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

2021
Views:

151

Pages:

3
Author:

do3ran7ut

PROBLEM 3.7B AHUNA, INC. 50 Minutes, Strong a. General Journal 2011 Mar. 3 1,200 Cash Accounts Receivable Collected $1,200 from Kim Mitchell on account. 11 1,200 Cooking Supplies Cash Purchased cooking supplies with cash. 700 15 Accounts Payable Cash Paid $200 of outstanding account payable. 200 700 200 20 Cash 4,000 Ca pital Stock Issued additional shares of capital stock. 4,000 24 Accounts Receivable Client Revenue Recorded revenue on account. 6,200 6,200 27 Salaries Expense Cash Recorded March salaries expense. 900 30 Travel Expense Cash Recorded March travel expense. 400 31 Printing Expense Accounts Pa yable Recorded printing expense on account. 300 900 400 300 P3.7B PROBLEM 3.7B AHUNA, INC. (continued) b. Mar. 1 bal. Mar. 3 Mar. 20 Cash 5,700 Mar. 11 1,200 Mar. 15 4,000 Mar. 27 Mar. 30 Mar. 31 bal. 8,700 Mar. 1 bal. Mar. 11 Mar. 31 bal. 700 Mar. 1 bal. 200 Mar. 24 900 400 Mar. 31 bal. Cooking Supplies 800 700 1,500 Dividends Payable Mar. 1 bal. Mar. 31 bal. Mar. 15 Accounts Payable 200 Mar. 1 bal. Mar. 31 Mar. 31 bal. Mar. 1 bal. Dividends 500 500 Mar. 31 bal. 500 Retained Earnings Mar. 1 bal. Mar. 31 bal. Client Revenue Mar. 1 bal. 5,800 Mar. 24 6,200 Mar. 31 bal. 12,000 Mar. 1 bal. Mar. 27 Mar. 31 bal. Salaries Expense 3,100 900 4,000 Travel Expense 1,500 400 1,900 Mar. 1 bal. Mar. 31 Mar. 31 bal. Printing Expense 600 300 900 P3.7B(p. 2) (2) 1,200 6,800 500 Capital Stock Mar. 1 bal. 6,000 Mar. 20 4,000 Mar. 31 bal. 10,000 Mar. 1. bal. Mar. 30 Mar. 31 bal. Accounts Receivable 1,800 Mar. 3 6,200 300 300 400 1,400 1,400 PROBLEM 3.7B AHUNA, INC. (concluded) c. AHUNA, INC. Trial Balance March 31, 2011 $ Cash Accounts receivable Cooking supplies Accounts payable 8,700 6,800 1,500 $ Dividends payable Dividends Capital stock 400 500 500 10,000 Retained earnings Client revenue 1,400 12,000 Salaries expense Travel expense Printing expense 4,000 1,900 900 $ 24,300 $ 24,300 d. The company has not paid the dividends it previously declared as evidenced by the $500 dividends payable liability in the trial balance. P3.7B(p. 3)