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I-04.05
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Jan. 1
Jan. 1
Feb. 7
Mar. 3 Paid wages of $55,400.
Apr. 1 Billed customers for services in the amount of $240,000.
Apr. 11 Paid $30,000 toward the purchase of February 7.
May 1
June 6 Collected $200,000 on accounts receivable.
June 9 Paid wages of $130,600.
June 15 Paid $30,000 for fuel costs.
June 20 Paid $12,500 for lodging costs incurred by crew.
June 30
Aug. 1
Sept. 3 Collected $715,000 on accounts receivable.
Sept. 16 Purchased $25,000 of supplies on account.
Sept. 25 Paid $61,200 for fuel costs.
Oct. 20 Paid $8,100 for lodging costs incurred by crew.
Nov. 3 Paid wages of $125,900.
Dec. 15
Dec. 31 Paid a $25,000 dividend to shareholders.
On January 1, 20X7, Jacqueline Fernandez formed a corporation to purchase wheat harvesting equipment and provide contract support services to farmers throughout the Midwest. Information about the first year of operation follows:Investors provided $3,000,000 of cash in exchange for
stock of Fernandez Corporation.
Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable.Purchased $40,000 of supplies on account that will be needed during the upcoming harvest.
Purchased a $24,000 insurance policy. This transaction was recorded as prepaid insurance.
Paid $110,000 of interest and $80,000 to reduce the balance of the note payable.Billed customers for services provided in the amount of $812,000.
Collected $100,000 as deposits from customers who contracted for 20X8 harvesting services.
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Fernandez Corporation uses the following accounts:Cash Accounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated DepreciationAccounts PayableInterest PayableUnearned RevenueNotes PayableCapital StockRetained EarningsDividendsRevenuesWage ExpenseFuel ExpenseLodging ExpenseInsurance ExpenseSupplies ExpenseInterest ExpenseDepreciation ExpenseIncome Summary
(a) Journalize the listed transactions.(b) Post the transactions to the appropriate general ledger accounts.(c) Prepare a trial balance as of December 31.(d)
The equipment had 20-year life, with no salvage value.
Journalize and post adjusting entries based on the following additional information.
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Supplies on hand at year end amount to $20,000.
(e) Prepare an adjusted trial balance as of December 31.(f)
(g) Journalize and post closing entries.(h) Prepare a post-closing trial balance as of December 31.
At year end, $115,000 of additional interest is due on the note payable.The insurance policy covered a 24-month period commencing on May 1.
At year end, Fernandez had provided $30,000 of unbilled services to customers. These services will be billed in early 20X8.
Prepare an income statement and statement of retained earnings for 20X7, and a classified balance sheet as of the end of the year.
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Góp vốn
Mua trang thiết bị
Mua vpp, chưa thanh toán
Trả lương
Gửi hóa đơn yêu cầu thanh toán
Trả nợ
Mua bảo hiểm
K/H trả nợ
Trả tiền lãi và gốc
K/H tạm ứng
Trả cổ tức
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Hệ thống TKTiềnP.thu k/hVPPBảo hiểm trả trcTrang thiết bịHao mòn lũy kếP.trả n/bánLãi phải trảDoanh thu chưa thực hiệnVay NHNVKDLợi nhuận giữ lại (Tương tự tk 421)Cổ tứcDoanh thuCP lươngCP xăng dầuCP Công tácCP Bảo hiểmCP vppCP Lãi vayCP khấu haoTương tự tk 911
Ghi vào sổ nhật ký chungGhi sổ cáiBảng cân đối tk thử
Ghi sổ nhật ký chung và ghi sổ cái các bút toán điều chỉnhK/H 20 NĂM-pp đường thẳng
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Cuối năm còn lại 20,000Lãi phải trả vào cuối năm là 115,000
Bảo hiểm 24 tháng
Đã hoàn thành dịch vụ trị giá 30,000, nhưng chưa gửi hóa đơn cho k/hBảng cân đối tk sau điều chỉnh
Lập 3 loại BCTCGhi sổ nhật ký chung và ghi sổ cái các bút toán đóng sổBảng cân đối tk sau các bút toán đóng sổ
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Đã hoàn thành dịch vụ trị giá 30,000, nhưng chưa gửi hóa đơn cho k/h
Name:
Date: Section: I-04.05(a)
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Date Accounts Debit Credit
Jan. 1 Cash 3,000,000
Capital Stock 3,000,000
Jan. 1 Equipment 4,000,000
Cash 1,000,000
Notes Payable 3,000,000
Feb. 7 Supplies 40,000
Accounts Payable 40,000
Mar. 3 Wage Expense 55,400
Cash 55,400
Paid wages of $55,400.
Apr. 1 Accounts Receivable 240,000
Revenues 240,000
GENERAL JOURNAL Page 1
Collected $715,000 on accounts receivable.
Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable.
Purchased $40,000 of supplies on account that will be needed during the upcoming harvest.
Billed customers for services in the amount of $240,000.
Name:
Date: Section: I-04.05(a)
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Date Accounts Debit Credit
Apr. 11 Accounts Payable 30,000
Cash 30,000
May 1 Prepaid Insurance 24,000
Cash 24,000
June 6 Cash 200,000
Accounts Receivable 200,000
June 9 Wage Expense 130,600
Cash 130,600
Paid wages of $130,600.
June 15 Fuel Expense 30,000
Cash 30,000
Paid $30,000 for fuel costs.
GENERAL JOURNAL Page 2
Paid $30,000 toward the purchase of February 7.
Purchased a $24,000 insurance policy. This transaction was recorded as prepaid insurance.
Collected $200,000 on accounts receivable.
Name:
Date: Section: I-04.05(a)
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Date Accounts Debit Credit
June 20 Lodging Expense 12,500
Cash 12,500
June 30 Interest Expense 110,000
Notes Payable 80,000
Cash 190,000
Aug. 1 Accounts Receivable 812,000
Revenues 812,000
Sept. 3 Cash 715,000
Accounts Receivable 715,000
Sept. 16 Supplies 25,000
Accounts Payable 25,000
GENERAL JOURNAL Page 3
Paid $12,500 for lodging costs incurred by crew.
Paid $110,000 of interest and $80,000 to reduce the balance of the note payable.
Billed customers for services provided in the amount of $812,000.
Collected $715,000 on accounts receivable.
Name:
Date: Section: I-04.05(a)
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Date Accounts Debit Credit
Sept. 25 Fuel Expense 61,200
Cash 61,200
Paid $61,200 for fuel costs.
Oct. 20 Lodging Expense 8,100
Cash 8,100
Nov. 3 Wage Expense 125,900
Cash 125,900
Paid wages of $125,900.
Dec. 15 Cash 100,000
Unearned Revenue 100,000
Dec. 31 Dividends 25,000
Purchased $25,000 of supplies on account.
GENERAL JOURNAL Page 4
Paid $8,100 for lodging costs incurred by crew.
Collected $100,000 as deposits from customers who contracted for 20X8 harvesting services.
Name:
Date: Section: I-04.05(a)
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Cash 25,000
Tông 9,824,700 9824700
Paid a $25,000 dividend to shareholders.
Solution I-04.05(b,d,g)
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CASH
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Jan. 1 GJ page 1 3,000,000
Jan. 1 GJ page 1 1,000,000
Mar. 3 GJ page 1 55,400
Apr. 11 GJ page 2 30,000
May 1 GJ page 2 24,000
June 6 GJ page 2 200,000
June 9 GJ page 2 130,600
June 15 GJ page 2 30,000
June 20 GJ page 3 12,500
June 30 GJ page 3 190,000
Sept. 3 GJ page 3 715,000
Sept. 25 GJ page 4 61,200
Oct. 20 GJ page 4 8,100
Nov. 3 GJ page 4 125,900
Dec. 15 GJ page 4 100,000
Dec. 31 GJ page 4 25,000
2,322,300
ACCOUNTS RECEIVABLE
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Apr. 1 GJ page 1 240,000
June 6 GJ page 2 200,000
Aug. 1 GJ page 3 812,000
Sept. 3 GJ page 3 715,000
Solution I-04.05(b,d,g)
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137,000
SUPPLIES
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Feb. 7 GJ page 1 40,000
Sept. 16 GJ page 3 25,000 65,000
Dec. 31 GJ page 5 45,000
20,000
PREPAID INSURANCE
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
May 1 GJ page 2 24,000 24,000
Dec. 31 GJ page 2 8,000
16,000
EQUIPMENT
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Jan. 1 GJ page 1 4,000,000
4,000,000
Solution I-04.05(b,d,g)
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ACCUMULATED DEPRECIATION
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Dec. 31 GJ page 5 200,000
ACCOUNTS PAYABLE
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Feb. 7 GJ page 1 40,000
Apr. 11 GJ page 2 30,000
Sept. 16 GJ page 3 25,000
35,000
INTEREST PAYABLE
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Dec. 31 GJ page 5 150,000
150,000
UNEARNED REVENUE
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Dec. 15 GJ page 4 100,000 100,000
Dec. 31 GJ page 5 30,000
70,000
Solution I-04.05(b,d,g)
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NOTES PAYABLE
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Jan. 1 GJ page 1 3,000,000
June 30 GJ page 3 80,000
2,920,000
CAPITAL STOCK
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Jan. 1 GJ page 1 3,000,000
3,000,000
RETAINED EARNINGS
Date Description Debit Credit Balance
Jan. 1 Balance forward - - -
Dec. 31 GJ page 6 145,300 145,300
DIVIDENDS
Date Description Debit Credit Balance
Dec. 31 GJ page 4 25,000
Solution I-04.05(b,d,g)
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25,000
REVENUES
Date Description Debit Credit Balance
Apr. 1 GJ page 1 240,000
Aug. 1 GJ page 3 812,000 1,052,000
Dec. 31 GJ page 5 30,000 1,082,000
Dec. 31 GJ page 6 1,082,000 -
WAGE EXPENSE
Date Description Debit Credit Balance
Mar. 3 GJ page 1 55,400
June 9 GJ page 2 130,600
Nov. 3 GJ page 4 125,900 311,900
Dec. 31 GJ page 6 311,900
-
FUEL EXPENSE
Date Description Debit Credit Balance
June 15 GJ page 2 30,000
Sept. 25 GJ page 4 61,200 91,200
Dec. 31 GJ page 6 91,200
-
LODGING EXPENSE
Date Description Debit Credit Balance
Solution I-04.05(b,d,g)
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June 20 GJ page 3 12,500
Oct. 20 GJ page 4 8,100 20,600
Dec. 31 GJ page 6 20,600
-
INSURANCE EXPENSE
Date Description Debit Credit Balance
Dec. 31 GJ page 5 8,000 8,000
Dec. 31 GJ page 6 8,000 -
SUPPLIES EXPENSE
Date Description Debit Credit Balance
Dec. 31 GJ page 4 45,000 45,000
Dec. 31 GJ page 6 45,000
-
INTEREST EXPENSE
Date Description Debit Credit Balance
June 30 GJ page 3 110,000 110,000
Dec. 31 GJ page 5 150,000 260,000
Dec. 31 GJ page 6 260,000
-
DEPRECIATION EXPENSE
Solution I-04.05(b,d,g)
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Date Description Debit Credit Balance
Dec. 31 GJ page 5 200,000 200,000
Dec. 31 GJ page 6 200,000
-
INCOME SUMMARY
Date Description Debit Credit Balance
Dec. 31 GJ page 6 1,082,000
Dec. 31 GJ page 6 936,700 145,300
Dec. 31 GJ page 6 145,300
-
Name:
Date: Section: I-04.05(c)
FERNANDEZ CORPORATIONTrial Balance
December 31, 20X7
Debits Credits
Cash $ 2,322,300
Accounts Receivable 137,000
Supplies 65,000
Prepaid Insurance 24,000
Equipment 4,000,000
Accounts Payable 35,000
Unearned Revenue 100,000
Notes Payable 2,920,000
Capital Stock 3,000,000
Dividends 25,000
Revenues 1,052,000
Wage Expense 311,900
Fuel Expense 91,200
Lodging Expense 20,600
Interest Expense 110,000
$ 7,107,000 $ 7,107,000
Name:
Date: Section: I-04.05(d)
Date Accounts Debit Credit
Dec. 31 Depreciation Expense 200,000
Accumulated Depreciation 200,000
Dec. 31 Supplies Expense 45,000
Supplies 45,000
Dec. 31 Interest Expense 150,000
Interest Payable 150,000
Dec. 31 Insurance Expense 8,000
Prepaid Insurance 8,000
Unearned Revenue 30,000
Revenues 30,000
GENERAL JOURNAL Page 5
The equipment had 20-year life, with no salvage value.
Supplies on hand at year end amount to $20,000.
At year end, $115,000 of additional interest is due on the note payable.
The insurance policy covered a 24-month period commencing on May 1.
At year end, Fernandez had provided $30,000 of unbilled services to customers. These services will be billed in early 20X8.
Name:
Date: Section: I-04.05(d)
Name:
Date: Section: I-04.05(e)
FERNANDEZ CORPORATIONAdjusted Trial Balance
December 31, 20X7
Debits Credits
Cash $ 2,322,300
Accounts Receivable 137,000
Supplies 20,000
Prepaid Insurance 16,000
Equipment 4,000,000
Accumulated Depreciation 200,000
Accounts Payable 35,000
Interest Payable 150,000
Unearned Revenue 70,000
Notes Payable 2,920,000
Capital Stock 3,000,000
Dividends 25,000
Revenues 1,082,000
Wage Expense 311,900
Fuel Expense 91,200
Lodging Expense 20,600
Insurance Expense 8,000
Supplies Expense 45,000
Interest Expense 260,000
Depreciation Expense 200,000
$ 7,457,000 $ 7,457,000
Name:
Date: Section: I-04.05(f)
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FERNANDEZ CORPORATION
Income Statement
For the Year Ending December 31, 20X7
Revenues
$ 1,082,000
Expenses
Wage $ 311,900
Fuel 91,200
Lodging 20,600
Insurance 8,000
Supplies 45,000
Interest 260,000
Depreciation 200,000 936,700
Net income $ 145,300
FERNANDEZ CORPORATION
Statement of Retained Earnings
For the Year Ending December 31, 20X7
Beginning retained earnings $ -
Plus: Net income 145,300
$ 145,300
Less: Dividends 25,000
Ending retained earnings $ 120,300
Name:
Date: Section: I-04.05(f)
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FERNANDEZ CORPORATION
Balance Sheet
December 31, 20X7
Assets
Current assets
Cash $ 2,322,300
Accounts Receivable 137,000
Supplies 20,000
Prepaid Insurance 16,000 $ 2,495,300
Property, plant & equipment
Equipment $ 4,000,000
Accumulated Depreciation 200,000 4,200,000
Total assets $ 6,695,300
Liabilities
Current liabilities
Accounts Payable $ 35,000
Interest Payable 150,000
Unearned Revenue 70,000 $ 255,000
Long-term liabilities
Notes Payable 2,920,000
Total liabilities $ 3,175,000
Stockholders' equity
Name:
Date: Section: I-04.05(f)
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Capital Stock $ 3,000,000
Retained earnings 120,300
Total stockholders' equity 3,120,300
Total Liabilities and equity $ 6,295,300
Name:
Date: Section: I-04.05(g)
Date Accounts Debit Credit
Dec. 31 Revenues 1,082,000
Income Summary 1,082,000
Dec. 31 Wage Expense 311,900
Fuel Expense 91,200
Lodging Expense 20,600
Insurance Expense 8,000
Supplies Expense 45,000
Interest Expense 260,000
Depreciation Expense 200,000
Income Summary 936,700
Dec. 31 Income Summary 145,300
Retained Earnings 145,300
GENERAL JOURNAL Page 6
Name:
Date: Section: I-04.05(g)
Name:
Date: Section: I-04.05(h)
FERNANDEZ CORPORATIONPost-Closing Trial Balance
December 31, 20X7
Debits Credits
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Interest Payable
Notes Payable
Capital Stock
Retained Earnings
$ - $ -