Susquehanna Euipment Rentals

2395 words 10 pages
COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS
Susquehanna Equipment Rentals A mini-practice set illustrating the complete accounting cycle for a service-type business. Includes computation of income taxes expense (as a percentage of income before taxes) and an evaluation of solvency. Can be done as a group assignment. 5 to 6 hours Strong

© The McGraw-Hill Companies, Inc., 2010 CP1-Desc.

5 to 6 hours, Strong

COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS
General Journal December Daily Transactions

a.
2009 Dec 1 Cash Capital Stock Owner invested cash in the business. 1 Rental Equipment Cash Notes Payable Purchased equipment from Rent-it. Note payable is due in one year. 1 Prepaid Rent Cash Paid three months'
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& d. Date Dec 17 30 To close Explanation Maintenance Expense Debit 600 Credit 600 Balance 600 0

Date Dec 31 31 To close

Explanation

Utilities Expense Debit 700

Credit 700

Balance 700 0

Date Dec 31 31 To close

Explanation

Rent Expense Debit 4,000

Credit 4,000

Balance 4,000 0

Date Dec 31 31 To close

Explanation

Office Supplies Expense Debit 400

Credit 400

Balance 400 0

© The McGraw-Hill Companies, Inc., 2010 CP1(p.8)

COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued)
a. & d. Date Dec 31 31 To close Explanation Depreciation Expense Debit 2,500 Credit 2,500 Balance 2,500 0

Date Dec 31 31 To close

Explanation

Interest

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