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Problem 12.03A complete solution correct answer key

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Problem 12.03A complete solution correct answer key

MICHAEL BRADY, CONSULTANT
Worksheet
Month Ended July 31, 2013

Account Name
Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Prepaid Interest
Office Furniture
Accumulated Dep. - Office Furniture
Office Equipment
Accumulated Dep. - Office Equipment
Notes Payable
Accounts Payable
Interest Payable
Unearned Consulting Fees
Michael Brady, Capital
Michael Brady, Drawing
Consulting Fees
Salaries Expense
Utilities Expense
Telephone Expense
Supplies Expense
Rent Expense
Insurance Expense
Depreciation Expense - Office Furniture
Depreciation Expense - Office Equipment
Interest Expense
Totals
Net Income

Trial Balance
Debit
Credit

Adjustments
Debit
Credit

Adjusted
Trial Balance
Debit
Credit

Income
Statement
Debit
Credit

Balance Sheet
Debit
Credit


Given Data P12.03A:
MICHAEL BRADY, CONSULTANT
General Ledger
Month Ended July 31, 2013
Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Prepaid Interest
Furniture
Accumulated Dep. - Furniture
Equipment
Accumulated Dep. - Equipment
Notes Payable
Accounts Payable
Interest Payable
Unearned Consulting Fees
Michael Brady, Capital
Michael Brady, Drawing
Consulting Fees
Salaries Expense
Utilities Expense
Telephone Expense
Supplies Expense
Rent Expense
Insurance Expense
Depreciation Expense - Furniture
Depreciation Expense - Equipment
Interest Expense

$25,010
1,340
860
9,000
1,620
360
12,050

6,400 Dr.
16,700 Cr.
4,500 Cr.
4,800
28,220
2,000
8,000
3,200
220
160

End of Month Adjustments
a.
b.
c.
d.
e.

Inventory of supplies on July 31
On July 1 paid in advance for six months' rent
On July 1 purchased a one-year insurance policy
On July 1 paid interest in advance on four-month bank note
On July 1 purchased office furniture
Expected useful life in years
Expected salvage value
f. On July 1 purchased office equipment
Expected useful life in years
Expected salvage value
g. On July 1 issued three-month, 8% note
h. On July 1 received one-year's consulting fee in advance

Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.

580
9,000
1,620
360
12,050
7
1,550
6,400
5
1,600
7,800
4,800

Cr.
Cr.
Dr.
Cr.
Dr.
Dr.
Dr.


Student Name:
Class:
Problem 12.04A

THE GREEN THUMB GALLERY
Worksheet
Year Ended December 31, 2013

Account Name
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory
Supplies
Prepaid Advertising
Store Equipment
Accumulated Dep. - Store Equipment
Office Equipment
Accumulated Dep. - Office Equipment
Accounts Payable
Social Security Tax Payable
Medicare Tax Payable
Federal Unemployment Tax Payable
State Unemployment Tax Payable
Salaries Payable
Beth Argo, Capital
Beth Argo, Drawing
Sales
Sales Returns and Allowances
Purchases
Purchases Returns and Allowances
Rent Expense
Telephone Expense
Salaries Expense
Payroll Taxes Expense
Income Summary
Supplies Expense
Advertising Expense
Depreciation Expense - Store Equip.
Depreciation Expense - Off. Equipment
Totals Carried Forward
Totals Brought Forward
Uncollectible Accounts Expense
Totals
Net Income

Trial Balance
Debit
Credit

Adjustments
Debit
Credit

Adjusted
Trial Balance
Debit
Credit

Income
Statement
Debit
Credit

Balance Sheet
Debit
Credit


Given Data P12.04A:
THE GREEN THUMB GALLERY
General Ledger
Month Ended December 31, 2013
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory
Supplies
Prepaid Advertising
Store Equipment
Accumulated Depr. - Store Equipment
Office Equipment
Accumulated Depr. - Office Equipment
Accounts Payable
Social Security Tax Payable
Medicare Tax Payable
Federal Unemployment Tax Payable
State Unemployment Tax Payable
Salaries Payable
Beth Argo, Capital
Beth Argo, Drawing
Sales
Sales Returns and Allowances
Purchases
Purchases Returns and Allowances
Rent Expense
Telephone Expense
Salaries Expense
Payroll Taxes Expense
Income Summary
Supplies Expense
Advertising Expense
Depreciation Expense - Store Equip.
Depreciation Expense - Off. Equipment
Uncollectible Accounts Expense
End of Month Adjustments
a.-b. Merchandise Inventory on December 31
c. Net credit sales for 2013
Percent deemed uncollectible
d. Supplies on hand at December 31
e. Paid in advance for a six-month advertising contract
signed on October 1.
f. Purchased store equipment on January 2:
Expected useful life in years
Expected salvage value
g. Purchased office equipment on January 2:
Expected useful life in years
Expected salvage value
h. On December 31 owed salaries to be paid until 2014
i. Taxes owed on total accrued wages:
Social Security tax rate percentage
Medicare tax rate percentage
j. FUTA tax rate percentage
SUTA tax rate percentage

$5,700
2,600
52
11,300
1,200
960
8,100
1,500
1,600
280
2,625
430
98

Dr.
Dr.
Cr.
Dr.
Dr.
Dr.
Dr.
Cr.
Dr.
Cr.
Cr.
Cr.
Cr.

25,457
20,000
90,048
$1,100
46,400
430
6,000
590
14,100
1,270

Cr.
Dr.
Cr.
Dr.
Dr.
Cr.
Dr.
Dr.
Dr.
Dr.

$12,321
$35,000
0.60%
$275
$960
$8,100
5
$600
$1,600
5
$200
$1,830
6.20%
1.45%
0.80%
5.40%

Available Answer
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[Solved] Problem 12.03A complete solution correct answer key

  • This Solution has been Purchased 1 time
  • Submitted On 29 Jul, 2015 10:44:44
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Problem 12.03A complete solution correct answer key MICHAEL BRADY, CONSULTANT Worksheet Month Ended July 31, 2013 Account Name Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Interest Office Furniture Accumulated Dep. - Office Furniture Office Equipment Accumulated Dep. - Office Equipment Notes Payable Accounts Payable Interest Payable Unearned Consulting Fees Michael Brady, Capital Michael Brady, Drawing Consulting Fees Salaries Expense Utilities Expense Telephone Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense - Office Furniture Depreciation Expense - Office Equipment Interest Expense Totals Net Income Trial Balance Debit Credit Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Given Data P12.03A: MICHAEL BRADY, CONSULTANT General Ledger Month Ended July 31, 2013 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Prepaid Interest Furniture Accumulated Dep. - Furniture Equipment Accumulated Dep. - Equipment Notes Payable Accounts Payable Interest Payable Unearned Consulting Fees Michael Brady, Capital Michael Brady, Drawing Consulting Fees Salaries Expense Utilities ...
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