MR.ALEXANDER10
Dec 11, 2010, 03:47 PM
James Compton's Janitorial Service
Monthly Activity:
James deposited $20,000 into a bank account starting Compton's Janitorial
Service on Jan 1.
James purchased two pressure washers, each costing $1500. The purchase
was made on Jan 5, on credit. There useful life 5 years with no salvage.
James brought a van for $15000, setting up a 5 year note. The interest rate on the
note is 8%. The van's useful life is is 5 years, and the salvage value is $5000.
James brought cleaning supplies in the amount of $1200 on Jan 6. He paid cash.
James brought a floor wax machine, the price was $1500. He paid $1000 in
cash, and put the rest on account. The purchase was made on Jan 8.
James purchased a business insurance policy for $1200. He paid the policy
in full with a cash on Jan 8.
James billed Network Enterprises for services rendered on Jan 10. The amount
billed was $800.
James billed Office Space International $1500 for services on Jan 12.
He was paid $500, the rest will be paid next month.
James paid the rent for the office on Jan 18. The amount was $800.
James paid the telephone bill in the amount of $150 on Jan 19.
James paid wages in the amount of $1,100 on Jan 20
James paid half of the cost of the two pressure washers purchased on
Jan 5. He paid the amount on Jan 21.
On Jan 22 James paid $1200 for two week radio advertising package.
He also ran an ad in the local paper for two weeks. The cost of the ad was $75.
James received full payment from Network Enterprises on Jan 25.
James landed a big contract with the BP Office Tower on December 31.
He billed them for services rendered On Jan 27, the amount was $5000. He also billed them
in advance for the month of February, the amount was $5000.
James purchased supplies in preparation for February on Jan 28. The amount
was $1500. The was a credit purchase.
James invoiced Metro Offices in the amount of $1500 on Jan 31. After which,
James withdrew $1000 to travel to Chicago. This trip is 30% business.
Required:
Prepare all necessary journal entries and adjustments. Use T-accounts.
Prepare Financial Statements (P&L, Statement of Owner's Equity, Balance Sheet)
Prepare this in an excel spreadsheet
Prepare all requirements using good accounting form.
Each Journal Transaction:
P&L Statement (Income Statement) :
Statement of Owner's Equity:
Balance Sheet :
Monthly Activity:
James deposited $20,000 into a bank account starting Compton's Janitorial
Service on Jan 1.
James purchased two pressure washers, each costing $1500. The purchase
was made on Jan 5, on credit. There useful life 5 years with no salvage.
James brought a van for $15000, setting up a 5 year note. The interest rate on the
note is 8%. The van's useful life is is 5 years, and the salvage value is $5000.
James brought cleaning supplies in the amount of $1200 on Jan 6. He paid cash.
James brought a floor wax machine, the price was $1500. He paid $1000 in
cash, and put the rest on account. The purchase was made on Jan 8.
James purchased a business insurance policy for $1200. He paid the policy
in full with a cash on Jan 8.
James billed Network Enterprises for services rendered on Jan 10. The amount
billed was $800.
James billed Office Space International $1500 for services on Jan 12.
He was paid $500, the rest will be paid next month.
James paid the rent for the office on Jan 18. The amount was $800.
James paid the telephone bill in the amount of $150 on Jan 19.
James paid wages in the amount of $1,100 on Jan 20
James paid half of the cost of the two pressure washers purchased on
Jan 5. He paid the amount on Jan 21.
On Jan 22 James paid $1200 for two week radio advertising package.
He also ran an ad in the local paper for two weeks. The cost of the ad was $75.
James received full payment from Network Enterprises on Jan 25.
James landed a big contract with the BP Office Tower on December 31.
He billed them for services rendered On Jan 27, the amount was $5000. He also billed them
in advance for the month of February, the amount was $5000.
James purchased supplies in preparation for February on Jan 28. The amount
was $1500. The was a credit purchase.
James invoiced Metro Offices in the amount of $1500 on Jan 31. After which,
James withdrew $1000 to travel to Chicago. This trip is 30% business.
Required:
Prepare all necessary journal entries and adjustments. Use T-accounts.
Prepare Financial Statements (P&L, Statement of Owner's Equity, Balance Sheet)
Prepare this in an excel spreadsheet
Prepare all requirements using good accounting form.
Each Journal Transaction:
P&L Statement (Income Statement) :
Statement of Owner's Equity:
Balance Sheet :