会计学原理 案例分析

1、会计学原理 案例分析第二组(This problem extends the demonstration problem of Chapter 1.)After several months of planing,Jasmine Worthy started a haircutting business called Expressions.The following events occurred during its first month. a. On August 1,Worthy invested $3,000 cash and $15,000 of equipment in Exp

2、ressions. b. On August 2,Expression paid $600 cash for furniture for the shop. c. On August 3,Expression paid $500 cash to rent space in a strip mall for August. d. On August 4,it purchased $1,200 of equipment on credit for the shop (using a long-term note payable). e. On August 5,Expressions opened

3、 for business.Cash receive from haircutting services in the first week and a half of business (ended August 15) was $825 f. On August 15,it provided $100 of haircutting services on account. g . On August 17,it received a $100 check for services previously rendered on account. h . On August 17,it pai

4、d $125to an assistant for hours worked during the grand opening. i . Cash received from services provided during the second half of the August was $930. j . On August 31,it paid a $400 installment toward principal on the note payable entered into on August 4. k . On August 31,Worthy withdrew $900 ca

5、sh for personal use.Required1.Open the following ledger accounts in balance column format (account numbers are in parentheses): Cash (101); Accounts Receivable (102); Furniture (161); Store Equipment (165); Note Payable (240); J.Worthy,Capital (301); J.Worthy, Withdrawals (302); Haircutting Services

6、 Revenue (403);Wages Expense (623); and Rent Expense (640). Prepare general journal entries for the transactions. 2.Post the journal entries from (1) to the ledger accounts.3.Prepare a trial balance as of August 31.4. Prepare an income statement for August.5. Prepare a statement of owners equity for

7、 August.6. Prepare a balance sheet as of August 31.SOLUTION TO DEMONSTRATION PROBLEM1.General journal entries:General journal DateAccount Titles and ExplanationPRDebitCreditAug 1Cash1013,000Store Equipment16515,000 J.Worthy,Capital30118,000 Owners investment2Furniture161600 Cash101600 Purchased furn

8、iture for cash3Rent Expense640500 Cash101500 Paid rent for August4Store Equipment1651,200 Note Payable2401,200 Purchased additional equipment on creditDateAccount Titles and ExplanationPRDebitCredit15Cash101825 Haircutting Services Revenue403825 Cash receipts from first half of August15Accouts Recei

9、vable102100 Haircutting Services Revenue403100 To record revenue for services provided on account17Cash101100 Accounts Receivable102100 To record cash received as payment on account17Wages Expense623125 Cash101125 Paid wages to assistantContinued from previous pageDateAccount Titles and ExplanationP

10、RDebitCredit31Cash101930 Haircutting Services Revenue403930 Cash receipts from second half of August.31Note Payable240400 Cash101400Paid an installment on the note payable.31J.Worthy.Withdrawals320900 cash101900Cash withdrawal by owner.Continued from previous page2. Post journal entries from part 1

11、to the ledger accounts. Cash Account No.101DatePRDebitCreditBalanceAug.1G1300030002G160024003G1500190015G1825272517G1100282517G1125270031G1930363031G1400323031G19002330Accounts Receivable Account No.102Furniture Account No.161Store Equipment Account No.165DatePRDebitCreditBalanceAug.15G110010017G110

12、00DatePRDebitCreditBalanceAug.2G1600600DatePRDebitCreditBalanceAug.1G115000150004G1120016200Note Payable Account No .240J.Worthy,Capital Account No.301J.Worthy,Withdrawals Account No.302Date PRDebit Credit BalanceAug.4G11200120031G1400800DatePRDebitCreditBalanceAug.1G11800018000DatePRDebitCreditBala

13、nceAug.31G1900900Haircutting Services Revenue Account No.403Wages Expense Account No.623Rent Expense Account No.640DatePRDebitCreditBalanceAug.17G1125125DatePRDebitCreditBalanceAug.15G182582515G110092531G19301855DatePRDebitCreditBalanceAug.3G15005003.Prepare a trial balance from the ledger EXPRESSIO

14、NS Trial Balance August 31DebitCreditCash$2330Accounts receivable0Furniture600Store equipment16200Note payable$800J.Worthy,Capital18000J.Worthy,Withdrawals900Haircutting services revenue1855Wages expense125Rent expense500Totals20655206554.EXPRESSIONS Income Statement From Month Ended August 31RevenuesHaircutting services revenue$1855Operating expenseRent expense$500Wages expense125Total operating expense625Net income$1230EXPRESSIONSStatement of Owners EquityFor Month Ended August 31J.Worthy,Captital,August 1$ 0Plus: Investments by owner$18,000 Net income1,23019,230 19,230Less: Withdrawals b