Business, 30.06.2020 18:01, angelthompson2018
Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following: A) In the first column at the right, indicate the nature of each account, using the following abbreviations:
Asset - A
Revenue - R
Liability - L
Expense - E
None of the above - N
B) In the second column, indicate the increase side of each account by inserting "Dr." for Debit or "Cr." for Credit.
Account Type of account Increase side
1) Supplies
2) Fees Earned
3) Retained Earnings
4) Accounts Payable
5) Salaries Expense
6) Common Stock
7) Accounts Receivable
8) Equipment
9) Notes Payable
Complete the following for Wickers Restoration Services. You will need additional paper for this problem.
A) Record the following selected transactions for May in a two-column journal, identifying each entry by number Explanations may be omitted. Journal format is attached.
B) Prepare T accounts for each account used and post the journal entries to these accounts, placing the appropriate number to the left of each amount to identify the transactions.
C) Prepare an unadjusted trial balance as of May 31.
D) Determine the net income for May.
E) Determine the retained earnings at the end of May, assuming this was the first month of business.
1) Received $48,000 from sale of common stock
2) Paid rent on office for the month, $880
3) Purchased supplies on account, $1,750
4) Earned fees, receiving cash, $12,600
5) Paid creditor on account, $1,000
6) Paid automobile expenses for month, $375, and miscellaneous expenses, $250
7) Paid office salaries for the month, $3,900
8) Eamed fees which the customer will pay next month, $2,400
9) Determined that the cost of supplies used was $280
10) Paid dividends, $2,400
Answers: 3
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