1) Reyna Rivera invested $180,000 cash in the company in exchange for its common stock. 2)...
1) Reyna Rivera invested $180,000 cash in the company in exchange for its common stock.
2) The company rented the first-floor space and paid $10,000 cash for the Jan-2020 rent.
3) The company purchased kitchen equipment (8-year life) for $25,000 by paying $5,000 cash and agreeing to pay the $20,000 balance as note payable in 6 months –Fee on the note is $2,000.
6) The company purchased food&beverage (F&B) inventories used for sales paying $1,600 cash, owing vendors $35,900.
8) The company purchased $7,500 POS computer equipment (5 years life) on credit from Micros.
15)The company catered offsite birthday party for a customer on credit in the amount of $8,200.
17) The company purchased two months worth of office, and guest supplies on credit costing $2,000.
23) The company paid $12,300 cash to vendors for food & beverage purchased on Jan. 10.
25) The company billed a customer $5,000 for offsite catered Bat mitzvah; the balance is due in 30 days.
28) The company received a deposit of $8,200 cash for a wedding to be held on June 15, 2020.
30) During January, the company paid salaries of $10,560, and 30,500 wages. Company benefits represents 20% of all salaries and wages.
31) The company paid $3,950 cash for Jan.’s electric and gas bills. Water charges were estimated to be 5.5% of all onsite sales revenue, since the first bill was not yet received;
31) The company paid $10,800 cash in dividends to the owner (sole shareholder)
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A) Enter each journal entry, and post to their respective general ledger accounts
B) Close each general ledger account and transfer their balances to Rivera Food Service Company’s.unadjusted Trial Balance. Prepare all adjusting entries and close to an adjusted trial balance
C) Prepare Rivera Food Service Company’s income statement and the statement of retained earnings for the month of January 31st2020
D) Prepare Rivera Food Service Company’s balance sheet January 31st 2020
Homework Answers
| Rivera Food Service Company’s | |||
| JOURNAL | |||
| Date | Account | Debit | Credit |
| Cash | $ 180,000.00 | ||
| Common Stock | $ 180,000.00 | ||
| 01).Reyna Rivera invested $180,000 cash in the company in exchange for its common stock. | |||
| Rent Charges | $10,000 | ||
| Cash | $ 10,000.00 | ||
|
2) The company rented the first-floor
space and paid $10,000 cash for the Jan-2020 rent |
|||
| Kitchen equipment | $ 25,000.00 | ||
| Fee Charges | $ 2,000.00 | ||
| Cash | $ 5,000.00 | ||
| Accounts Payable | $ 22,000.00 | ||
|
3) The company purchased kitchen
equipment (8-year life) for $25,000 by paying $5,000 cash and agreeing to pay the $20,000 balance as note payable in 6 months –Fee on the note is $2,000. |
|||
| food&beverage (F&B) inventories | $ 37,500.00 | ||
| Cash | $ 1,600.00 | ||
| Accounts Payable | $ 35,900.00 | ||
| 6) The company purchased food&beverage (F&B) inventories used for sales paying $1,600 cash, owing vendors $35,900. | |||
| POS computer equipment | $ 7,500.00 | ||
| Accounts Payable (Micros Accounts) | $ 7,500.00 | ||
| 8) The company purchased $7,500 POS computer equipment (5 years life) on credit from Micros. | |||
| Accounts Receivable | $ 8,200.00 | ||
| Sales & Revenue Account | $ 8,200.00 | ||
| 15)The company catered offsite birthday party for a customer on credit in the amount of $8,200. | |||
| Purcahse Account | $ 2,000.00 | ||
| Accounts Payable | $ 2,000.00 | ||
|
17) The company purchased two months
worth of office, and guest supplies on credit costing $2,000. |
|||
| Jan. 10 | Accounts Payable | $ 12,300.00 | |
| Cash | $ 12,300.00 | ||
| 23) The company paid $12,300 cash to vendors for food & beverage purchased on Jan. 10. | |||
| Accounts Receivable | $ 5,000.00 | ||
| Sales & Revenue Account | $ 5,000.00 | ||
| 25) The company billed a customer $5,000 for offsite catered Bat mitzvah; the balance is due in 30 days. | |||
| Salary Accounts | $ 10,560.00 | ||
| Wages Accounts | $ 30,500.00 | ||
| Cash | $ 41,060.00 | ||
| 30) During January, the company paid salaries of $10,560, and 30,500 wages. Company benefits represents 20% of all salaries and wages. | |||
| electric and gas bills | $ 3,950.00 | ||
| Water Charges | $ 726.00 | ||
| Cash | $ 4,676.00 | ||
| 31) The company paid $3,950 cash for Jan.’s electric and gas bills. Water charges were estimated to be 5.5% of all onsite sales revenue,since the first bill was not yet received; | |||
| Dividend | $ 10,800.00 | ||
| Cash | $ 10,800.00 | ||
| 31) The company paid $10,800 cash in dividends to the owner (sole shareholder) | |||
| Rivera Food Service Company’s | ||
| Trial Balance | ||
| Account | Debit | Credit |
| Accounts Payable | $ 55,100.00 | |
| Accounts Receivable | $ 13,200.00 | |
| Cash | $ 94,564.00 | |
| Common Stock | $ 180,000.00 | |
| Dividend | $ 10,800.00 | |
| Kitchen equipment | $ 25,000.00 | |
| Fee Charges | $ 2,000.00 | |
| food&beverage (F&B) inventories | $ 37,500.00 | |
| POS computer equipment | $ 7,500.00 | |
| electric and gas bills | $ 3,950.00 | |
| Rent Charges | $ 10,000.00 | |
| Purcahse Account | $ 2,000.00 | |
| Sales & Revenue Account | $ 13,200.00 | |
| Salary Accounts | $ 10,560.00 | |
| Wages Accounts | $ 30,500.00 | |
| Water Charges | $ 726.00 | |
| $ 248,300.00 | $ 248,300.00 |
| Rivera Food Service Company’s income statement and the statement | |
| Revenue & Gain | |
| Sales & Revenue Account | $ 13,200.00 |
| $ 13,200.00 | |
| Expenses & Losses | |
| Fee Charges | $ 2,000.00 |
| electric and gas bills | $ 3,950.00 |
| Rent Charges | $ 10,000.00 |
| Purcahse Account | $ 2,000.00 |
| Salary Accounts | $ 10,560.00 |
| Wages Accounts | $ 30,500.00 |
| Water Charges | $ 726.00 |
| $ 59,736.00 | |
| Net Loss | $ (46,536.00) |
| Rivera Food Service Company’s balance sheet January 31st 2020 | |||
| Liability & Shareholder Fund | Amount | Assets | Amount |
|
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