & Stockholders Equity Current Liabilities Accounts Payable Unearned Service Revenue Salaries Payable Total Current Liabilities Notes Payable Total Liabilities 14,000 18,000 4,600 36,600 30,000 66,600 305 306 307 308 309310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 Stockholders Equity Common Stock Retained Earnings Total Stockholders Equity Total Liabilities & Stockholders Equity 195,000 273,400 468,400 535,000 Plush Services Corporation Retained Earnings Statement For the Year Ended 12/31/17 Beginning Retained Earnings Net Income Less Dividends Ending Retained Earnings 163,000 114,400 (4,000) 273,400

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