ACC1800ACCOUNTING PROCEDURES Project 1 Recording Transactio

ACC1800-ACCOUNTING PROCEDURES Project # 1: Recording Transactions (Chps 1 & 2) OAKLANT Summer Edwards will manage Edwards Caddy Services at Canyon Lake Golf and Country Club during June through September 2017 Summer rents a small maintenance building from the country club and offers caddy services, including cart rentals, to golfers. Summer has had no formal training in bookkeeping. Summer keeps receipts and notes of all revenaes and expenses in a shoe box. Your examination of the Summer\'s shoe box of caddy service records for June revealed the following: Jun 1 Summer contributed to Edwards Caddy Service, by depositing $8,000 into the business account 1 Paid June rental fee of $1,000 for a small bailding at Canyon Lake Golf and Country Club. 2 Paid June rental fee of $1,500 for 40 regular palling golf carts and 20 gasoline-drive carts 3 Purchased golf supplies (practice balls, gasoline, etc), on account $2,000 15 Paid wages to part-time employees, $8so. 20 Pald cash to creditors on account, $1,000. 30 A count of all the \"Pay Later\" slips from customers for caddy services performed from June 1-30, totalled, $3,000. 30 A count of all the \"Paid Cash\" slips from customers for caddy services performed from June 1-30, totalled $9,000. 30 Paid the following basiness expenses: Paid wages to part-time employees, $1,250. Paid telephone and electricity expenses, $300. Paid miscellaneous expenses, $250. 30 Summer withdrew $3,800 for personal use. Summer has asked you several questions concerning his financial affairs to date, and he has asked you to assist with his bookkeeping and reporting of financial data. 1. Journalize Edwards Caddy Service\'s June transactions 2. Post Edwards Caddy Service\'s June transactions to T-Accounts 3. Prepare Edwards Caddy Service\'s Trial Balance as of june 30, 2017 4. Prepare Edwards Caddy Service\'s Income Statement for the month ended June 30, 2017 5. Prepare Edwards Caddy Service\'s Statement of Owner\'s Equity for the month ended June 30, 2017 6. Prepare Edwards Caddy Service\'s Balance Sheet as of june 30, 2017. **COMPLETE ENTIRE PACKET NEATLY USING PENCIL, NO INK\" 1 of

Solution

Edward Caddy Services General Journal Date Journal Amount (DR) Amount (CR) 1-Jun Cash $                         8,000.00      To Capital $                          8,000.00 (Being amount deposited by Edward in the business) 1-Jun Rent Expenses-building $                         1,000.00     To Cash $                          1,000.00 (Being amount paid for rent for a small building at Canyon Lake and Country club) 1-Jun Rent Expenses-golf and drive carts $                         1,500.00 To Accounts Payable $                          1,500.00 (Being amount for rent for 40 regular pulling golf carts and 20 gasoline drive carts) 3-Jun Golf Supplies $                         2,000.00     To Accounts Payable $                          2,000.00 (Being golf supplies purchased on account) 15-Jun Wages $                             850.00      To Cash $                              850.00 (Being amount of wages paid to part time employees) 20-Jun Account Payable $                         1,000.00      to Cash $                          1,000.00 (Being amount paid to creditors) 30-Jun Accounts Receivale $                         3,000.00       To Service revenue $                          3,000.00 (Being amount of Pay later slips received for caddy service performed from1st to 30th June) 30-Jun Cash $                         9,000.00      To Service Revenue $                          9,000.00 (Being amount of Caddy service performed from June1-30 30-Jun Wages $                         1,250.00      To Cash $                          1,250.00 (Being amount of wages paid to part time employees) 30-Jun Telephone & Electricity Expenses $                             300.00    To Cash $                              300.00 (Being amount paid for telephone and electricity expenses) 30-Jun Miscellaneous Expenses $                             250.00     To Cash $                              250.00 (Being amount of miscellaneous expenses paid) 30-Jun Drawings $                         3,800.00 To Cash $                          3,800.00 (Being amount withdrew for person use by Edward) Cash A/c Date Particular Amount Date Particular Amount 1-Jun To common Stock $                                                            8,000.00 1-Jun Rent Expenses-building $    1,000.00 30-Jun To Service revenue $                                                            9,000.00 1-Jun Rent Expenses-golf and drive carts $    1,500.00 15-Jun Wages $        850.00 20-Jun Accounts Payable $    1,000.00 30-Jun Wages $    1,250.00 30-Jun Telephone & Electricity Expenses $        300.00 30-Jun Miscellaneous Expenses $        250.00 30-Jun By Drawings $    3,800.00 30-Jun By Bal c/d $    7,050.00 Total $                                                          17,000.00 $ 17,000.00 Rent Expenses-building Date Particular Amount Date Particular Amount 2-Aug To Cash $                                                            1,000.00 30-Jun By Bal C/d $    1,000.00 Total $                                                            1,000.00 $    1,000.00 Rent Expenses-golf and drive carts Date Particular Amount Date Particular Amount 3-Aug To Cash $                                                            1,500.00 30-Jun By Bal C/d $    1,500.00 Total $                                                            1,500.00 $    1,500.00 Wages Date Particular Amount Date Particular Amount 15-Jun To Cash $                                                                850.00 30-Jun By Bal C/d $    2,100.00 30-Jun To Cash $                                                            1,250.00 Total $                                                            2,100.00 $    2,100.00 Golf Supplies A/c Date Particular Amount Date Particular Amount 3-Jun To Accounts Payable $                                                            2,000.00 30-Jun By Bal C/d $    2,000.00 Total $                                                            2,000.00 $    2,000.00 Service revenue Date Particular Amount Date Particular Amount 20-Aug To Bal C/d $                                                          12,000.00 30-Jun By Accounts Receivable $    3,000.00 By Cash $    9,000.00 Total $                                                          12,000.00 $ 12,000.00 Telephone & Electricity Expenses Date Particular Amount Date Particular Amount 30-Jun To Cash $                                                                300.00 30-Jun By Bal c/d $        300.00 Total $                                                                300.00 $        300.00 Capital A/c Date Particular Amount Date Particular Amount 30-Jun To Bal C/d $                                                            8,000.00 1-Jun By Cash $    8,000.00 Total $                                                            8,000.00 $    8,000.00 Accounts Payable Date Particular Amount Date Particular Amount 20-Jun To Cash $                                                            1,000.00 3-Jun By golf Supplies $    2,000.00 20-Aug To Bal C/d $                                                            1,000.00 Total $                                                            1,000.00 $    2,000.00 Accounts Receivable Date Particular Amount Date Particular Amount 30-Jun To Service Revenue $                                                            3,000.00 30-Jun By Bal C/d $    3,000.00 Total $                                                            3,000.00 $    3,000.00 Edward Caddy Service Trial Balnce at June 30th Account Head Debit Credit Cash $                         7,050.00 Accounts receivable $                         3,000.00 Golf Supplies $                         2,000.00 Accounts payable $                          1,000.00 Capital A/c $                          8,000.00 Drawings 3800 Service Revenue $                        12,000.00 Rent Expenses-building $                         1,000.00 Rent Expenses-golf and drive carts $                         1,500.00 Telephone & Electricity Expenses $                             300.00 Wages Expenses $                         2,100.00 Miscellaneous Expenses $                             250.00 Total $                       21,000.00 $                        21,000.00 Edward Caddy Service Income Statement June 30th Service Revenue $                        12,000.00 Expenses wages $                         2,100.00 Rent Expenses-building $                         1,000.00 Rent Expenses-golf and drive carts $                         1,500.00 Telephone & Electricity Expenses $                             300.00 Miscellaneous Expenses $                             250.00 $                          5,150.00 Net Income $                          6,850.00 Edward Caddy Service Balance Sheet as at June 30th 2017 Assets Cash $                         7,050.00 Accounts Receivable $                         3,000.00 Golf Supplies $                         2,000.00 Total Assets $                        12,050.00 Liabilities Accounts Payable $                         1,000.00 $                          1,000.00 Capital $                         8,000.00 Add: Net Income $                         6,850.00 Less: Drawings $                         3,800.00 $                        11,050.00 Total Liabilities $                        12,050.00