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Assignment 04: Problem 3B-7

Ruman Mahmood prepared journal entries for transactions that occurred during the first month of operations for Ken Ryan Organized Continental Moving Company. Postings were made to ledger accounts. A trial balance at November 30th was prepared along with adjusting entries. An adjusted trial balance, income statement, statement of owner's equity, and balance sheet were prepared. Closing entries were made at November 30th and an after closing trial balance was prepared.

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100 views

Assignment 04: Problem 3B-7

Ruman Mahmood prepared journal entries for transactions that occurred during the first month of operations for Ken Ryan Organized Continental Moving Company. Postings were made to ledger accounts. A trial balance at November 30th was prepared along with adjusting entries. An adjusted trial balance, income statement, statement of owner's equity, and balance sheet were prepared. Closing entries were made at November 30th and an after closing trial balance was prepared.

Uploaded by

Ruman Mahmood
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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BAF193014 Ruman Mahmood

CUST

Chapter no 03
Measuring Business Income

2020
Assignment 04
Problem 3B-7

Ruman Mahmood-BAF193014
Submitted to: Sir Farhan Ali

Sec: 03
BAF193014 Ruman Mahmood

Problem 3B-7: The Accounting Cycle; A comprehensive problem.

On November 1, 19, Ken Ryan Organized continental moving company. The transactions
occurring during the first month of operations were as follows.

The Account title to be used and account numbers are as follows:

Cash………………………………1
Account receivable…………3
Land……….……………………11
Building……….……………….12
Accumulated depreciation:
Building……………………………13
Trucks…………………………………15
Accumulated depreciation:
Trucks………………………………16
Office Equipment…………....18
Accumulated depreciation:
Office Equipment…………….19
Notes payable…………………30
Accounts payable…………….31
Ken Ryan, Capital………………..40
Ken Ryan, drawing……………..41
Income Summary……………….50
Moving service revenue…………..60
Salaries Expense……………70
Gasoline expense……………..71
Repairs and maintenance expense…72
Interest expense………………….73
Depreciation Expense:
Building……………………74
Depreciation expense:
Trucks…………………………75
Depreciation expense:
Office equipment…………..…...76
BAF193014 Ruman Mahmood

a) Prepare journal entries.


BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood

b) Post to ledger accounts.


BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood

400000
000000
00
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood

c) Prepare Trial balance at Nov 30, 19.


BAF193014 Ruman Mahmood

d) Prepare adjusting entries and post to ledgers accounts.


BAF193014 Ruman Mahmood

Nov 30

Nov 30

Nov 30
BAF193014 Ruman Mahmood

Nov 30

Nov 30

Nov 30
BAF193014 Ruman Mahmood

e) Prepare Adjusted Trial balance at Nov 30, 19.


BAF193014 Ruman Mahmood

f) (1)Prepare an income statement.


BAF193014 Ruman Mahmood

2. Prepare statement of owners’ equity.


BAF193014 Ruman Mahmood

3. Prepare balance sheet at Nov 30.


BAF193014 Ruman Mahmood

g) Create closing entries at Nov 30 and post ledgers.


BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood
BAF193014 Ruman Mahmood

h) Prepare after closing trial balance at Nov 30

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