Bill’s Lawn Care Mini Practice Part 5

Bill’s Lawn Care Mini Practice Part 5

Question # 00149732 Posted By: kimwood Updated on: 12/11/2015 01:08 PM Due on: 01/10/2016
Subject Accounting Topic Accounting Tutorials:
Question
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GENERAL JOURNAL Page
DATE DESCRIPTION POST. REF. DEBIT CREDIT BILL’S LAWN CARE
CHART OF ACCOUNTS
ASSETS REVENUES
101 Cash 401 Lawn Service Revenue
110 Accounts Receivable 410 Sales Revenue
112 Allowance for Doubtful Accounts 415 Sales Returns and Allowances
115 Notes Receivable 420 Interest Income
116 Interest Receivable
120 Supplies COST OF GOODS SOLD
130 Prepaid Insurance 501 Purchases
140 Inventory 505 Purchase Returns and Allowances
150 Equipment
152 Land EXPENSES
153 Building 620 Supplies Expense
GENERAL JOURNAL Page 155 Accumulated Depreciation – Equipment 630 Fuel Expense
DATE DESCRIPTION POST. REF. DEBIT CREDIT 156 Accumulated Depreciation – Building 640 Repair and Maintenance Expense
650 Advertising Expense
LIABILITIES 660 Insurance Expense
201 Accounts Payable 670 Depreciation Expense
220 Notes Payable 680 Interest Expense
225 Interest Payable 690 Bad Debt Expense
OWNER’S EQUITY
301 Owner’s Capital
305 Owner’s Drawings
310 Income Summary



Asset Information: Truck, $5,000 cost, 5 year life, $500 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Lawn Mower, $300 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Aerator, $500 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Building, $37,000 cost, 10 year life, $5,000 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Trailer, $2,300 cost, 5 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Trimmer, $1,200 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Leaf Blower, $1,500 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14 .



Asset Information: Truck, $5,000 cost, 5 year life, $500 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Lawn Mower, $300 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Aerator, $500 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Building, $37,000 cost, 10 year life, $5,000 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Trailer, $2,300 cost, 5 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Trimmer, $1,200 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Asset Information: Leaf Blower, $1,500 cost, 2 year life, $0 salvage value
Computation Monthly
Depreciation
Expense		 End of Year
Month Depreciable
Cost		 Depreciation
Rate		 = Accumulated
Depreciation		 Book
Value
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
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  1. kimwood
    Tutorial # 00144272 Posted By: kimwood Posted on: 12/11/2015 01:08 PM
    Puchased By: 4
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    ExpenseDATEDESCRIPTIONPOST. REF.DEBITCREDIT156Accumulated Depreciation – Building640Repair and Maintenance Expense650...
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