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I-04.05

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Jan. 1

Jan. 1

Feb. 7

Mar. 3 Paid wages of $55,400.

Apr. 1 Billed customers for services in the amount of $240,000.

Apr. 11 Paid $30,000 toward the purchase of February 7.

May 1

June 6 Collected $200,000 on accounts receivable.

June 9 Paid wages of $130,600.

June 15 Paid $30,000 for fuel costs.

June 20 Paid $12,500 for lodging costs incurred by crew.

June 30

Aug. 1

Sept. 3 Collected $715,000 on accounts receivable.

Sept. 16 Purchased $25,000 of supplies on account.

Sept. 25 Paid $61,200 for fuel costs.

Oct. 20 Paid $8,100 for lodging costs incurred by crew.

Nov. 3 Paid wages of $125,900.

Dec. 15

Dec. 31 Paid a $25,000 dividend to shareholders.

On January 1, 20X7, Jacqueline Fernandez formed a corporation to purchase wheat harvesting equipment and provide contract support services to farmers throughout the Midwest. Information about the first year of operation follows:Investors provided $3,000,000 of cash in exchange for

stock of Fernandez Corporation.

Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable.Purchased $40,000 of supplies on account that will be needed during the upcoming harvest.

Purchased a $24,000 insurance policy. This transaction was recorded as prepaid insurance.

Paid $110,000 of interest and $80,000 to reduce the balance of the note payable.Billed customers for services provided in the amount of $812,000.

Collected $100,000 as deposits from customers who contracted for 20X8 harvesting services.

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Fernandez Corporation uses the following accounts:Cash Accounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated DepreciationAccounts PayableInterest PayableUnearned RevenueNotes PayableCapital StockRetained EarningsDividendsRevenuesWage ExpenseFuel ExpenseLodging ExpenseInsurance ExpenseSupplies ExpenseInterest ExpenseDepreciation ExpenseIncome Summary

(a) Journalize the listed transactions.(b) Post the transactions to the appropriate general ledger accounts.(c) Prepare a trial balance as of December 31.(d)

The equipment had 20-year life, with no salvage value.

Journalize and post adjusting entries based on the following additional information.

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Supplies on hand at year end amount to $20,000.

(e) Prepare an adjusted trial balance as of December 31.(f)

(g) Journalize and post closing entries.(h) Prepare a post-closing trial balance as of December 31.

At year end, $115,000 of additional interest is due on the note payable.The insurance policy covered a 24-month period commencing on May 1.

At year end, Fernandez had provided $30,000 of unbilled services to customers. These services will be billed in early 20X8.

Prepare an income statement and statement of retained earnings for 20X7, and a classified balance sheet as of the end of the year.

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Góp vốn

Mua trang thiết bị

Mua vpp, chưa thanh toán

Trả lương

Gửi hóa đơn yêu cầu thanh toán

Trả nợ

Mua bảo hiểm

K/H trả nợ

Trả tiền lãi và gốc

K/H tạm ứng

Trả cổ tức

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Hệ thống TKTiềnP.thu k/hVPPBảo hiểm trả trcTrang thiết bịHao mòn lũy kếP.trả n/bánLãi phải trảDoanh thu chưa thực hiệnVay NHNVKDLợi nhuận giữ lại (Tương tự tk 421)Cổ tứcDoanh thuCP lươngCP xăng dầuCP Công tácCP Bảo hiểmCP vppCP Lãi vayCP khấu haoTương tự tk 911

Ghi vào sổ nhật ký chungGhi sổ cáiBảng cân đối tk thử

Ghi sổ nhật ký chung và ghi sổ cái các bút toán điều chỉnhK/H 20 NĂM-pp đường thẳng

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Cuối năm còn lại 20,000Lãi phải trả vào cuối năm là 115,000

Bảo hiểm 24 tháng

Đã hoàn thành dịch vụ trị giá 30,000, nhưng chưa gửi hóa đơn cho k/hBảng cân đối tk sau điều chỉnh

Lập 3 loại BCTCGhi sổ nhật ký chung và ghi sổ cái các bút toán đóng sổBảng cân đối tk sau các bút toán đóng sổ

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Đã hoàn thành dịch vụ trị giá 30,000, nhưng chưa gửi hóa đơn cho k/h

Name:

Date: Section: I-04.05(a)

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Date Accounts Debit Credit

Jan. 1 Cash 3,000,000

Capital Stock 3,000,000

Jan. 1 Equipment 4,000,000

Cash 1,000,000

Notes Payable 3,000,000

Feb. 7 Supplies 40,000

Accounts Payable 40,000

Mar. 3 Wage Expense 55,400

Cash 55,400

Paid wages of $55,400.

Apr. 1 Accounts Receivable 240,000

Revenues 240,000

GENERAL JOURNAL Page 1

Collected $715,000 on accounts receivable.

Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable.

Purchased $40,000 of supplies on account that will be needed during the upcoming harvest.

Billed customers for services in the amount of $240,000.

Name:


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Apr. 11 Accounts Payable 30,000

Cash 30,000

May 1 Prepaid Insurance 24,000

Cash 24,000

June 6 Cash 200,000

Accounts Receivable 200,000

June 9 Wage Expense 130,600

Cash 130,600


June 15 Fuel Expense 30,000

Cash 30,000

Paid $30,000 for fuel costs.


Paid $30,000 toward the purchase of February 7.

Purchased a $24,000 insurance policy. This transaction was recorded as prepaid insurance.


Name:


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June 20 Lodging Expense 12,500

Cash 12,500

June 30 Interest Expense 110,000

Notes Payable 80,000

Cash 190,000

Aug. 1 Accounts Receivable 812,000

Revenues 812,000

Sept. 3 Cash 715,000


Sept. 16 Supplies 25,000



Paid $12,500 for lodging costs incurred by crew.

Paid $110,000 of interest and $80,000 to reduce the balance of the note payable.

Billed customers for services provided in the amount of $812,000.


Name:


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Sept. 25 Fuel Expense 61,200

Cash 61,200

Paid $61,200 for fuel costs.

Oct. 20 Lodging Expense 8,100

Cash 8,100

Nov. 3 Wage Expense 125,900

Cash 125,900


Dec. 15 Cash 100,000

Unearned Revenue 100,000

Dec. 31 Dividends 25,000

Purchased $25,000 of supplies on account.


Paid $8,100 for lodging costs incurred by crew.

Collected $100,000 as deposits from customers who contracted for 20X8 harvesting services.

Name:


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Cash 25,000

Tông 9,824,700 9824700

Paid a $25,000 dividend to shareholders.

Solution I-04.05(b,d,g)

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CASH

Date Description Debit Credit Balance

Jan. 1 Balance forward - - -

Jan. 1 GJ page 1 3,000,000

Jan. 1 GJ page 1 1,000,000

Mar. 3 GJ page 1 55,400

Apr. 11 GJ page 2 30,000

May 1 GJ page 2 24,000

June 6 GJ page 2 200,000





Sept. 3 GJ page 3 715,000


Oct. 20 GJ page 4 8,100

Nov. 3 GJ page 4 125,900

Dec. 15 GJ page 4 100,000

Dec. 31 GJ page 4 25,000

2,322,300

ACCOUNTS RECEIVABLE



Apr. 1 GJ page 1 240,000


Aug. 1 GJ page 3 812,000


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I-04.05(b)(d)(g)


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137,000

SUPPLIES



Feb. 7 GJ page 1 40,000

Sept. 16 GJ page 3 25,000 65,000

Dec. 31 GJ page 5 45,000

20,000

PREPAID INSURANCE



May 1 GJ page 2 24,000 24,000

Dec. 31 GJ page 2 8,000

16,000

EQUIPMENT



Jan. 1 GJ page 1 4,000,000

4,000,000


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ACCUMULATED DEPRECIATION



Dec. 31 GJ page 5 200,000

ACCOUNTS PAYABLE



Feb. 7 GJ page 1 40,000

Apr. 11 GJ page 2 30,000


35,000

INTEREST PAYABLE



Dec. 31 GJ page 5 150,000

150,000

UNEARNED REVENUE



Dec. 15 GJ page 4 100,000 100,000

Dec. 31 GJ page 5 30,000

70,000


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NOTES PAYABLE



Jan. 1 GJ page 1 3,000,000


2,920,000

CAPITAL STOCK



Jan. 1 GJ page 1 3,000,000

3,000,000

RETAINED EARNINGS



Dec. 31 GJ page 6 145,300 145,300

DIVIDENDS


Dec. 31 GJ page 4 25,000


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25,000

REVENUES


Apr. 1 GJ page 1 240,000

Aug. 1 GJ page 3 812,000 1,052,000

Dec. 31 GJ page 5 30,000 1,082,000

Dec. 31 GJ page 6 1,082,000 -

WAGE EXPENSE


Mar. 3 GJ page 1 55,400


Nov. 3 GJ page 4 125,900 311,900

Dec. 31 GJ page 6 311,900

-

FUEL EXPENSE



Sept. 25 GJ page 4 61,200 91,200

Dec. 31 GJ page 6 91,200

-

LODGING EXPENSE



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Oct. 20 GJ page 4 8,100 20,600

Dec. 31 GJ page 6 20,600

-

INSURANCE EXPENSE


Dec. 31 GJ page 5 8,000 8,000

Dec. 31 GJ page 6 8,000 -

SUPPLIES EXPENSE


Dec. 31 GJ page 4 45,000 45,000

Dec. 31 GJ page 6 45,000

-

INTEREST EXPENSE


June 30 GJ page 3 110,000 110,000

Dec. 31 GJ page 5 150,000 260,000

Dec. 31 GJ page 6 260,000

-

DEPRECIATION EXPENSE


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Dec. 31 GJ page 5 200,000 200,000

Dec. 31 GJ page 6 200,000

-

INCOME SUMMARY


Dec. 31 GJ page 6 1,082,000

Dec. 31 GJ page 6 936,700 145,300

Dec. 31 GJ page 6 145,300

-

Name:

Date: Section: I-04.05(c)

FERNANDEZ CORPORATIONTrial Balance

December 31, 20X7

Debits Credits

Cash $ 2,322,300


Supplies 65,000

Prepaid Insurance 24,000

Equipment 4,000,000





Dividends 25,000

Revenues 1,052,000

Wage Expense 311,900

Fuel Expense 91,200

Lodging Expense 20,600

Interest Expense 110,000

$ 7,107,000 $ 7,107,000

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I-04.05(c)

Name:

Date: Section: I-04.05(d)


Dec. 31 Depreciation Expense 200,000

Accumulated Depreciation 200,000

Dec. 31 Supplies Expense 45,000

Supplies 45,000

Dec. 31 Interest Expense 150,000

Interest Payable 150,000

Dec. 31 Insurance Expense 8,000



Revenues 30,000


The equipment had 20-year life, with no salvage value.

Supplies on hand at year end amount to $20,000.

At year end, $115,000 of additional interest is due on the note payable.

The insurance policy covered a 24-month period commencing on May 1.

At year end, Fernandez had provided $30,000 of unbilled services to customers. These services will be billed in early 20X8.

Name:

Date: Section: I-04.05(d)

Name:

Date: Section: I-04.05(e)

FERNANDEZ CORPORATIONAdjusted Trial Balance

December 31, 20X7

Debits Credits

Cash $ 2,322,300


Supplies 20,000


Equipment 4,000,000

Accumulated Depreciation 200,000






Dividends 25,000

Revenues 1,082,000

Wage Expense 311,900

Fuel Expense 91,200


Insurance Expense 8,000

Supplies Expense 45,000


Depreciation Expense 200,000

$ 7,457,000 $ 7,457,000

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I-04.05(e)

Name:

Date: Section: I-04.05(f)

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FERNANDEZ CORPORATION

Income Statement

For the Year Ending December 31, 20X7

Revenues

$ 1,082,000

Expenses

Wage $ 311,900

Fuel 91,200

Lodging 20,600

Insurance 8,000

Supplies 45,000

Interest 260,000

Depreciation 200,000 936,700

Net income $ 145,300


Statement of Retained Earnings

For the Year Ending December 31, 20X7

Beginning retained earnings $ -

Plus: Net income 145,300

$ 145,300

Less: Dividends 25,000

Ending retained earnings $ 120,300

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I-04.05(f)

Name:


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Balance Sheet

December 31, 20X7

Assets

Current assets

Cash $ 2,322,300


Supplies 20,000

Prepaid Insurance 16,000 $ 2,495,300

Property, plant & equipment

Equipment $ 4,000,000

Accumulated Depreciation 200,000 4,200,000

Total assets $ 6,695,300

Liabilities

Current liabilities

Accounts Payable $ 35,000


Unearned Revenue 70,000 $ 255,000

Long-term liabilities


Total liabilities $ 3,175,000

Stockholders' equity

Name:


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Capital Stock $ 3,000,000

Retained earnings 120,300

Total stockholders' equity 3,120,300

Total Liabilities and equity $ 6,295,300

Name:

Date: Section: I-04.05(g)


Dec. 31 Revenues 1,082,000

Income Summary 1,082,000

Dec. 31 Wage Expense 311,900

Fuel Expense 91,200


Insurance Expense 8,000

Supplies Expense 45,000


Depreciation Expense 200,000

Income Summary 936,700

Dec. 31 Income Summary 145,300

Retained Earnings 145,300


Name:

Date: Section: I-04.05(g)

Name:

Date: Section: I-04.05(h)

FERNANDEZ CORPORATIONPost-Closing Trial Balance

December 31, 20X7

Debits Credits

Cash

Accounts Receivable

Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation

Accounts Payable

Interest Payable

Notes Payable

Capital Stock

Retained Earnings

$ - $ -

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I-04.05(h)

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