QuestionQuestion

1) Journalize the following transactions for Stanley's Repair Shop and prepare a trial balance dated May 31, 2010.
a) Owner, Stanley Knowles invested $5,000 cash into the business.
b) Rented a garage and paid one month's rent, $1,400.
c) Purchased $50 of supplies for cash.
d) Performed repair services on account, $1,590.
e) Paid $1,500 cash for equipment.
f) Owner, Stanley Knowles withdrew $700 cash for personal use.


2) Compute the amounts indicated for each of the following independent situations.

Situation
A B C D
Beginning prepaid insurance balance ? $1,300 $600 $3,300
Payments for insurance during the year $2,500 ? $4,300 $2,600
Ending prepaid insurance balance $1,400 $4,250 ? $600
Insurance expense on the income statement $2,600 $1,700 $1,150 ?


3) Problem 2-9A of book at page 108; journalizing, posting, and preparing a trial balance.

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1) Journalize the following transactions for Stanley's Repair Shop and prepare a trial balance dated May 31, 2010.

a) Owner, Stanley Knowles invested $5,000 cash into the business.
Debit Credit
31.maj Cash 5.000
Stanley Knowles, Onwer's Equity 5.000
To record investment in business

b) Rented a garage and paid one month's rent, $1,400.

31.maj Rent Expense 1.400
Cash 1.400
To record garage rent

c) Purchased $50 of supplies for cash.

31.maj Supplies 50
Cash 50
To record the purchase of supplies...
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