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  • Midterm Fin Acct

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    NeomuNamu
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    The document shows accounting journal entries made by McClean McHappy Company throughout various dates in October 2020, with debits and credits to accounts like cash, accounts receivable, supplies, and more. It also includes an unadjusted trial balance as of October 1, 2020 with debit and credit balances for various asset, liability, equity, income and expense accounts. Adjusting journal entries are presented to account for depreciation, unpaid salaries, and unearned revenue.

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    The document shows accounting journal entries made by McClean McHappy Company throughout various dates in October 2020, with debits and credits to accounts like cash, accounts receivable, supplies, and more. It also includes an unadjusted trial balance as of October 1, 2020 with debit and credit balances for various asset, liability, equity, income and expense accounts. Adjusting journal entries are presented to account for depreciation, unpaid salaries, and unearned revenue.

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    13 views5 pages

    Midterm Fin Acct

    Uploaded by

    NeomuNamu
    The document shows accounting journal entries made by McClean McHappy Company throughout various dates in October 2020, with debits and credits to accounts like cash, accounts receivable, supplies, and more. It also includes an unadjusted trial balance as of October 1, 2020 with debit and credit balances for various asset, liability, equity, income and expense accounts. Adjusting journal entries are presented to account for depreciation, unpaid salaries, and unearned revenue.

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    of 5

    Date DEBIT CREDIT

    1 Cash 500,000
    Service Vehicle 360,000
    Jamba, Capital 860,000

    1 Rent Expense 48,000


    Cash 48,000

    5 Cleaning Supplies 30,000


    Cash 9,000
    Notes Payable 21,000

    6 Furniture 18,000
    Equipment 30,000
    Accounts Payable 48,000

    7 Accounts Receivable 40,000


    Cash 60,000
    Service Revenues 100,000

    12 Cash 30,000
    Unearned Service Revenue 30,000

    15 Salaries Expense 38,500


    Cash 38,500

    16 Accounts Receivable 55,000


    Service Revenues 55,000

    18 Cash 34,000
    Accounts Receivable 34,000

    20 Notes Payable 7,000


    Cash 7,000

    23 Supplies Expense 18,000


    Supplies 18,000

    26 Accounts Payable 19,200


    Cash 19,200
    28 Utilities Expense 17,500
    Cash 17,500

    31 Salaries Expense 38,500


    Cash 38,500

    31 Jamba, Drawings 18,000


    Cash 18,000

    Adjusting Entries
    1 Depreciation Expense: Service Vehicle 72,000
    Accumulated Depreciation: Service Vehicle 72,000

    1 Depreciation Expense: Furniture 3,600


    Accumulated Depreciation: Furniture 36,000

    1 Depreciation Expense: Equipment 6,000


    Accumulated Depreciation: Equipment 6,000

    2 Salaries Expense 2,000


    Salaries Payable 2,000

    3 Accounts Receivable 6,000


    Service Revenue 6,000

    4 Unearned Service Revenue 5,500


    Service Revenue 5,500
    Cash Accounts Receivable Rent Expense Cleaning Supplies
    500,000 48,000 40,000 34,000 48,000 30,000
    60,000 9,000 55,000
    30,000 38,500
    34,000 7,000
    19,200
    17,500
    38,500
    18,000

    428,300 61,000 48,000 12,000

    Notes Payable Jamba, Capital Jamba, Drawings Service Revenues


    7,000 21,000 860,000 18,000

    14,000 860,000 18,000

    Utilities Expense Supplies Expense Service Vehicle Furniture


    17,500 18,000 360,000 18,000

    360,000
    17,500 18,000

    18,000

    McClean McHappy Company


    Unadjusted Trial Balance
    1-Oct-20

    Account Titles Debit Credit


    Cash P 428,300
    A/R 61,000
    Cleaning Supplies 12,000
    Furniture 18,000
    Equipment 30,000
    Service Vehicle 360,000
    Accounts Payable P 28,800
    Notes Payable 14,000
    Jamba, Capital 860,000
    Jamba, Drawings 18,000
    Service Revenues 155,000
    Rent Expense 48,000
    Salaries Expense 77,000
    Utilities Expense 17,500
    Supplies Expense 18,000
    Unearned Revenue 30,000
    TOTAL 1,087,800 ###
    Cleaning Supplies Equipment Unearned Revenue
    18,000 30,000 30,000

    30,000

    30,000

    Service Revenues Salaries Expense


    100,000 38,500
    55,000 38,500

    155,000 77,000

    Furniture Accounts Payable


    19,200 48,000

    28,800

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