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Pete’s lawn service began business on December 1, 2013. Its December transactions are as follows:
Dec. 1 Pete invested $20,000 in the business in exchange for common stock. (No Par)
2 Paid $1,200 cash for December rent to Don Cies Realty.
2 Purchased $1,080 of supplies on account.
3 Purchased $9,500 of lawn equipment; paying $4,700 cash with the balance due in 30 days.
8 Paid $1,080 cash on account for the supplies purchased December 2.
14 Paid $900 cash for a helper’s wages for two weeks work.
20 Performed landscaping services for $3,000 cash.
28 Paid $900 cash for helper’s wages for two weeks work.
30 Billed clients $7,200 for December landscaping services.
31 Paid $1,800 cash for dividends.
a. Set up a general ledger in T-account form for the following accounts:
Cash, Fees Receivable; Supplies, Lawn Equipment; Accumulated Depreciation – Lawn Equipment; Accounts Payable; Wages Payable; Common Stock; Retained Earnings; Landscaping Revenue; Supplies Expense; Wages Expense; Rent Expense; Dividends and Depreciation Expense.
b. Create a General Journal and record the journal entries for the previous transactions and post the transactions to the T-accounts.
c. Prepare the December 31, 2013 unadjusted trial balance.
d. Journalize and post to the T-accounts the required amounts based upon the following:
1. Supplies available at Dec. 31 are $710
2. Accrued wages payable at Dec. 31 are $270.
3. Depreciation for December is $120.
4. Pete spent 30 hours on a landscaping design project during December. When the design is complete in January, Pet will bill for all his work at $75 per hour, He uses the account “Fees Receivable to reflect amounts earned but not yet billed.)
e. Prepare an adjusted trial balance as of December 31, 2013.
f. Prepare an income statement, statement of stockholders equity and Balance sheet for Pete’s as of December 31, 2013.
g. Record closing entries in the general journal and post those entries to the T-accounts.
h. Prepare a post closing trial balance as of Dec. 31, 2013.
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