Quater -opening EntrieS .Purchase more supplies for $100 with caslh Collected $3
ID: 2500456 • Letter: Q
Question
Quater -opening EntrieS .Purchase more supplies for $100 with caslh Collected $350 as a deposit from customer Purchased a building for headquarters $1000 and signed a 10 year note payable with 6% APR . Pay $500 towards A/P payable Collect $300 from A/R Write off an A/R of $30 Purchase another 10 units for $14 each on account Invest another $150 into your investment account Optional Transactions: Sell another 100 shares $30 each if you made a profit in Q2 or $25 each if you incurred a loss -Borrow up to $5000. Interest rate = 5% Other information: 4 houses allowed per monopoly property Bullets trains 2 per railroad costing $100 each.,Reven Bullets trains 2 per railroad costing $100 each. Revenues increase 15% per train. Solar plants 2 per utility costing $100 each. Revenues increase 10% per plant Last two entries of Quarter 3: 1. Sold 30 units for $22 each on account. 2. Customer returned 2 units on accountExplanation / Answer
UNADJUSTED ADJUSTMENTS ADJUSTED
NET INCOME => 912
EPS = 912/400=> 2.28 PER SHARE
PARTICULARS DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CASH 5932 150 6082 PROVISION FOR BAD DEBTS 45 78 123 INVENTORY 550 550 SUPPLIES 230 20 210 PREPAID INSURANCE 240 240 PREPAID RENT 30 30 - - EQUIPMENT 1200 1200 PROPERTY 1620 1620 BULLET TRAIN 200 200 SOLAR PLANTY 200 200 ACCU. DEPRECIATION 100 260 360 INVESTMNENT 564 11 575 A/P 1060 1060 5% LOAN 5000 5000 UNERANED REVENUE - - INTERST PAYABLE 99 123 222 N/P 2800 2800 COMMON STOKC - - - ADDITINOL PAID IN CAPITAL 400 400 SERVICE REVENUE 450 450 INTERST REVENUE 14 11 25 SUPPLIES EXPENSE 50 20 70 INTERETS EXP 99 373 472 DEP EXP 100 180 280 INSURANCE EXP 120 60 180 RENT EXP 252 30 282 RENT REVENUE 58 58 UTILITY EXP 24 24 COGS 450 450 MISC REVENUE 200 150 350 SALES REVENUE 1560 1560 AMMORTIZATION 25 25 50 INTANGIBLE 375 25 350 A/R 220 220 BAD DEBTS 45 78 123 R.E 1000 1000 WRITEEOFF A/R 30 30 TOTAL 13408 13408