Show the accounting for all transactions in T accounts and prepare an unadjusted trial balance for...
Show the accounting for all transactions in T accounts and prepare an unadjusted trial balance for December.
Dec 1 Bought a car for the taxi service. Car cost $20,000 with $4000 down and the remainder becoming a note payable.
Dec 3 Ordered supplies costing $700. Delivery will take place in nine days.
Dec 7 Made cash sales for rides of $3000 in the first week of the month.
Dec 12 Supplies were delivered. The cost will go on account.
Dec 14 Paid cash for holiday advertising. The bill was $400.
Dec 15 Made credit sales for the first half of the month of $5000.
Dec 17 Paid the drivers, who are not employees, $3200 in cash for driver fess
Dec 19 Received $2000 from the credit card company for the credit sales recorded on Dec 15.
Dec 22 Received the bill for oil and gas. The bill is for $800 and will go on account.
Dec 23 Paid half of the account for the supplies that were delivered on Dec 12.
Dec 25 Paid the employees for December. It was a cash payout of $4000.
Dec 28 Made cash sales for the rest of the month of $7000
Dec 30 Declared and paid a dividend of $1000.
Beginning of the month trial balance
|
Cash |
11000 |
|
|
A/R |
6000 |
|
|
Supplies |
350 |
|
|
A/P |
4000 |
|
|
Common Stock |
3000 |
|
|
Additional Paid in Capital |
6000 |
|
|
Retained Earnings |
4350 |
|
|
Totals |
17350 |
17350 |
Homework Answers
T Accounts-
Cash Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 11000 | Dec.01 | Car | 4000 |
| Dec.07 | Sales Revenue | 3000 | Dec. 14 | Advertisement expenses | 400 |
| Dec.19 | Acconts Receivable | 2000 | Dec. 17 | Driver fees | 3,200 |
| Dec.28 | Sales revenue | 7000 | Dec. 23 | Account payable | 350 |
| Dec. 25 | Salary/wages | 4000 | |||
| Dec. 30 | Dividend | 1000 | |||
| Dec. 31 | End Balance | 10,050 | |||
| Total | 23000 | Total | 23000 | ||
| Dec. 31 | End Balance | 10,050 |
Accounts Payable Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.23 | Cash | 350 | Dec.01 | Beg. Balance | 4000 |
| Dec. 31 | End Balance | 5150 | Dec.12 | Supplies | 700 |
| Dec.22 | Utility exp. | 800 | |||
| 5500 | 5500 | ||||
| Dec. 31 | End Balance | 5150 |
Accounts Receivable Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 6000 | Dec.19 | cash | 2000 |
| Dec.15 | Sales | 5000 | Dec. 31 | End Balance | 9000 |
| 11000 | 11000 | ||||
| Dec. 31 | End Balance | 9000 |
Supplies Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 350 | Dec. 31 | End Balance | 1050 |
| Dec.12 | Supplies | 700 | |||
| 1050 | 1050 | ||||
| Dec. 31 | End Balance | 1050 |
Car account Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 0 | Dec. 31 | End Balance | 4000 |
| Dec.01 | cash | 4000 | |||
| 4000 | 4000 | ||||
| Dec. 31 | End Balance | 4000 |
Sales Revenue Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec. 31 | End Balance | 15000 | Dec.01 | Beg. Balance | 0 |
| Dec.07 | cash | 3000 | |||
| Dec.15 | A/R | 5000 | |||
| Dec.28 | cash | 7000 | |||
| 15000 | 15000 | ||||
| Dec. 31 | End Balance | 15,000 |
Advertisement expenses Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 0 | Dec. 31 | End Balance | 400 |
| Dec. 14 | Cash | 400 | |||
| 400 | 400 | ||||
| Dec. 31 | End Balance | 400 |
Driver fees Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 0 | Dec. 31 | End Balance | 3200 |
| Dec. 17 | cash | 3,200 | |||
| 3200 | 3200 | ||||
| Dec. 31 | End Balance | 3,200 |
Salary /Wages Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 0 | Dec. 31 | End Balance | 4,000 |
| Dec. 25 | Cash | 4000 | |||
| 4000 | 4000 | ||||
| Dec. 31 | End Balance | 4,000 |
Dividend Account Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 0 | Dec. 31 | End Balance | 1,000 |
| Dec. 30 | cash | 1000 | |||
| 1000 | 1000 | ||||
| Dec. 31 | End Balance | 1,000 |
Utility expenses Account
| Date | Transaction | Debit (in $) | Date | Transaction | Credit (in $) |
| Dec.01 | Beg. Balance | 0 | Dec. 31 | End Balance | 800 |
| Dec.22 | Utility exp. | 800 | |||
| 800 | 800 | ||||
| Dec. 31 | End Balance | 800 |
Unadjusted Trial Balance
as on 31 December
| Accounts | Debit ($) | Credit ($) |
| Cash | $10,050 | |
| A/R | $9000 | |
| Supplies | 1050 | |
| A/P | $5150 | |
| Common stock |
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