- Question 4 Of 4 5 E Grete Rodewald Formed A Dog Grooming And Training Business Called Grete Kanines On September 1 (149.81 KiB) Viewed 12 times
Question 4 of 4 < > -/5 E : Grete Rodewald formed a dog grooming and training business called Grete Kanines on September 1, 2021. After consulting with a friend who had taken introductory accounting, Grete created a chart of accounts for the business as follows: No. 101 Cash; No. 112 Accounts Receivable; No. 130 Prepaid Insurance; No. 151 Equipment; No. 201 Accounts Payable; No. 209 Unearned Revenue; No. 301 G. Rodewald, Capital; No. 306 G. Rodewald, Drawings; No. 400 Service Revenue; No. 610 Advertising Expense; No. 726 Rent Expense; and No. 737 Utilities Expense. During September, the following events and transactions occurred: Sept. 1 Grete transferred $9,770 from her personal bank account to a bank account under the
company name Grete Kanines. 2 Signed a one-year rental agreement for $600 per month. Paid the first month's rent. 2 Paid $600 for a one-year insurance policy effective September 1, 2021. 5 Purchased $2,500 of equipment on credit. 7 Paid $480 for advertising in several community newsletters in September. 13 Collected $560 cash for providing dog grooming services. 21 Attended a dog show and provided $850 of dog grooming services for one of the major kennel owners. The kennel owner will pay the amount owing within two weeks. Collected $750 from the kennel owner for the services provided on September 21. The kennel owner promised to pay the rest on October 2. 24 28 Paid $200 for utilities for the month of September. 29 Paid $1,400 of the amount owed from the September 5 equipment purchase. 30 Received $965 cash for dog training lessons that will start on October 10. 30 Collected $1,095 cash for providing dog grooming services. 30 Paid the owner, Grete Rodewald, $1,105 for her personal use.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Paid September rent.) (Paid one year insurance) |||||||
(Received cash for dog training) (To record cash for dog grooming) (Paid owner for personal use)
Post the journal entries to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Explanation Ref Debit Credit Balance J1 J1 J1 J1 J1 Date
Accounts Receivable Date Prepaid Insurance Date Equipment Date Accounts Payable Date Explanation Ref J1 J1 Explanation Ref J1 Explanation Ref J1 Explanation Ref J1 J1 Debit Debit Debit Debit Credit Credit Credit Credit Balance Balance Balance Balance No. 112 No. 130 No. 151 No. 201
JI Explanation Ref J1 Explanation Ref J1 Explanation Ref J1 Explanation Ref J1 Unearned Revenue Date G. Rodewald, Capital Date G. Rodewald, Drawings Date Service Revenue Date Debit Debit Debit Debit Credit Credit Credit Credit Balance Balance Balance Balance No. 209 No. 301 No. 306 No. 400
J1 Explanation Ref J1 Explanation Ref J1 Explanation Ref J1 Advertising Expense Date Rent Expense Date Utilities Expense Date Debit Debit Debit Credit Credit Credit No. 610 No. 726 No. 737 Balance Balance Balance
Prepare a trial balance as at September 30, 2021. > < < < LA GRETE KANINES Trial Balance Debit $ LA Credit