10/20/2016 Problem 23Ahttps://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/4Print by: Shayanna Baron16FLAC16144: 16FLAC16144 PRINCIPLES OF ACCOUNTING I / Week 6 WileyAssignment*Problem 23AMaquoketa Services was formed on May 1, 2017. The following transactions took place during thefirst month.Transactions on May 1:1. Jay BradFord invested $40,000 cash in the company, as its sole owner.2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,500 permonth.3. Signed a 2year rental agreement on a warehouse; paid $24,000 cash in advance for the firstyear.4. Purchased furniture and equipment costing $33,000. A cash payment of $12,000 was madeimmediately; the remainder will be paid in 6 months.5. Paid $1,600 cash for a oneyear insurance policy on the furniture and equipment.Transactions during the remainder of the month:6. Purchased basic office supplies for $600 cash.7. Purchased more office supplies for $1,600 on account.8. Total revenues earned were $21,000—$8,000 cash and $13,000 on account.9. Paid $400 to suppliers for accounts payable due.10. Received $2,800 from customers in payment of accounts receivable.11. Received utility bills in the amount of $400, to be paid next month.12. Paid the monthly salaries of the two employees, totaling $5,000.Your answer is partially correct. Try again.Prepare journal entries to record each of the events listed. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry isrequired, select “No Entry” for the account titles and enter 0 for the amounts.)No. Account Titles Debit Credit1.2.3.4.5.Cash 40,000Owner’s Capital 40,000No Entry 0No entry 0Prepaid Rent 24,000Cash 24,000Equipment 33,000Cash 12,000Accounts Payable 21,000Prepaid Insurance 1,600Cash 1,60010/20/2016 Problem 23Ahttps://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/46.7.8.9.10.11.12.Your answer is partially correct. Try again.Post the journal entries to Taccounts. (Post entries in the order of journal entries presentedin the previous question.)CashAccounts ReceivableSuppliesSupplies 600Cash 600Supplies 1,600Accounts Payable 1,600Service Revenue 21,000Cash 8,000Accounts Receivable 13,000Accounts Payable 400Cash 400Accounts Receivable 2,800Cash 2,800Utilities Expense 400Accounts Payable 400Salaries and Wages Expense 5,000Cash 5,000
(1) 40,000(8) 8,000(10) 2,800
(3) 24,000(4) 12,000(5) 1,600(6) 600(9) 400(12) 5,000
Bal. 50,800
Bal. 43,600
(8) 13,000
(10) 2,800
Bal. 13,000
Bal. 2,800
(6) 60010/20/2016 Problem 23Ahttps://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 3/4Prepaid InsurancePrepaid RentEquipmentAccounts PayableOwner’s CapitalService RevenueSalaries and Wages ExpenseUtilities ExpenseYour answer is partially correct. Try again.Prepare a trial balance as of May 31, 2017.MAQUOKETA SERVICESTrial BalanceDebit Credit$ $(7) 1,600Bal. 2,200
(5) 1,600
Bal. 1,600
(3) 24,000Bal. 24,000(4) 33,000Bal. 33,000
(9) 400
Bal. 400
(4) 21,000(7) 1,600(11) 400Bal. 23,000
(1)
Bal.
40,00040,000
(8)
Bal.
21,00021,000
(12) 5,000
Bal. 5,000
(11) 400
Bal. 400
May 31, 2017Cash 50,800 43,60010/20/2016 Problem 23Ahttps://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 4/4Question Attempts: 1 of 2 usedTotals$ $Copyright © 20002016 by John Wiley & Sons, Inc. or related companies. All rights reserved.Accounts Receivable 13,000 2,800Supplies 2,200Prepaid Insurance 1,600Prepaid Rent 24,000Equipment 33,000Accounts Payable 400 23,000Owner’s Capital 40,000Service Revenue 21,000Salaries and Wages Expense 5,000Utilities Expense 400130,400 130,400
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