Jan Haley owns and operates Haley’s Dry Cleaners. The following occurred during December: a. On December 1, Haley prepaid rent on her store for December and January with $2,000 cash.
5.5 END-OF-CHAPTER EXERCISES • 139
b. On December 1, Haley purchased insurance with cash in the amount of $2,400 that will last six months. c. Haley paid $900 of her accounts payable balance. d. Haley paid off all of her salaries payable balance. e. Haley purchased supplies on account in the amount of $2,400. f. Haley paid a salary to her assistant of $1,000 in cash for work done in the first two weeks of December. g. Haley dry-cleaned clothes for customers on account in the amount of $8,000. h. Haley collected $6,300 of her accounts receivable balance. i. Haley paid tax of $750 in cash.
Required: A. Prepare the journal entry for each transaction. B. Prepare all necessary T-accounts. Numbers already under the accounts represent the prior balance in that account. Figure 5.13Opening T-Account Balances
C. Prepare a trial balance dated 12/31/XX. D. Make the following adjusting entries for the month of December and post them to the T-accounts:
j. Rent expense. k. Insurance expense. l. Haley owes her assistant $1,000 for work done during the last two weeks of December.
140 • FINANCIAL ACCOUNTING
m. An inventory of supplies shows $400 in supplies remaining on December 31.
E. Prepare an adjusted trial balance dated 12/31/XX. F. Prepare an income statement, statement of retained earnings, and balance sheet for the month ending December 31, 20XX.
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