the chart of accounts of angel s delivery service of flin flon includes the followin 4375092

The chart of accounts of Angel’s Delivery Service of Flin Flon includes the following: Cash, 111; Accounts Receivable, 112; Office Equipment, 121; Delivery Trucks, 122; Accounts Payable, 211; Alice Angel, Capital, 311; Alice Angel, Withdrawals, 312; Delivery Fees Earned, 411; Advertising Expense, 511; Gas Expense, 512; Salaries Expense, 513; and Telephone Expense, 514. The following transactions resulted from Angel’s Delivery Service during the month of March 2013: A. Alice invested $40,000 in the business from her personal savings account. B. Bought delivery trucks on account, $25,000. C. Advertising bill was received but not yet paid, $800. D. Bought office equipment for cash, $2,500. E. Received cash for delivery services rendered, $13,000. F. Paid salaries expense, $1,850. G. Paid gas expense for company trucks, $750. H. Billed customers for delivery services rendered, $5,500. I. Paid telephone bill, $400. J. Received $1,600 as partial payment of transaction H. K. Alice paid her home telephone bill with a company cheque, $88. As Alice’s newly employed accountant, you must: 1. Setup T accounts in a ledger. 2. Record transactions in the T accounts. (Place the letter of the transaction next to the entry.) 3. Foot the T accounts where appropriate. 4. Prepare a trial balance at the end of March 2013. 5. Prepare from the trial balance, in proper form. a. An income statement for the month of March. b. A statement of owner’s equity for the month ended March 31. c. A balance sheet as of March 31, 2013. View Solution:
The chart of accounts of Angel s Delivery Service of Flin

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more

Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?