Quarter 4 Opening Entries: 1. Sold 100 shares of preferred stock (par value $15,
ID: 2475538 • Letter: Q
Question
Quarter 4 Opening Entries:
1. Sold 100 shares of preferred stock (par value $15, 10% dividend) for $25 each.
2. Prepay rent for the next year for $120.
3. Purchase supplies of $30
4. Collect $300 on accounts receivable
5. Pay $400 towards accounts payable
6. Invest another $200 into your investment account
7. Purchase another 15 units for $15 on account
8. Purchase back 30 shares of common stock for $15 each
9. Write off a bad debt (A/R) of $20
10. Collect another $300 from customers as a deposit towards future rent.
Quarter 4 Final Entries:
1. Sold 20 on account for $25 each
2. Customer returned 3 units on account.
3. Company declared a $300 dividend.
End of quarter work:
1. Transfer all transactions into t-accounts and determine ending balance.
2. Prepare the trial balance on your worksheet
3. Do the following adjustments: worksheet and journal
a. Supplies used = $25
b. COGS – use LIFO
c. Interest on all loans and investments
d. Depreciation on all houses, hotels, equipment, building, trains, solar plants
e. Bad debt expense = 6% of net sales
f. Amount earned from “unearned revenue” account = $200
g. Prepaid rent and prepaid insurance – record the amount expired this last quarter
h. Amortization on your intangible
4. Finish the worksheet
5. Do the following ratios:
a. EPS
b. Current ratio and working capital
c. Debt/Equity
d. Inventory turnover
e. A/P Turnover
f. Fixed Asset turnover
g. Quick Ratio
THIS IS ALL THE INFORMATION I HAVE.
WORKSHEETS IS WHAT IS NEEDED
quarter 1:
Quarter 2:
Quarter 3:
Balance Unadjusted Adjustments Adjusted TrialIncome Trial balance Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $1922 1922 500 150 360 120 Invento 25 aid Ins. 75 1200 45 Prepaid Rent Equipment Propert Accumulated Dep Investment Accounts Payable Unearned Rev Interest Payable Notes Payable Common Stock Additional Paid in capital 1200 1200 6 1700 400 200 1700 200 45 1800 45 1800 1000 45 1800 1000 200 2 2 200 2 Service Revenue 200 200 2 5 Interest Revenue Supplies ex Interest Ex Depreciation Ex Insurance Rent Exp Retained earnin Rent. Rev Misc. Rev Utility Exp Misc Total 25 45 25 45 162 45 207 207 53 200 200 24. 24 24 5358 5358 431 431 5459 5459 4114645048 5048 53 411Explanation / Answer
Date Account Titles and Explanations Debit ($) Credit ($) Jan-00 Cash 2500 Preferred stock 1500 paid in capital in excess of par value - preferred stock 1000 (Sold 100 shares of preferred stock (par value $15, 10% dividend) for $25 each.) 2 Prepaid rent 120 Cash 120 ( Prepay rent for the next year for $120 entry 3 Supplies 30 Cash 30 (Purchase supplies of $30) 4 Cash 300 Accounts receivable 300 (Collect $300 on accounts receivable) 5 Accounts Payable 400 Cash 400 (Pay $400 towards accounts payable) 6 Investment 200 Cash 200 (Invest another $200 into your investment account) 7 Inventory 225 Accounts Payable 225 (Purchase another 15 units for $15 on account) 8 Treasury Stock 450 cash 450 (Purchase back 30 shares of common stock for $15 each) 9 Allowance for doubtful debt 20 accounts receivable 20 (Write off a bad debt (A/R) of $20) 10 Cash 300 Unearned Revenue 300 (Collect another $300 from customers as a deposit towards future rent.)