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I have already started but i am not sure of my answers so please if you can i need your help asap. Lecture case studies Case 1 Mr. John Somers operates a Bakery in his small rural community in St. Mary, Jamaica. The account balances for his bakery as of September 1, 2010 are given below. Assets Revenue Cash $ 2,459 Sales $72,118 Accounts Receivable 18,120 Prepaid Insurance 980 Expenses Van 20,650 Salary Expense 14,380 Furniture and Equipment 5,963 Rent Expense 10,320 Van Expense 859 Liabilities Utilities Expense 1,213 Accounts Payable 1,590 Supplies Expense 840 Owner's Equity John Somers’, Capital 42,076 John Somers, Drawing 40,000 The following transactions occurred during September: a) Paid rent for the month, $1,290. b) Paid $1,800 for one year’s coverage of liability insurance. c) Bought bakery equipment on account from Bennett Equipment Supplies, $849, paying $200 down with the balance due in thirty days. d) Issued sales invoice for baked products sold on account, $9,015. e) Paid employee salaries, $1,797. f) Received and paid gas and electric bill, $112. g) Received cash from customers previously invoiced, $11,060. h) Received bill for gasoline for van, used to deliver baked products, from Garza Fuel Company, $116. i) Paid creditors on account, $1,590. j) John Somers withdrew cash for personal use, $5,000. Instructions: i) Journalize the above transactions for the month of September. ii) Record the September transactions in the T accounts. Key each transaction to the letter that identifies the transaction. Also foot the columns. iii) Prepare a trial balance dated September 30. iv) Prepare an income statement, v) statement of owner’s equity and; vi) The balance sheet for month ended September 30, 2010.
I can't draw T-accounts here, so I'll just give you the journal entries: a) Paid rent for the month, $1,290 Dr Rent expense $1,290 Cr Cash $1,290 b) Paid $1,800 for one year’s coverage of liability insurance Dr Prepaid insurance $1,800 Cr Cash $1,800 c) Bought bakery equipment on account from Bennett Equipment Supplies, $849, paying $200 down with the balance due in thirty days. Dr Equipment $849 Cr Cash $200 Cr Accounts payable $649 d) Issued sales invoice for baked products sold on account, $9,015 Dr Accounts receivable $9,015 Cr Sales $9,015 e) Paid employee salaries, $1,797 Dr Salaries expense $1,797 Cr Cash $1,797 f) Received and paid gas and electric bill, $112 Dr Utiltities expense $112 Cr Cash $112 g) Received cash from customers previously invoiced, $11,060 Dr Cash $11,060 Cr Ozark $11,060 h) Received bill for gasoline for van, used to deliver baked products, from Garza Fuel Company, $116 Dr Van expense $116 Cr AP $116 i) Paid creditors on account, $1,590 Dr AP $1,590 Cr Cash $1,590 j) John Somers withdrew cash for personal use, $5,000 Dr John Somers, drawings $5,000 Cr Cash $5,000 Here's the adjusted trial balance: The debits: Cash 1,730 Accounts receivable 16,075 Prepaid insurance 2,780 Van 20,650 Furniture & equipment 6,812 John Somers, drawing 45,000 Salary expense 16,177 Rent expense 11,610 Van expense 975 Utilities expense 1,325 Supplies expense 840 Total $ 123,974 The credits: Accounts payable 765 John Somers, capital 42,076 Sales 81,133 Total $ 123,974 Income statement For the month of September 2010 Sales $81,133 less: Operating expenses Salary expense 16,177 Rent expense 11,610 Van expense 975 Utilities expense 1,325 Supplies expense 840 …Total operating expense 30,927 Net income 50,206 Statement of owner's equity For the month of September 2010 Capital, Sept 1, 2010 42,076 Net income 50,206 Withdrawals (45,000) Capital, Sept 30, 2010 47,282 Balance sheet As at Sept 30, 2010 Non-current assets Van 20,650 Furniture & equipment 6,812 …Non-current assets 27,462 Current assets Cash 1,730 Accounts receivable 16,075 Prepaid insurance 2,780 …Current assets 20,585 Total assets 48,047 Liabilities & owner's equity Accounts payable 765 Owner's equity 47,282 ...Total liabilities & owner's equity 48,047 Please read the notes below, at the link.