University:
Michigan State University
Course:
ACC 300 | Intermediate Financial Accounting I
Academic year:

2021
Views:

288

Pages:

3
Author:

Nesbyenvkk

PROBLEM 3.7A SANLUCAS, INC. 50 Minutes, Strong a. General Journal 2011 June 4 1,500 Cash Notes Pa y able Borrowed cash from bank by issuing a note payable. 9 1,500 Cash 1,600 Accounts Receivable Collected $1,600 from Nina Lesher on account. 10 17 25 28 30 Inspection Supplies Accounts Pa yable Purchased inspection supplies on account. 1,600 150 150 Accounts Receivable Ins p ection Revenue Billed homeowners $1,650 on account. 1,650 1,650 Advertising Expense Cash Paid WLIR Radio for ads to be aired June 27. 200 200 Testing Expense Cash Paid for June testing expenses. 1,300 Salaries Expense Cash Paid June salaries. 1,100 1,300 1,100 P3.7A PROBLEM 3.7A SANLUCAS, INC. (continued) b. June 1 bal. June 4 June 9 Cash 5,100 June 25 1,500 June 28 1,600 June 30 June 30 bal. 5,600 June 1 bal. June 10 June 30 bal. June 1 bal. June 25 June 30 bal. 200 1,300 1,100 June 1 bal. June 17 June 30 bal. Inspection Supplies 800 150 950 2,000 1,500 3,500 Capital Stock June 1 bal. 3,000 June 30 bal. 3,000 Inspection Revenue June 1 bal. June 17 June 30 bal. 8,350 1,650 10,000 June 1 bal. Dividends 600 June 30 bal. 600 Retained Earnings June 1 bal. June 30 bal. June 1 bal. June 30 June 30 bal. Salaries Expense 4,900 1,100 6,000 June 1 bal. June 28 June 30 bal. Testing Expense 1,700 1,300 3,000 P3.7A(p. 2) 1,600 2,650 Accounts Payable June 1 bal. June 10 June 30 bal. Notes Payable June 1 bal. June 4 June 30 bal. Advertising Expense 300 200 500 Accounts Receivable 2,600 June 9 1,650 850 150 1,000 1,800 1,800 PROBLEM 3.7A SANLUCAS, INC. (concluded) c. SANLUCAS, INC. Trial Balance June 30, 2011 $ Cash Accounts receivable Inspection supplies Accounts payable 5,600 2,650 950 $ Notes payable Dividends Capital stock 1,000 3,500 600 3,000 Retained earnings Inspection revenue 1,800 10,000 Salaries expense Advertising expense Testing expense 6,000 500 3,000 $ 19,300 $ 19,300 d. The company must have paid all of the dividends it has declared. Otherwise, its trial balance would have reported dividends payable. P3.7A(p. 3)