Problem 2.

4
(a)
Environmental Services
Trail Balance
Nov 30, ____
ACCOUNTS TITLE DEBIT $ CREDIT $
Cash 12,950
Accounts Receivable 9,540
Notes Receivable 2,400
Office Supplies 850
Technical Library 3,800
Office Furniture 10,820
Automobiles 21,500
Computer 15,270
Computer Software 3,480
Land 92,200
Building 104,300
Accounts Payable 6,800
Property Tax Payable 2,045
Salary Payable 3,325
Notes Payable 115,000
Carly McKay Capital 149,930
Total 277,110 277,100

(b)
Environmental Services
Balance Sheet
Nov 30, _____
ASSETS $ Liabilities+O' Equity $
Cash 12,950 LIABILITIES
Accounts Receivable 9,540 Accounts Payable 6,800
Notes Receivable 2,400 Property Tax Payable 2,045
Office Supplies 850 Salary Payable 3,325
Technical Library 3,800 Notes Payable 115,000
Office Furniture 10,820 Total Laibilities 127,170
Automobiles 21,500 Owners Equity
Computer 15,270 Carly McKay Capital 149,930
Computer Software 3,480
Land 92,200
Building 104,300
Total Assets 277,110 277,100
Problem 2.5
(a)
GENERAL LEDGER
CASH ($)
7/1 50,000 7/2 25,850
7/7 630
7/7 3,955
BALANCE 19,565

CINDY BLACK CAPITAL ($)

7/1 50,000
BALANCE 50,000

LAND ($)
7/2 60,000
BALANCE 60,000

BUILDING ($)
7/2 43,400
BALANCE 43,400

NOTES PAYABLE ($)

7/2 77,550
BALANCE 77,550

KITCHEN EQUIPMENT ($)

7/3 4,680
7/5 725
BALANCE 3,955

SUPPLIES ($)
7/3 1,260
BALANCE 1,260

ACCOUNTS PAYABLE ($)

7/5 725 7/3 4,680
7/7 630 7/3 1,260
 7/7 3,955
BALANCE 630

(b) Onyx
Trail Balance
July 31, ____
ACCOUNTS TITLE DEBIT $ CREDIT $
Cash 19,565
Supplies 1,260
Kitchen Equipment 3,955
Land 60,000
Building 43,400
Accounts Payable 630
Notes Payable 77,550
Carly McKay Capital 50,000
Total 128,180 128,180

( c)
Onyx
Balance Sheet
July 31, ____
ASSETS $ Liabilities+O' Equity $
Cash 19,565 LIABILITIES
Supplies 1,260 Accounts Payable 630
Kitchen Equipment 3,955 Notes Payable 77,550
Land 60,000 Total Laibilities 78,180
Building 43,400 Owners Equity
Carly McKay Capital 50,000
Total Assets 128,180 128,180
Problem 2.7
(a)
GENERAL JOURNAL
DATE ACCOUNT TITLES and EXPLANATION LP DEBIT $ CREDIT $
APRIL 1 Cash 1 40,000
Joan Windsor, capital 51 40,000
Investment made by the owner

4 Land 21 100,000
Building 23 75,000
Cash 1 35,000
Notes Payable 31 140,000
Purchased land & building on cash & notes

7 Office Equipment 25 6,350

Accounts Payable 32 6,350
Purchased office equipment on accounts

9 Accounts Payable 32 895

Office Equipment Returned 25 895
Return Office Equipment to suppliers

17 Cash 1 5,000
Notes Receivable 5 20,000
Land 25,000
Sold some part of land

28 Accounts Payable 32 1,600

Cash 1 1,600
Paid cash on accounts

30 Cash 1 5,000
Notes Receivable 5 5,000
Received the first installment
(b)
GENERAL LEDGER
CASH ($)
1/4 40,000 4/4 35,000
17/4 5,000 28/4 1,600
30/4 5,000 BALANCE 13,400

JOAN WINDSOR CAPITAL

1/4 40,000
BALANCE 40,000

LAND ($)
4/4 100,000 17/4 25,000
BALANCE 75,000

BUILDING ($)
4/4 75,000
BALANCE 75,000

NOTES PAYABLE ($)

4/4 140,000
BALANCE 140,000

OFFICE EQUIPMENT ($)

7/4 6,350 9/4 895
BALANCE 5,455

NOTES RECEIVABLE
17/4 20,000 30/4 5,000
BALANCE 15,000

ACCOUNTS PAYABLE ($)

9/4 895 7/4 6,350
28/4 1,600
BALANCE 3,855
(c ) Windsor Propety Management
Trail Balance
April 30, ____
ACCOUNTS TITLE DEBIT $ CREDIT $
Cash 13,400
Notes Receivable 15,000
Office Equipment 5,455
Land 75,000
Building 75,000
Accounts Payable 3,855
Notes Payable 140,000
Joan Windsor Capital 40,000
Total 183,855 183,855

( d)
Windsor Property Management
Balance Sheet
July 31, ____
ASSETS $ Liabilities+O' Equity $
Cash 13,400 LIABILITIES
Notes Receivable 15,000 Accounts Payable 3,855
Office Equipment 5,455 Notes Payable 140,000
Land 75,000 Total Laibilities 143,855
Building 75,000 Owners Equity
Joan Windsor Capital 40,000
Total Assets 183,855 Total 183,855
Problem 2.8
(c ) Forum Broadcasting
Trail Balance
May 31, ____
ACCOUNTS TITLE DEBIT $ CREDIT $
Cash 44,310
Accounts Receivable 8,900
Land 120,000
Building 95,000
Telecasting Equipment 110,000
Transmitter 225,000
Supplies 3,190
Film Library 41,100
Accounts Payable 35,000
Notes Payable 262,500
Daniel Chung Capital 350,000
Total 647,500 647,500

( d)
Forum Broad casting
Balance Sheet
May 31, ____
ASSETS $ Liabilities+O' Equity $
Cash 44,310 LIABILITIES
Accounts Receivable 8,900 Accounts Payable 35,000
Land 120,000 Notes Payable 262,500
Building 95,000 Total Laibilities 297,500
Telecasting Equipment 110,000 Owners Equity
Transmitter 225,000 Daniel Chung Capital 350,000
Supplies 3,190
Film Library 41,100
 Total 647,500 Total 647,500

(b)
GENERAL LEDGER
CASH ($)
1/3 140,000 2/3 41,000
7/3 2,400 4/3 40,000
15/3 33,000
BALANCE 27,900

GEORGE HARRIS CAPITAL ($)

1/3 140,000
BALANCE 140,000

LAND ($)
2/3 72,000
BALANCE 72,000

BUILDING ($)
2/3 48,000
BALANCE 48,000

NOTES PAYABLE ($)

8/3 8,600 2/3 78,500
15/3 33,000 4/3 132,000
BALANCE 168,900

OFFICE EQUIPMENT ($)

20/3 4,000
BALANCE 4,000

ACCOUNTS RECEIVABLE ($)

7/3 6,200
BALANCE 6,200

ACCOUNTS PAYABLE ($)

20/3 4,000
BALANCE 4,000
 AUTOMOBILES ($)
4/3 172,000 7/3 8,600
8/3 8,600
BALANCE 154,800

(c ) Number One Auto Rental

Trail Balance
March 31, ____
ACCOUNTS TITLE DEBIT $ CREDIT $
Cash 27,900
Accounts Receivable 6,200
Land 72,000
Building 48,000
Automobiles 154,800
Office Equipment 4,000
Accounts Payable 4,000
Notes Payable 168,900
George Harris Capital 140,000
Total 312,900 312,900

( d)
Nmber One Auto Rental
Balance Sheet
March 31, ____
ASSETS $ Liabilities+O' Equity $
Cash 27,900 LIABILITIES
Accounts Receivable 6,200 Accounts Payable 4,000
Land 72,000 Notes Payable 168,900
Building 48,000 Total Laibilities 172,900
Automobiles 154,800 Owners Equity
Office Equipment 4,000 Daniel Chung Capital 140,000
Total 312,900 Total 312,900
Problem 2.5
(a)
GENERAL LEDGER
CASH ($)
7/1 50,000 7/2 25,850
7/7 630
7/7 3,955
BALANCE 19,565

CINDY BLACK CAPITAL ($)

7/1 50,000
BALANCE 50,000

LAND ($)
7/2 60,000
BALANCE 60,000

BUILDING ($)
7/2 43,400
BALANCE 43,400

NOTES PAYABLE ($)

7/2 77,550
BALANCE 77,550

KITCHEN EQUIPMENT ($)

7/3 4,680
7/5 725
BALANCE 3,955

SUPPLIES ($)
7/3 1,260
BALANCE 1,260

ACCOUNTS PAYABLE ($)

7/5 725 7/3 4,680
7/7 630 7/3 1,260
7/7 3,955
BALANCE 630