Mid Term Accounting Coursework - 275 Words

Mid Term Accounting (Coursework Sample) Content: MID TERM ACCOUNTING Johns House Painting Company has the following transactions for the year1. December 1 Issued capital stock for $100,000 to start a house painting business. 2. December 1 - Paid one year insurance premium costing $4,800. 3. December 1 - Paid gas expense $200. 4. December 1 - Purchased equipment costing $4,800 on credit. 5. December 12 - Purchased supplies costing $800 on credit.6. December 18 - Painted three houses totaling $12,000 and billed customers. 7. December 23 - Painted three rooms and billed customers $500.8. December 28 - Received $2,000 for houses painted in #6.9. December 31 - Paid for equipment purchased in #4.10. December 31 - Received $1,000 for a job to paint a house in January next year.11. December 31 - Paid a $1,000 dividend.Required:Prepare journal entries for the above transactions. DateDescription$Debit$Credit1st December  CapitalCash100,000.00100,000.001st DecemberInsurance Premium Paid Cash4,800. 004,800.001st DecemberPaid Gas Expenses Cash200.00200.001st DecemberPurchase of Equipments Accounts Payable4,800.004,800.0012th DecemberSupplies Accounts Payable800.00800.0018th DecemberAccounts Receivable Sales12,000.0012,000.0023rd DecemberAccounts Receivable Sales500.00500.0028th DecemberCash Debtors2,000.002,000.0031st DecemberAccounts Payable Cash4,800.004,800.0031st DecemberCash Prepayment1,000.001,000.0031st DecemberDividends Cash1,000.001,000.00Post the above transactions to T Accounts.Dr Capital CrBal c/d 100,000.00 Cash 100,000.00Total 100,000.00 Total 100,000.00Dr Cash CrCapital 100,000.00 Insurance Expenses 4,800.00Account Receivable 2,000.00 Gas Expense 200.00Prepayment 1,000.00 Accounts Payable 4,800.00 Dividends 1,000.00 Bal c/d 92,200.00Total 103,000.00 Total 103,000 .00Dr Insurance Expenses CrCash 4,800.00 Bal c/d 4,800.00Total 4,800.00 Total 4,800.00Dr Gas Expense CrCash 200.00 Bal c/d 200.00...