ASISTENSI PA-1 PERTEMUAN 1

8 SEPTEMBER 2014
Dewi Elvianida Suryani

1. Kinney’s Repair Ltd. Was started on May 1. A summary of May transaction is presented
below.
a. Shareholder invested Rp 100,000,000 cash in the business.
b. Purchased equipment for Rp 20,000,000 cash.
c. Paid Rp 4,000,000 for May office rent.
d. Paid Rp 5,000,000 cash for supplies.
e. Incurred Rp 2,500,000 of advertising costs in the newspaper on account.
f. Received Rp 10,000,000 in cash from customer for repair service.
g. Paid part-time employee salaries Rp 1,000,000
h. Paid utility bills Rp 1,500,000.
i. Provided repair service on account to customer Rp 7,250,000.
j. Collected cash of Rp 2,000,000 for services billed in transaction (i).

Prepare a tabular analysis of the transaction, using the following column headings: Cash,
Account Receivable, Supplies, Equipment, Accounts Payable, and Retained Earnings
(with separate column for Revenues and Expenses).

2. On May 1, Park Flying School, a company that provides flying lessons, was started with
an investment of $ 45,000 cash in the business. Following are the assets and liabilities of
the company on May 31, 2014, and the revenues and expenses for the month of May (all
amounts in thousands).
Cash 4,500 Notes Payable 28,000
Acc. Receivable 7,200 Rent Expense
1,200
Equipment 64,000 Maintenance and Repairs Expense 400
Service Revenue 6,800 Gasoline Expense 2,500
Advertising Expenses 500 Utilities Expense 400
Acc. Payable 1,400
a. Prepare an income statement for the current year ended May 31, 2014.
b. Prepare a statement of changes in equity for the current year ended May 31, 2014.
c. Prepare a balance sheet as of May 31, 2014.
3. Binatu Kinclong is owned and operated by Janita Raharja. A buiding and equipment are
currently being rented, pending expansion to new facilities. The actual work of dry
cleaning is done by another company at wholesale rates. The assets and the liabilities of
the business on November 1, 2011, are as follows: Cash, Rp 17,200,000; Accounts
Receivable, Rp 19,000,000; Supplies, Rp 3,750,000; Land, Rp 30,000,000; Accounts
Payable, Rp 8,200,000. Business transactions during November are summarized as
follows:
a. Janita Raharja invested additional cash in the business with a deposit of Rp
50,000,000 in the business bank account.
b. Purchased land for use as a paking lot, paying cash of Rp 45,000,000.
c. Paid rent for the month, Rp 4,500,000.
d. Charged customers for dry cleaning sales on account, Rp 15,250,000.
e. Paid creditors on account, Rp 5,800,000.
f. Purchased supplies on account, Rp 3,200,000.
g. Received cash from cash customers for dry cleaning sales, Rp 22,900,000.
h. Received cash from customers on account, Rp 17,250,000.
i. Received monthly invoice for dry cleaning expense for November (to be paid on
December 10), Rp 16,380,000.
j. Paid the following: wages expense, Rp 6,200,000; truck expense, Rp 1,875,000,
utilities expense, Rp 1,575,000; miscellaneous expense, Rp 850,000.
k. Determined that the cost of supplies on hand was Rp 2,500,000, therefore the cost of
supplies used during the month was Rp 4,450,000.
l. Withdrew Rp 6,000,000 for personal use.

Instructions:

(1) Determine the amount of Janita Raharja’s capital as of November 1.

(2) State the assets, liabilities, and owner’s equity as of November 1 in equation form
similar to that shown in this chapter.
(3) Prepare an income statement for November, a statement of changes in equity for
November, and a balance sheet as of November 30.