Question

What are the general ledger entries for the following information. The ledger entry format is below the first part for everything that’s needed. also, the check figures are Net Income = $4163, the Ending Cash Balance = $14430, and the ending total assets = $39090.

Ledger Format, thanks

Pat’s Painting

 

 

 

 

 

 

Trial Balance (beginning balances)

 

 

 

 

 

February 1, 20xx

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

101

Cash

$4,850.00

 

 

 

 

 

102

Accounts Receivable

$10,000.00

 

 

 

 

 

103

Prepaid Insurance

$900.00

 

 

 

 

 

104

Supplies

$600.00

 

 

 

 

 

120

Equipment

$15,240.00

 

 

 

 

 

121

Accumulated Depreciation

$2,940.00

 

 

 

 

201

Accounts Payable

 

$3,840.00

 

 

 

 

204

Notes Payable

 

$- 

 

 

 

 

205

Interest Payable

 

$- 

 

 

 

 

290

Unearned Revenue

 

$- 

 

 

 

 

300

Pat, Capital

 

$24,810.00

 

 

 

 

301

Pat, Drawing

$- 

 

 

 

 

 

400

Painting Revenue

 

$- 

 

 

 

 

501

Supplies Expense

$- 

 

 

 

 

 

502

Wage Expense

$- 

 

 

 

 

 

503

Depreciation Expense

$- 

 

 

 

 

 

504

Insurance Expense

$- 

 

 

 

 

 

505

Interest Expense

$- 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$31,590.00

$31,590.00

 

 

 

 

 

 

 

 

 

 

 

 

Transactions for February, 20xx:

 

 

 

 

 

 

 

 

 

 

 

 

 

1-Feb

Borrowed $4,500 from Star Bank by signing a three month, 12% annual interest note.

1-Feb

Paid Wooster Brush $360 for a ladder with a three year expected life.

 

 

3-Feb

Received $2,500 from Bob Tull for a job completed and billed in January.

 

7-Feb

Received $2,000 from Ann Smith for a job completed and billed in January.

 

14-Feb

Purchased $1,322 in paint and other supplies on credit from Sherwin Williams.

14-Feb

Paid Sherwin Williams $3,840 for purchases made on account in January.

 

17-Feb

Completed painting the Wes Morris house and billed him $5,500.

 

 

21-Feb

Pat contributed an additional $5,000 cash into the business.

 

 

 

21-Feb

Received $4,500 from Al Jones in payment of the amount he owed.

 

 

22-Feb

Contracted to paint Beth Miller’s house and received a down payment of $1,000.

28-Feb

Completed painting Jerry Hale’s house and billed him $3,500.

 

 

28-Feb

Bought $1,250 paint and other supplies on credit from Sherwin Williams.

 

28-Feb

Paid Wooster Brush $720 for scaffolding with a three year expected life.

 

28-Feb

Paid Walter Walters his monthly salary of $2,000 (do not worry about payroll taxes).

28-Feb

Pat withdrew $3,000 for her personal use.

 

 

 

 

 

 

 

 

 

 

 

 

Adjusting Entries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28-Feb

$100 of the insurance was consumed during the month of February.

 

 

28-Feb

$45 in interest accrued on the note payable, and will not be paid until maturity date.

28-Feb

$2472 of the supplies had been consumed.

 

 

 

 

28-Feb

$220 was the depreciation on the equipment.

 

 

 

 

 

 

 

 

 

 

 

 

               

 



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