60.1K

Verified Solution

Link Copied!

Show all work to all answers please

Bestplumbing service Co. started its operation on 1/1, 2018. The balance sheet as of 6/30/2018 is shown in worksheets. The company had the following transactions during July of 2018 1-Jul Borrowed $35.000 from key bank by signing a 24-month note with a 4% annual interest rate 2 1 -Jul Received 558,000 cash from new investors and issued 558.000 no-par value common stock to them 1-Jul Purchase $84,000 of new equipment and paid cash 1-Jul Pay 500 forly truck rental J-Jul invoice customer A $900 for service completed - customer will pay in 10 days. 6 5-Jul the board of directors declared a cash divdiend of $11.000, to be paid on 7/31 7-Jul Paid employee S6,000 for works performed during the first week of July, 10-Jul Performed a job for a new customer-customer. Oustomer paid $500 in cash 9 12-Jul Collected $3.500 for service performed on Nne 20th of 2018 10 14-Jul Pald employee $4800 for works performed during the first week of July. 15-Jul Purchased $50 of supplies on account Supplies are consumed immediately 15-Jul Collected $900 for service performed on 7/3. 17-Jul incurred $430 cost for repairing am equipment. Bestplumbing will pay in 30 days 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 months. 20-Jul Collected $30,000 cash from service performed on June 28th 16 21-Jul Paid employees $5,750 for work performed during the 3rd week of July. 23-Jul Receive advanced $48,000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to Jarvuary 31 of 2019 18 25 Jul Completed plumbing work for customer. The total price is $3,000. The customer paid $1,000 cash and will pay the remaining on august 25. 27-Jul Completed a job for customer D. Customer paid $225 cash. 20 27-Jul Paid $50 for the supplies purchased on 7/15 28 Jul Pay the employees $6300 for work performed during the 4th week of july. 22 31 Jul invoice customer E $33,000 for service completed customer will pay in 20 days 31-Jul pay the cash dividend which was declared on 7/5. Additional Information: 1 The depreciation expense for the month is estimated to be $2,400 2 At the end of May, there are $15,550 supplies on hand. 3 For the last 3 days (29,30,31) of work on July, the employees earned $3,200 of wage, which have not been paid yet. 4 On 2/1/2018, Best Plumbing received advanced payment from the government office for works to be performed from Febrary to July. Per the contract with the government, Bestplumbing can recognize 58,000 of the advanced payment as revenue in July 5 The bank informs Bestplumbing that the interest on the loan for July is $115. Instructions 1. Prepare journal entries for each event show work on worksheet" Prepare the general ledger accounts (T-accounts) on a piece of paper or on your computer. But you do not need to show your work for this 2. Prepare adjusting entries (show work on worksheet "ADI. JE"). 3. Prepare adjusted trial balance show work on worksheet" ADJ. TS") 4. Prepare Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows (show work on Fol. 5. Prepare closing entries (show work on "closing JE") Please show all work on how yall got the answers The balance sheet of as of 6/30/2018 BestPlumbing, Inc. Balance Sheet As of June 30, 2018 38,250 33,500 4,375 76,125 48,000 (18,000) ASSETS Current assets cash Accounts Receivable Supplies Total current assets PPE Equipment Accumulated Depreciation Equipment, net Total assets LIABILITIES Current liabilities Unearned revenue Total liabilities STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' Equity 30,000 106,125 8,000 8,000 50,000 48,125 98,125 Bestplumbing service Co. started its operation on 1/1, 2018. The balance sheet as of 6/30/2018 is shown in worksheets. The company had the following transactions during July of 2018 1-Jul Borrowed $35.000 from key bank by signing a 24-month note with a 4% annual interest rate 2 1 -Jul Received 558,000 cash from new investors and issued 558.000 no-par value common stock to them 1-Jul Purchase $84,000 of new equipment and paid cash 1-Jul Pay 500 forly truck rental J-Jul invoice customer A $900 for service completed - customer will pay in 10 days. 6 5-Jul the board of directors declared a cash divdiend of $11.000, to be paid on 7/31 7-Jul Paid employee S6,000 for works performed during the first week of July, 10-Jul Performed a job for a new customer-customer. Oustomer paid $500 in cash 9 12-Jul Collected $3.500 for service performed on Nne 20th of 2018 10 14-Jul Pald employee $4800 for works performed during the first week of July. 15-Jul Purchased $50 of supplies on account Supplies are consumed immediately 15-Jul Collected $900 for service performed on 7/3. 17-Jul incurred $430 cost for repairing am equipment. Bestplumbing will pay in 30 days 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 months. 20-Jul Collected $30,000 cash from service performed on June 28th 16 21-Jul Paid employees $5,750 for work performed during the 3rd week of July. 23-Jul Receive advanced $48,000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to Jarvuary 31 of 2019 18 25 Jul Completed plumbing work for customer. The total price is $3,000. The customer paid $1,000 cash and will pay the remaining on august 25. 27-Jul Completed a job for customer D. Customer paid $225 cash. 20 27-Jul Paid $50 for the supplies purchased on 7/15 28 Jul Pay the employees $6300 for work performed during the 4th week of july. 22 31 Jul invoice customer E $33,000 for service completed customer will pay in 20 days 31-Jul pay the cash dividend which was declared on 7/5. Additional Information: 1 The depreciation expense for the month is estimated to be $2,400 2 At the end of May, there are $15,550 supplies on hand. 3 For the last 3 days (29,30,31) of work on July, the employees earned $3,200 of wage, which have not been paid yet. 4 On 2/1/2018, Best Plumbing received advanced payment from the government office for works to be performed from Febrary to July. Per the contract with the government, Bestplumbing can recognize 58,000 of the advanced payment as revenue in July 5 The bank informs Bestplumbing that the interest on the loan for July is $115. Instructions 1. Prepare journal entries for each event show work on worksheet" Prepare the general ledger accounts (T-accounts) on a piece of paper or on your computer. But you do not need to show your work for this 2. Prepare adjusting entries (show work on worksheet "ADI. JE"). 3. Prepare adjusted trial balance show work on worksheet" ADJ. TS") 4. Prepare Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows (show work on Fol. 5. Prepare closing entries (show work on "closing JE") Please show all work on how yall got the answers The balance sheet of as of 6/30/2018 BestPlumbing, Inc. Balance Sheet As of June 30, 2018 38,250 33,500 4,375 76,125 48,000 (18,000) ASSETS Current assets cash Accounts Receivable Supplies Total current assets PPE Equipment Accumulated Depreciation Equipment, net Total assets LIABILITIES Current liabilities Unearned revenue Total liabilities STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' Equity 30,000 106,125 8,000 8,000 50,000 48,125 98,125

Answer & Explanation Solved by verified expert

See Answer