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Account# 111 - Cash Date Description Debits Credits Balance   Beginning Balance $0.00 CR 9/01/2015   CR 1...

Account# 111 - Cash

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/01/2015   CR 1 owner's investment $21,000.00 $21,000.00 DR
9/02/2015   Race Car Purchase $13,500.00 $7,500.00 DR
9/03/2015   Track Rent $4,185.00 $3,315.00 DR
9/04/2015   Newpaper Advertising $251.19 $3,063.81 DR
9/06/2015   Cash Collected $1,200.00 $4,263.81 DR
9/07/2015   Payment on Sep. 6 $450.00 $3,813.81 DR
9/07/2015   Service Provided $2,000.00 $5,813.81 DR
9/09/2015   Sept. Advertising $325.68 $5,488.13 DR
9/11/2015   Payment on Sep. 3 $1,100.00 $4,388.13 DR
9/11/2015   (AR Collection) $400.00 $4,788.13 DR
9/12/2015   Purchase of Equipment $1,812.45 $2,975.68 DR
9/12/2015   Sept. Salary Paid $2,300.00 $675.68 DR
9/13/2015   AR collection $750.00 $1,425.68 DR
9/13/2015   Service Provided $1,600.00 $3,025.68 DR
9/14/2015   supplies on Account $311.53 $2,714.15 DR
  Ending Balance $2,714.15 DR

Account# 113 - Accounts Receivable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/05/2015   Service Provided $1,600.00 $1,600.00 DR
9/06/2015   Cash Collected $1,200.00 $400.00 DR
9/10/2015   Service Provided $2,050.00 $2,450.00 DR
9/11/2015   (AR Collection) $400.00 $2,050.00 DR
9/13/2015   AR collection $750.00 $1,300.00 DR
  Ending Balance $1,300.00 DR

Account# 115 - Racing Supplies

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/06/2015   Purchase of Supplies $890.24 $890.24 DR
9/10/2015   supplies on Account $190.28 $1,080.52 DR
9/14/2015   supplies on Account $311.53 $1,392.05 DR
  Ending Balance $1,392.05 DR

Account# 117 - Prepaid Rent

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/03/2015   Track Rent $4,185.00 $4,185.00 DR
  Ending Balance $4,185.00 DR

Account# 151 - Race Car

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/02/2015   Race Car Purchase $13,500.00 $13,500.00 DR
  Ending Balance $13,500.00 DR

Account# 152 - Accumulated Depreciation, Race Car

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 155 - Racing Equipment

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/03/2015   Purchase Equipment on Account $2,006.11 $2,006.11 DR
9/12/2015   Purchase of Equipment $1,812.45 $3,818.56 DR
  Ending Balance $3,818.56 DR

Account# 156 - Accumulated Depreciation, Racing Equipment

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 211 - Accounts Payable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/03/2015   Purchase Equipment on Account $2,006.11 $2,006.11 CR
9/06/2015   Purchase of Supplies $890.24 $2,896.35 CR
9/07/2015   Payment on Sep. 6 $450.00 $2,446.35 CR
9/10/2015   supplies on Account $190.28 $2,636.63 CR
9/11/2015   Payment on Sep. 3 $1,100.00 $1,536.63 CR
  Ending Balance $1,536.63 CR

Account# 213 - Dividends Payable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 215 - Income Taxes Payable

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 311 - Common Stock

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/01/2015   CR 1 owner's investment $21,000.00 $21,000.00 CR
  Ending Balance $21,000.00 CR

Account# 361 - Retained Earnings

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 371 - Dividends

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 399 - Income Summary

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 411 - Fees Revenue

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/05/2015   Service Provided $1,600.00 $1,600.00 CR
9/07/2015   Service Provided $2,000.00 $3,600.00 CR
9/10/2015   Service Provided $2,050.00 $5,650.00 CR
9/13/2015   Service Provided $1,600.00 $7,250.00 CR
  Ending Balance $7,250.00 CR

Account# 511 - Salary Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/12/2015   Sept. Salary Paid $2,300.00 $2,300.00 DR
  Ending Balance $2,300.00 DR

Account# 515 - Advertising Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
9/04/2015   Newpaper Advertising $251.19 $251.19 DR
9/09/2015   Sept. Advertising $325.68 $576.87 DR
  Ending Balance $576.87 DR

Account# 523 - Miscellaneous Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

Account# 551 - Income Taxes Expense

Date Description Debits Credits Balance
  Beginning Balance $0.00 CR
  No Entries
  Ending Balance $0.00 CR

GENERAL JOURNAL

Date Description Posting
Ref.		 Debits Credits
9/01/2015 Cash 111 $21,000.00
   Common Stock 311 $21,000.00
      CR 1 owner's investment
9/02/2015 Race Car 151 $13,500.00
   Cash 111 $13,500.00
      Race Car Purchase
9/03/2015 Prepaid Rent 117 $4,185.00
   Cash 111 $4,185.00
      Track Rent
9/03/2015 Racing Equipment 155 $2,006.11
   Accounts Payable 211 $2,006.11
      Purchase Equipment on Account
9/04/2015 Advertising Expense 515 $251.19
   Cash 111 $251.19
      Newpaper Advertising
9/05/2015 Accounts Receivable 113 $1,600.00
   Fees Revenue 411 $1,600.00
      Service Provided
9/06/2015 Racing Supplies 115 $890.24
   Accounts Payable 211 $890.24
      Purchase of Supplies
9/06/2015 Cash 111 $1,200.00
   Accounts Receivable 113 $1,200.00
      Cash Collected
9/07/2015 Accounts Payable 211 $450.00
   Cash 111 $450.00
      Payment on Sep. 6
9/07/2015 Cash 111 $2,000.00
   Fees Revenue 411 $2,000.00
      Service Provided
9/09/2015 Advertising Expense 515 $325.68
   Cash 111 $325.68
      Sept. Advertising
9/10/2015 Accounts Receivable 113 $2,050.00
   Fees Revenue 411 $2,050.00
      Service Provided
9/10/2015 Racing Supplies 115 $190.28
   Accounts Payable 211 $190.28
      supplies on Account
9/11/2015 Accounts Payable 211 $1,100.00
   Cash 111 $1,100.00
      Payment on Sep. 3
9/11/2015 Cash 111 $400.00
   Accounts Receivable 113 $400.00
      (AR Collection)
9/12/2015 Salary Expense 511 $2,300.00
   Cash 111 $2,300.00
      Sept. Salary Paid
9/12/2015 Racing Equipment 155 $1,812.45
   Cash 111 $1,812.45
      Purchase of Equipment
9/13/2015 Cash 111 $1,600.00
   Fees Revenue 411 $1,600.00
      Service Provided
9/13/2015 Cash 111 $750.00
   Accounts Receivable 113 $750.00
      AR collection
9/14/2015 Racing Supplies 115 $311.53
   Cash 111 $311.53
      supplies on Account
6. What is the total dollar amount of racing supplies purchased by JP Racing during the week ended September 14?
A. $190.28 B. $311.53
C. $1,392.05 D. $501.81
7. What is the dollar amount of JP Racing's total resources on September 14?
A. $26,909.76 B. $2,714.15
C. $25,373.13 D. $4,373.13
8. What is the net dollar amount of JP Racing's resources generated by management in the two weeks ended September 14?
A. $7,250.00 B. $4,373.13
C. $25,373.13 D. $1,024.32
9. What is the dollar amount of JP Racing's resources obtained from its owner as of September 14?
A. $26,909.76 B. $21,000.00
C. $4,373.13 D. $2,714.15
10. What is the dollar amount of racing equipment purchased by JP Racing during the week ended September 14?
A. $3,818.56 B. $1,392.05
C. $1,812.45 D. $501.81
Business   Accounting   
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Homework Answers

Answer #1

6. D. ($311.53 + $190.28) = 501.81 (from 8 sept to 14 sept)

7. A. $26,909.76

Cash $ 2,714.15
Accounts Receivable $ 1,300.00
Racing Supplies $ 1,392.05
Prepaid Rent $ 4,185.00
Race Car $ 13,500.00
Racing equipment $3,818.56
Total $ 26,909.76

8.  B. $4,373.13

Fees Revenue $7,250.00
Salary Expense ($2,300.00)
Advertising Expense ($576.87)
Net Income $4,373.13

9.  B. $21,000.00 (common stock)

10. C. $1,812.45 (from 8 sept to 14 sept)

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