Generally Accepted Accounting Principles and Thomas Magnum
ASSIGNMENT 4
WEEK 3
SAMUEL GEORGE
Financial Accounting / CHAPTER 4 | | | | |
P4-1A
| Thomas Magnum began operations as a private investigator on =anuary 1, 2008. The trial balance columns of the worksheet for THOMAS =AGNUM, P.I., INC. at March 31 are as follows. | THOMAS MAGNUM, P.I., =NC. | Worksheet | For the Quarter Ended March 31, =008 | | Trial Balance | | | | Account Titles | Dr. | Cr. | Cash | 11,400 | | Accounts Receivable | 5,620 | | Supplies | 1,050 | | Prepaid Insurance | 2,400 | | Equipment | 30,000 | | Notes Payable | | 10,000 | Accounts Payable | | 12,350 | Common Stock | | 20,000 | Dividends | 600 | | Service Revenue | | 13,620 | Salaries Expense | 2,200 | | Travel Expense | 1,300 | | Rent Expense | 1,200 | | Miscellaneous Expense | 200 | | | -------------------------------------------------
55,970 | 55,970 |
Other data: 1. Supplies on hand total =380. 2. Depreciation is $1,000 per =uarter. 3. Interest accrued on 6-month =ote payable, issued January 1, $300. 4. Insurance expires at the rate =f $200 per month. 5. Services provided but unbilled =t March 31 total $530. | |
| | | Correct. |
Complete the worksheet. (If answer is zero, please =nter 0. Do not leave any fields blank.) THOMAS MAGNUM, P.I., =NC. | Worksheet | For the Quarter Ended March 31, =008 | | Trial Balance | Adjustments | Adjusted Trial =alance | Income Statement | Balance =heet | Account Titles | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Cash | 11,400 | | 0 | 0 | 11400 | 0 | 0 | 0 | 11400 | 0 | Accounts Receivable | 5,620 | | 530 | 0 | 6150 | 0 | 0 | 0 | 6150 | 0 | Supplies | 1,050 | | 0 | 670 | 380 | 0 | 0 | 0 | 380 | 0 | Prepaid Insurance | 2,400 | | 0 | 600 | 1800 | 0 | 0 | 0 | 1800 | 0 | Equipment | 30,000 | | 0 | 0 | 30000 | 0 | 0 | 0 | 30000 | 0 | Notes Payable |
WEEK 3
SAMUEL GEORGE
Financial Accounting / CHAPTER 4 | | | | |
P4-1A
| Thomas Magnum began operations as a private investigator on =anuary 1, 2008. The trial balance columns of the worksheet for THOMAS =AGNUM, P.I., INC. at March 31 are as follows. | THOMAS MAGNUM, P.I., =NC. | Worksheet | For the Quarter Ended March 31, =008 | | Trial Balance | | | | Account Titles | Dr. | Cr. | Cash | 11,400 | | Accounts Receivable | 5,620 | | Supplies | 1,050 | | Prepaid Insurance | 2,400 | | Equipment | 30,000 | | Notes Payable | | 10,000 | Accounts Payable | | 12,350 | Common Stock | | 20,000 | Dividends | 600 | | Service Revenue | | 13,620 | Salaries Expense | 2,200 | | Travel Expense | 1,300 | | Rent Expense | 1,200 | | Miscellaneous Expense | 200 | | | -------------------------------------------------
55,970 | 55,970 |
Other data: 1. Supplies on hand total =380. 2. Depreciation is $1,000 per =uarter. 3. Interest accrued on 6-month =ote payable, issued January 1, $300. 4. Insurance expires at the rate =f $200 per month. 5. Services provided but unbilled =t March 31 total $530. | |
| | | Correct. |
Complete the worksheet. (If answer is zero, please =nter 0. Do not leave any fields blank.) THOMAS MAGNUM, P.I., =NC. | Worksheet | For the Quarter Ended March 31, =008 | | Trial Balance | Adjustments | Adjusted Trial =alance | Income Statement | Balance =heet | Account Titles | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | Cash | 11,400 | | 0 | 0 | 11400 | 0 | 0 | 0 | 11400 | 0 | Accounts Receivable | 5,620 | | 530 | 0 | 6150 | 0 | 0 | 0 | 6150 | 0 | Supplies | 1,050 | | 0 | 670 | 380 | 0 | 0 | 0 | 380 | 0 | Prepaid Insurance | 2,400 | | 0 | 600 | 1800 | 0 | 0 | 0 | 1800 | 0 | Equipment | 30,000 | | 0 | 0 | 30000 | 0 | 0 | 0 | 30000 | 0 | Notes Payable |