ACC 502 Module 1 Assignment problems 2015

P1-41A

Transaction
Christopher contributed $21,000 cash in exchange for capital.
Received $3,500 cash from customers for services performed
Paid $200 cash for office supplies.
Performed Services for a customer and bill the customer for services rendered, $2,000.
Received $300 bill for utilities due in two weeks
Paid for advertising in the local paper, $325
Paid Utility bill received on Dec. 10.
Collected cash from customer billed on Dec. 9.
Paid rent for the month, $2,000.
Paid $1,250 to assistant for wages
Received $1,800 cash from customers for services performed
Christopher withdrew $5,000 cas from the business

P1-42A
Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2014.
Accounts Amount Acct Classification 1. Net Income $86,9000
Land 8,000
Notes Payable 32,000 Liability
Property Tax Expense 2,600
Wayne, Withdrawals 30,000 Equity
Rent Expense 13,000 Expense
Salaries Expense 65,000 Expense
Salaries Payable 1,300 Liability
Service Revenue 192,000 Revenue
Office Supplies 10,000 Asset
Wayne, Capital, 12/31/13 54,000 Equity
Owner Contribution, 2014 28,000
Accounts Payable 11,000 Liability
Accounts Receivable 1,000 Asset
Advertising Expense 15,000 Expense
Building 145,200
Cash 3,000 Asset
Equipment 16,000 Asset
Insurance Expense 2,500 Expense
Interest Expense 7,000 Expense


Prepare Gate City Answering Service's Income Statement.
Prepare the statement of owner's equity.
Prepare the Balance Sheet.

P2-29A
Journalizing Transactions, posting journal entries to T-accounts, and preparing a trial balance.
Vernon Yung practices medicine under the business title Vernon Young, M.D. During July, the medical practice completed the following transactions:
Cash Balance $69,880
Jul. 1 Yung contributed $68,000 cash to the business in exchange for capital.
5 Paid monthly rent on medical equipment, $560
9 Paid $16,000 cash to purchase land to be used in operations.
10 Purchased office supplies on account, $1,600.
19 Borrowed $23,000 from the bank for business use. Young singed a note payable to the bank in the name of the business
22 Paid $1,300 on account.
28 The business received a bill for advertising in the daily newspaper to be paid in August, $240.
31 Revenues Earned during the month included $6,500 cash and $5,800 on account.
31 Paid employees' salaries $2,500, office rent $1,000, and utilities, $400. Record as a compund entry.
31 The business received $1,140 for medical screening services to be performed next month.
31 Yung withdrew cas of $7,000.

The business uses the following accounts: Cash;Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable;
Yung, Capital; Yung, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.

Requirements
Journalize each transaction. Explanantions are not required.
Post the Journal Entries to the T-accounts, using transation dates as posting references in the ledger accounts. Label the balance of each account Bal.
Prepare the trial balance of Vernon Young, M.D. as of July 31, 2015.