Description
I-04.05 On January 1, 20X7, Jacqueline Fernandez formed a corporation to purchase wheat harvesting equipment and provide contract support services to farmers throughout the Midwest. Information about the first Jan. 1 Investors provided $3,000,000 of cash in exchange for stock of Fernandez Corporation. Jan. 1 Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable. Feb. 7 Purchased $40,000 of supplies on account that will be needed during the upcoming harvest. Mar. 3 Paid wages of $55,400. Apr. 1 Billed customers for services in the amount of $240,000. Apr. 11 May 1 June 6 June 9 June 15 June 20 June 30 Aug. 1 Sept. 3 Sept. 16 Sept. 25 Oct. 20 Nov. 3 Dec. 15 Dec. 31 Paid $30,000 toward the purchase of February 7. Purchased a $24,000 insurance policy. This transaction was recorded as prepaid insurance. Collected $200,000 on accounts receivable. Paid wages of $130,600. Paid $30,000 for fuel costs. Paid $12,500 for lodging costs incurred by crew. Paid $110,000 of interest and $80,000 to reduce the balance of the note payable. Billed customers for services provided in the amount of $812,000. Collected $715,000 on accounts receivable. Purchased $25,000 of supplies on account. Paid $61,200 for fuel costs. Paid $8,100 for lodging costs incurred by crew. Paid wages of $125,900. Collected $100,000 as deposits from customers who contracted for 20X8 harvesting services. Paid a $25,000 dividend to shareholders. 1 of 28 I-04.05 Fernandez Corporation uses the following accounts: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Notes Payable Capital Stock Retained Earnings Dividends Revenues Wage Expense Fuel Expense Lodging Expense Insurance Expense Supplies Expense Interest Expense Depreciation Expense Income Summary (a) (b) (c) (d) Journalize the listed transactions. Post the transactions to the appropriate general ledger accounts. Prepare a trial balance as of December 31. Journalize and post adjusting entries based on the following additional information.20-year life, with no salvage value. The equipment had Supplies on hand at year end amount to $20,000. At year end, $115,000 of additional interest is due on the note 2 of 28 3 of 28 . (h) Prepare a post-closing trial balance as of December 31. These services will be billed in early 20X8. (e) Prepare an adjusted trial balance as of December 31.000 of unbilled services to customers.I-04. (f) Prepare an income statement and statement of retained earnings for 20X7. At year end. Fernandez had provided $30.05 The insurance policy covered a 24-month period commencing on May 1. and a classified balance sheet as of the end of the year. (g) Journalize and post closing entries. chưa thanh toán Trả lương Gửi hóa đơn yêu cầu thanh toán Trả nợ Mua bảo hiểm K/H trả nợ Trả tiền lãi và gốc K/H tạm ứng Trả cổ tức 4 of 28 .05 Góp vốn Mua trang thiết bị Mua vpp.I-04. I-04.trả n/bán Lãi phải trả Doanh thu chưa thực hiện Vay NH NVKD Lợi nhuận giữ lại (Tương tự tk 421) Cổ tức Doanh thu CP lương CP xăng dầu CP Công tác CP Bảo hiểm CP vpp CP Lãi vay CP khấu hao Tương tự tk 911 Ghi vào sổ nhật ký chung Ghi sổ cái Bảng cân đối tk thử Ghi sổ nhật ký chung và ghi sổ cái các bút toán điều chỉnh K/H 20 NĂM-pp đường thẳng Cuối năm còn lại 20.05 Hệ thống TK Tiền P.000 5 of 28 .000 Lãi phải trả vào cuối năm là 115.thu k/h VPP Bảo hiểm trả trc Trang thiết bị Hao mòn lũy kế P. 05 Bảo hiểm 24 tháng Đã hoàn thành dịch vụ trị giá 30.I-04. nhưng chưa gửi hóa đơn cho k/h Bảng cân đối tk sau điều chỉnh Lập 3 loại BCTC Ghi sổ nhật ký chung và ghi sổ cái các bút toán đóng sổ Bảng cân đối tk sau các bút toán đóng sổ 6 of 28 .000. 05 7 of 28 .I-04. 05 8 of 28 .I-04. 05 ơn cho k/h 9 of 28 .I-04. 000 on accounts receivable.000 1.Name: Date: Section: I-04. 1 Equipment Cash Notes Payable Purchased combines and trucks in exchange for $1. 3.400.400 Apr.000 Jan.000.000 3.000 of supplies on account that will be needed during the upcoming harvest.000.000 note payable. 4.05(a) GENERAL JOURNAL Date Accounts Debit Page 1 Credit Jan.000.400 55. Wage Expense Cash Paid wages of $55.000.000.000 cash and a $3. 7 40. Supplies Accounts Payable Purchased $40.000.000 10 of 28 . 1 Cash Capital Stock Collected $715. 1 Accounts Receivable Revenues Billed customers for services in the amount of $240. 240.000.000 Mar.000 Feb.000 40.000 240. 3 55.000.000 3. This transaction was recorded as prepaid insurance.000 insurance policy.600 130.000 24. 130.000 on accounts receivable.000 June 9 Wage Expense Cash Paid wages of $130.05(a) GENERAL JOURNAL Date Accounts Debit Page 2 Credit Apr.000 11 of 28 . 24.000 June 6 200.000 May 1 Prepaid Insurance Cash Purchased a $24.000 for fuel costs.Name: Date: Section: I-04.000 30.600. 30. Cash Accounts Receivable Collected $200.600 June 15 Fuel Expense Cash Paid $30. 30.000 30.000 200.000 toward the purchase of February 7. 11 Accounts Payable Cash Paid $30. Accounts Receivable Revenues Billed customers for services provided in the amount of $812.000 715. 16 Supplies Accounts Payable Purchased $25.05(a) GENERAL JOURNAL Date Accounts Debit Page 3 Credit June 20 Lodging Expense Cash Paid $12.Name: Date: Section: I-04.000 on accounts receivable.000 of interest and $80.000 812. 3 715. 1 812.000 Sept.000 of supplies on account. Cash Accounts Receivable Collected $715.500 for lodging costs incurred by crew.000 190.500 12. 12.000 80.000 Sept. 25.000. 110.500 June 30 Interest Expense Notes Payable Cash Paid $110.000 to reduce the balance of the note payable.000 25.000 Aug.000 12 of 28 . 000 Dec. 8.900.000 9.200 Oct. 125.824.05(a) GENERAL JOURNAL Date Accounts Debit Page 4 Credit Sept.Name: Date: Section: I-04. 15 Cash Unearned Revenue Collected $100.000 dividend to shareholders.900 Dec. Dividends Cash Paid a $25. 61.200 61.900 125.000 25. 20 Lodging Expense Cash Paid $8. 3 Wage Expense Cash Paid wages of $125.100 8.700 9824700 13 of 28 .100 for lodging costs incurred by crew.100 Nov.000 as deposits from customers who contracted for 20X8 harvesting services.000 100. Tổng 100. 31 25.200 for fuel costs. 25 Fuel Expense Cash Paid $61. 1 Jan.500 190. 11 May 1 June 6 June 9 June 15 June 20 June 30 Sept.200 8.300 715.000 200. 1 Mar. 3 Apr. 3 Sept.000.900 200.000 Debit 240. 3 Description Balance forward GJ page 1 GJ page 2 GJ page 3 GJ page 3 812.000 Credit Balance - ACCOUNTS RECEIVABLE Date Jan.400 30.000 55.000 24.000 2.000.000 715.000 1.Solution I-04. 1 Apr.000 Debit 3.000 130.000 137.g) CASH Date Jan.000 12. 25 Oct.600 30.000 Credit Balance - 14 of 28 .d. 1 June 6 Aug. 1 Sept. 31 Description Balance forward GJ page 1 GJ page 1 GJ page 1 GJ page 2 GJ page 2 GJ page 2 GJ page 2 GJ page 2 GJ page 3 GJ page 3 GJ page 3 GJ page 4 GJ page 4 GJ page 4 GJ page 4 GJ page 4 100.100 125. 1 Jan.000 25. 15 Dec. 3 Dec.05(b.000 61.322. 20 Nov. 31 Description Balance forward GJ page 1 GJ page 3 GJ page 5 Debit 40. 16 Dec.000 16.000 20. 7 Sept.000.05(b.000 25.000 45.000 Credit Balance 24. 1 May 1 Dec.000 EQUIPMENT Date Jan.000 8.g) SUPPLIES Date Jan.000 65. 1 Jan.000 4.Solution I-04.000.000 Credit Balance - ACCUMULATED DEPRECIATION Date Description Debit Credit Balance 15 of 28 .d. 1 Description Balance forward GJ page 1 Debit 4.000 Credit Balance - PREPAID INSURANCE Date Jan. 31 Description Balance forward GJ page 2 GJ page 2 Debit 24. 1 Feb. d. 1 Dec.000 25. 1 Feb.05(b. 15 Dec. 31 Balance forward GJ page 5 - 200. 31 Description Balance forward GJ page 4 GJ page 5 30.g) Jan. 16 Description Balance forward GJ page 1 GJ page 2 GJ page 3 30.000 Balance - UNEARNED REVENUE Date Jan.Solution I-04.000 Debit Credit 100.000 35. 31 Description Balance forward GJ page 5 Debit Credit 150.000 150.000 - ACCOUNTS PAYABLE Date Jan. 7 Apr.000 Debit Credit 40.000 Balance - INTEREST PAYABLE Date Jan.000 Balance 100. 1 Dec. 11 Sept. 1 Dec.000 70.000 NOTES PAYABLE Date Description Debit Credit Balance 16 of 28 . 1 Dec. 1 Jan.000 25.300 DIVIDENDS Date Dec.000 3.05(b.300 Balance 145.000 - 2. 1 Description Balance forward GJ page 1 Debit Credit 3.d. 1 Jan. 31 Description Balance forward GJ page 6 Debit Credit 145.000 Balance - RETAINED EARNINGS Date Jan.000.000 3.000 Credit Balance REVENUES Date Description Debit Credit Balance 17 of 28 .Solution I-04.920. 31 Description GJ page 4 Debit 25.g) Jan.000. 1 June 30 Balance forward GJ page 1 GJ page 3 80.000 CAPITAL STOCK Date Jan.000. 3 Dec.400 130.600 20.000 1. 31 Description GJ page 3 GJ page 4 GJ page 6 Debit 12.200 91.000 1.g) Apr.500 8.200 Credit Balance LODGING EXPENSE Date June 20 Oct. 31 Dec.d. 3 June 9 Nov.000 240. 31 Description GJ page 1 GJ page 2 GJ page 4 GJ page 6 Debit 55.000 812.052.082.200 91.Solution I-04.900 Credit Balance FUEL EXPENSE Date June 15 Sept. 1 Aug.000 61. 20 Dec.05(b. 1 Dec.100 20. 25 Dec.900 311.082. 31 Description GJ page 2 GJ page 4 GJ page 6 Debit 30.600 125.000 30.600 Credit Balance INSURANCE EXPENSE 18 of 28 . 31 GJ page 1 GJ page 3 GJ page 5 GJ page 6 1.900 311.000 - WAGE EXPENSE Date Mar. 31 Dec. 31 Description GJ page 4 GJ page 6 Debit 45. 31 Dec.000 Balance 8.000 200.000 Credit Balance 45.05(b.g) Date Dec. 31 Dec.000 Credit 8. 31 Description GJ page 3 GJ page 5 GJ page 6 Debit 110.000 45.000 DEPRECIATION EXPENSE Date Dec.000 260.000 Credit Balance 200.000 INTEREST EXPENSE Date June 30 Dec.000 - SUPPLIES EXPENSE Date Dec.000 260.Solution I-04. 31 Description GJ page 5 GJ page 6 Debit 200.000 Credit Balance 110.d.000 150. 31 Description GJ page 5 GJ page 6 Debit 8.000 INCOME SUMMARY 19 of 28 . 31 Dec. 300 Credit 1.082.g) Date Dec.05(b. 31 Description GJ page 6 GJ page 6 GJ page 6 Debit 936.700 145.d. 31 Dec.000 Balance 145.300 - 20 of 28 . 31 Dec.Solution I-04. 600 110.000 24.000.000 2.107.Name: Date: Section: I-04.000 1.920.000 311.300 137.200 20.107.900 91.000 Credits $ 7.000 100.05(c) FERNANDEZ CORPORATION Trial Balance December 31.052.000 3.000 25.000 65.000 .000 35. 20X7 Debits Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Revenue Notes Payable Capital Stock Dividends Revenues Wage Expense Fuel Expense Lodging Expense Interest Expense $ 2.000.322.000 4.000 $ 7. 150. 31 Supplies Expense Supplies Supplies on hand at year end amount to $20. Unearned Revenue Revenues At year end. Fernandez had provided $30. 200.000 150.000 45.000 of unbilled services to customers. These services will be billed in early 20X8.Name: Date: Section: I-04.000 200. 31 Depreciation Expense Accumulated Depreciation The equipment had 20-year life.000 .05(d) GENERAL JOURNAL Date Accounts Debit Page 5 Credit Dec.000 30.000 of additional interest is due on the note payable. 31 Interest Expense Interest Payable At year end.000 30. $115.000.000 Dec.000 Dec.000 8.000 Dec. with no salvage value. 8. 31 Insurance Expense Prepaid Insurance The insurance policy covered a 24month period commencing on May 1. 45. 600 Insurance Expense 8.000 Interest Expense 260.000.000 Prepaid Insurance 16.322.000 70.200 Lodging Expense 20.000 Depreciation Expense $ 7.000 Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Notes Payable Capital Stock Dividends 25.000 Supplies Expense 45.000 Supplies 20.Name: Date: Section: I-04.000 200.000 150.000 2.000 35.457.000 Credits 200.000 Revenues Wage Expense 311.000 $ 7.082.05(e) FERNANDEZ CORPORATION Adjusted Trial Balance December 31.000 3. 20X7 Debits Cash $ 2.000 Equipment 4.000.000 .920.900 Fuel Expense 91.300 Accounts Receivable 137.000 1.457. 05(f) FERNANDEZ CORPORATION Income Statement For the Year Ending December 31.700 145.300 25.000 936.300 145.200 20.600 8.300 24 of 28 .000 260.300 FERNANDEZ CORPORATION Statement of Retained Earnings For the Year Ending December 31.000 $ 1.000 200.900 91.000 120.Name: Date: Section: I-04.000 45. 20X7 Beginning retained earnings Plus: Net income Less: Dividends Ending retained earnings $ $ $ 145.082. 20X7 Revenues $ Expenses Wage Fuel Lodging Insurance Supplies Interest Depreciation Net income $ 311. 300 137.300 $ 255.300 6.322.120. 20X7 Assets Current assets Cash Accounts Receivable Supplies Prepaid Insurance Property.000 25 of 28 .05(f) FERNANDEZ CORPORATION Balance Sheet December 31.000 $ 2.000 70.175.000 2.Name: Date: Section: I-04. plant & equipment Equipment Accumulated Depreciation Total assets Liabilities Current liabilities Accounts Payable Interest Payable Unearned Revenue Long-term liabilities Notes Payable Total liabilities Stockholders' equity Capital Stock Retained earnings Total stockholders' equity Total Liabilities and equity $ 3.000 150.000 6.000.300 $ 2.495.000 20.200.000 $ 4.000 16.000 120.000 $ 4.300 $ $ 35.695.300 $ 3.295.920.000 200.000 3.000. 000 260.700 Dec.200 20. 31 Revenues Income Summary Wage Expense Fuel Expense Lodging Expense Insurance Expense Supplies Expense Interest Expense Depreciation Expense Income Summary 1.082.082.05(g) GENERAL JOURNAL Date Accounts Debit Page 6 Credit Dec.000 45.900 91.000 311. 31 Dec.000 936.000 1. 31 Income Summary Retained Earnings 145.600 8.000 200.300 145.Name: Date: Section: I-04.300 . Name: Date: Section: I-04.05(g) . 05(h) FERNANDEZ CORPORATION Post-Closing Trial Balance December 31.Name: Date: Section: I-04. 20X7 Debits Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Notes Payable Capital Stock Retained Earnings $ $ Credits .
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