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Question & Answer: Requirements 1. Record each transaction in the jourmal. Be sure to reoord the date in each entry. Explanations are not required 2. Post the to the T-accounts, u…..

Requirements 1. Record each transaction in the jourmal. Be sure to reoord the date in each entry. Explanations are not required 2. Post the to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal Prepare the trial balance of Cloutier Services, Inc, at December 31 of the current year 4. James Clioutier, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether December was proftable (and by how much). 3. Requirement 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Dec 2: Cloutier Services received $66,000 cash and issued common stock to the stockholders Accounts Debit Dec
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Requirements 1. Record each transaction in the jourmal. Be sure to reoord the date in each entry. Explanations are not required 2. Post the to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal Prepare the trial balance of Cloutier Services, Inc, at December 31 of the current year 4. James Clioutier, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether December was proftable (and by how much). 3. Requirement 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Dec 2: Cloutier Services received $66,000 cash and issued common stock to the stockholders Accounts Debit Dec

Expert Answer

 

Answer 1.
Journal Entry
Date Particulars Dr. Amt. Cr. Amt.
2-Dec Cash                                                  Dr.          66,000
   To Common Stock          66,000
3-Dec Supplies                                          Dr.                500
Equipment                                     Dr.          11,600
   To Accounts Payable          12,100
4-Dec Cash                                                  Dr.            5,600
To Service Revenue            5,600
7-Dec Land                                                  Dr.          34,000
   To Cash          34,000
11-Dec Accounts Receivable                  Dr.            3,500
To Service Revenue            3,500
16-Dec Accounts Payable                         Dr.          11,600
   To Cash          11,600
17-Dec Advertisement Expenes           Dr.                540
   To Cash                540
18-Dec Cash                                                  Dr.            1,400
   To Accounts Receivable            1,400
22-Dec Water & Electricity Exp           Dr.                370
   To Cash                370
29-Dec Cash                                                  Dr.            2,600
To Service Revenue            2,600
31-Dec Salaries Expenes                          Dr.            2,200
   To Cash            2,200
31-Dec Dividends                                        Dr.            2,500
   To Cash            2,500
Answer 2.
Cash Common Stock Supplies
2-Dec          66,000          34,000 7-Dec          66,000 2-Dec 3-Dec                500
4-Dec            5,600          11,600 16-Dec
18-Dec            1,400                540 17-Dec
29-Dec            2,600                370 22-Dec
           2,200 31-Dec
           2,500 31-Dec
End. Bal.          24,390 End. Bal.          66,000 End. Bal.                500
Equipment Accounts Payable Service Revenue
3-Dec          11,600 16-Dec       11,600          12,100 3-Dec          5,600 4-Dec
         3,500 11-Dec
         2,600 29-Dec
End. Bal.          11,600 End. Bal.                500 End. Bal.       11,700
Land Accounts Receivable Advertisement Expenes
7-Dec          34,000 11-Dec         3,500            1,400 18-Dec 17-Dec                540
End. Bal.          34,000 End. Bal.         2,100 End. Bal.                540
Water & Electricity Expenses Salaries Expenes Dividends Expenes
22-Dec                370 31-Dec         2,200 31-Dec            2,500
End. Bal.                370 End. Bal.         2,200 End. Bal.            2,500
Answer 3.
Trial Balance
as of Dec 31
Particulars Dr. Amt. Cr. Amt.
Cash          24,390
Common Stock          66,000
Supplies                500
Equipment          11,600
Accounts Payable                500
Service Revenue          11,700
Land          34,000
Accounts Receivable            2,100
Advertisement Expenes                540
Water & Electricity Expenses                370
Salaries Expenes            2,200
Dividends Expenes            2,500
Total          78,200          78,200
                  –
Answer 4.
Income Statement
for Dec 31
Revenues
Service Revenue          11,700
Less: Expenses
Advertisement Expenes                540
Water & Electricity Expenses                370
Salaries Expenes            2,200            3,110
Net Operating Income (Loss)            8,590
Balance Sheet
as of Dec 31
Assets
Current Assets
Cash          24,390
Supplies                500
Accounts Receivable            2,100          26,990
Tangible Assets
Equipment          11,600
Land          34,000          45,600
Total Assets          72,590
Liabilities & Sharholders’ Equity
Liabilities
Current Liabilities
Accounts Payable                500
Other Liablities                   –
Total Liabilities                500
Shareholders’ Equity
Common Stock          66,000
Retained Earnings            6,090
Total Shareholders’ Equity          72,090
Total Liabilities & Shareholders’ Equity          72,590
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