Question
Oct. 1 Sparkle Pool & Spa Services, Inc., began busine common stock for $40.000 Siness by...
Oct. 1 Sparkle Pool & Spa Services, Inc., began busine common stock for $40.000 Siness by selling 40,000 shares of $1 par value Purchased a Ford F150 truck for $33,000. for the remainder 00. Paid $9,000 down and signed a promissory note Paid $250 to advertise in the local newspaper October aper. The newspaper published all of the ads in Paid $1,275 to rent an office and sto .<75 to rent an office and storage space for OCTO Purchased supplies on account from Pool Supplies Supplies Superstore. $1,120. Purchased a two-year liability insurance policy to y insurance policy for $1,800. Purchased computers and mobile comput evices on account, $3,780, Provided pool cleaning services for customers and rece ustomers and received $4,300 cash. aid employee salaries and wopes for October 1 - 11 of $3,000. Performed pool maintenance provided on account, $11,500. maintenance and cleaning services for local hotels. The services were Received and paid an invoice for $850 from Le of the corporation. nd paid an invoice for $850 from LegalZoom for legal fees related to the set up 24 Received $1,500 cash in advance from La Plava High School for five months of future cleaning services to be performed on the high school's pool. Paid employee salaries, $4,000 for the payroll period ending Friday, October 25. Received $2,500 cash from one of the local hotels for payment on their account. Paid for the supplies previously purchased on October 7 from Pool Supplies Superstore. Performed repair services on a spa and received $750 cash from a customer. Received utility bills, (water, electric, gas, etc.) for the month totaling $360. Bills will be paid in November 31 Declared and paid cash dividends to the stockholders, $1,000.
, Page 140 COMPREHENSIVE PROBLEM I PART A (CHAPTERS GENERAL JOURNAL DESCRIPTION DEBIT CREDE
ILI USLEM 1 PART A (CHAPTERS 1, 3, 4) GENERAL JOURNAL Page 141 DATE DESCRIPTION DEBIT CREDIT 2019
LU UM The following intormation (Dil JL years. Record one month of depreciation. ord one month of depreciation. (a) The computers and mobile devices have a useful life of 3 years. Recor (b) The truck has a useful life of 5 years. Record one month of deprec There were $315 of supplies on hand at the end of the month (d) Record insurance expired for one month. (e) Employees earn salaries & wages of $4,000 per week. Assuming a wages and salaries for October 28-31. (f) By the end of October, one month of cleaning services has been performes for which payment had been received in advance on October 24 (9) On October 31, Sparkle performed cleaning Services for a local athletic Club in November, $425. (h) Annual interest on the note pavable is 7% Record accrued interest for October 0 Income taxes to accrue for October are estimated to be $490. er week. Assuming a Monday - Friday workweek, accrue es has been performed for La Playa High School, a local athletic club. The client will be billed Check figure: Total Debits = $6,090.
Page 142 DATE COMPREHENSIVE PROBLEM I PART A CHAPTERS 1.3.4 GENERAL JOURNAL ACCOUNT TITLES DEBIT ADJUSTINS ENTRIES 2019
Answers
Cash Description Cash AR oct 2 Dr 33000 good 24000 Do 250 In the books Sportkale Pool & Spa Services ine. General Journal Amount int o Debit Credit - act i 4 maro 40000 To Common stock. Ale (Being business started by selling common stock of Gover shares oft I pour value) Ford Also truck Ale To cash To rote payable Are (Being truck purchased ) 3 Adjertisement expan To cash 250 (Being advertisement exp incurred) Rent expenses Al Dr1275 To Cash (Being went expenses incuored) 7 Supplies Ak To Pool Supplies Superstore (Being ano supplies purchased am account & Prepaid Insurance, Eup Ar o 18 00 To each (Being amount paid for 2 years) 1800 8 Computers & mobile Al To account payable All (Being purchased on account) 1275 Do 120 1120 3780 3780Oct 9 Cash Ale Dr4300 4300 To pool cleaning services being pool cleaning services provided for cash) Dr 3600 3600 "Oct 16 1,500 11500 IDoin Salaries & wages All To cash AIC (Being salary & wages paid for cash) Account receivable Ai r To Pool maintenance and cleaning service acco fool cleaning services poorided on legal fees Al To cash AIL (Being legal fees related to the set up of the corporation paid) or 850 850 24 Cash AIC or 1500 ISDO 400D To La Playa High school in advance (Being cash received in advance for smena 25 Salary & Leages AK Dr 4000 To cash (Being salary said upto octers Cash Al To Account receivable (Being cash received from local hates) 20 Pool supplies Superstore Ale To cash Ak (Being amount paid 2500 2500 Dr1120 1120Octag Cash Ale 50 To repair service revenue, (Being service provided a Cash seccions so Utilities bill Al To account payable (Being amount for utilities bill Apaid in Dr 360 260 o Do 1000 1000 31 stockholder Cash Dividend Ale To retain earning.. (Being Dividend de closite di 21 Stockholden Ale (Being stockhoders po are paid cash dividend) 1000 1000 Dale I credit / Debit 105 General Journal Adjustment Entries. Description Depreciation Ale bo To computers a mobile (Dep: 3480 month = 105) Depreciation on truck Ale To Truck ALC 105 so 557 (Dep: 33000 Syrs x 12 month ) Inventory in hand an To supplies All or 315 315d Insurance exp Ale To Prepaid insurance = 40 Đ 1800 75 Yu X12 monte ang insurance for 1 month recorded (Being inswian 9200 3200 salanies ? Leages Alc To accrued salaries & wagestic 4000 sdays * 4 days) being accrued los expenses recorded) (f cfi 300 425 La Playa high school indrance. Ale or 3006 To cleaning service revenue ( iso months xi mth: 300 (Being advance adjusted) Account neceinable Are or 425 To cleaning service revenue (Being services performed butt bill in yor ) Interest on Notepagable. Ale To Note payable Al (Being into on late payable recorded Cult - 84000 87% X 2 -ch) Om 140 140 es All Dr 490 O Income danes All To Tony payable Are (Being income tax accrued. 490
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