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Accounting Enjoy Limited is an education center that provides education services to students in Hong Kong. The financial year ends on 31 December. The trial balance on 1 January 2021 are as follows: Cash Office supplies Prepaid insurance Equipment Accounts receivable Note payable Accounts payable Unearned revenues Common stock Additional paid-in capital Retained earnings Total a) b) c) d) e) f) During the year 2021, Enjoy Limited has the following transactions/events: g) h) i) Debit $ j) 1,000,000 $5,000 $10,000 $40,000 $80,000 1,135,000 Credit S $6,000 $20,000 $40,000 $70,000 $800,000 $199,000 1,135,000 Issued 50,000 shares of common stock for cash at a market value of $15 per share. Par value is $0.10 per share. Purchased $6,000 office supplies on credit. Provided $800,000 education services to students on account. Paid $3,000 cash for utility fees for the operations of Enjoy Limited. Provided $600,000 education services to students for cash. Paid $3,000 cash for office supplies purchased in b) Paid $40,000 cash for purchasing equipment. Received $600,000 cash for education services provided in c) Paid $50,000 cash for rent, of which $30,000 were for the operations in 2021 and the remainder was for the operations in year 2022. Jeff, one of the employees of Enjoy Limited, purchased a car worth $50,000 for the operation of the company. Enjoy Limited signed a note of $50,000 with Jeff. The due date is on 1 May 2023 (ignore interest).

Accounting Enjoy Limited is an education center that provides education services to students in Hong Kong. The financial year ends on 31 December. The trial balance on 1 January 2021 are as follows: Cash Office supplies Prepaid insurance Equipment Accounts receivable Note payable Accounts payable Unearned revenues Common stock Additional paid-in capital Retained earnings Total a) b) c) d) e) f) During the year 2021, Enjoy Limited has the following transactions/events: g) h) i) Debit $ j) 1,000,000 $5,000 $10,000 $40,000 $80,000 1,135,000 Credit S $6,000 $20,000 $40,000 $70,000 $800,000 $199,000 1,135,000 Issued 50,000 shares of common stock for cash at a market value of $15 per share. Par value is $0.10 per share. Purchased $6,000 office supplies on credit. Provided $800,000 education services to students on account. Paid $3,000 cash for utility fees for the operations of Enjoy Limited. Provided $600,000 education services to students for cash. Paid $3,000 cash for office supplies purchased in b) Paid $40,000 cash for purchasing equipment. Received $600,000 cash for education services provided in c) Paid $50,000 cash for rent, of which $30,000 were for the operations in 2021 and the remainder was for the operations in year 2022. Jeff, one of the employees of Enjoy Limited, purchased a car worth $50,000 for the operation of the company. Enjoy Limited signed a note of $50,000 with Jeff. The due date is on 1 May 2023 (ignore interest).

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
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Accounting Enjoy Limited is an education center that provides education services to students in Hong Kong. The financial year ends on 31 December. The trial balance on 1 January 2021 are as follows: Cash Office supplies Prepaid insurance Equipment Accounts receivable Note payable Accounts payable Unearned revenues Common stock Additional paid-in capital Retained earnings Total a) b) c) d) e) f) g) h) i) Debit $ During the year 2021, Enjoy Limited has the following transactions/events: j) 1,000,000 $5,000 $10,000 $40,000 $80,000 1,135,000 Credit $ $6,000 $20,000 $40,000 $70,000 $800,000 $199,000 1,135,000 Issued 50,000 shares of common stock for cash at a market value of $15 per share. Par value is $0.10 per share. Purchased $6,000 office supplies on credit. Provided $800,000 education services to students on account. Paid $3,000 cash for utility fees for the operations of Enjoy Limited. Provided $600,000 education services to students for cash. Paid $3,000 cash for office supplies purchased in b) Paid $40,000 cash for purchasing equipment. Received $600,000 cash for education services provided in c) Paid $50,000 cash for rent, of which $30,000 were for the operations in 2021 and the remainder was for the operations in year 2022. Jeff, one of the employees of Enjoy Limited, purchased a car worth $50,000 for the operation of the company. Enjoy Limited signed a note of $50,000 with Jeff. The due date is on 1 May 2023 (ignore interest).
Transcribed Image Text:Accounting Enjoy Limited is an education center that provides education services to students in Hong Kong. The financial year ends on 31 December. The trial balance on 1 January 2021 are as follows: Cash Office supplies Prepaid insurance Equipment Accounts receivable Note payable Accounts payable Unearned revenues Common stock Additional paid-in capital Retained earnings Total a) b) c) d) e) f) g) h) i) Debit $ During the year 2021, Enjoy Limited has the following transactions/events: j) 1,000,000 $5,000 $10,000 $40,000 $80,000 1,135,000 Credit $ $6,000 $20,000 $40,000 $70,000 $800,000 $199,000 1,135,000 Issued 50,000 shares of common stock for cash at a market value of $15 per share. Par value is $0.10 per share. Purchased $6,000 office supplies on credit. Provided $800,000 education services to students on account. Paid $3,000 cash for utility fees for the operations of Enjoy Limited. Provided $600,000 education services to students for cash. Paid $3,000 cash for office supplies purchased in b) Paid $40,000 cash for purchasing equipment. Received $600,000 cash for education services provided in c) Paid $50,000 cash for rent, of which $30,000 were for the operations in 2021 and the remainder was for the operations in year 2022. Jeff, one of the employees of Enjoy Limited, purchased a car worth $50,000 for the operation of the company. Enjoy Limited signed a note of $50,000 with Jeff. The due date is on 1 May 2023 (ignore interest).
k) 1) m) n) o) p) q) r) s) 3) Lent $4,000 cash to Mary, one of the employees of Enjoy Limited, by signing a note. The due date is on 3 March 2022. Kenneth, one of parents living by Enjoy Limited, agrees to purchase $40,000 education services. Received $120,000 cash for education services. $90,000 of the amount received were for the services provided in 2021. Owning to $30,000 cash, the remaining amount received, students will be entitled to the education services in 2022. $10,000 education services were provided for cash received in 2020. Paid $10,000 cash in 2020 for insurance coverage in 2021 and 2022. $3,000 of the amount paid were for the coverage of year 2021. $7,000 of the amount paid were for the coverage of year 2022. $300 office supplies were remaining at the end of 2021. $30,000 wages for teachers were due. Cash had not been paid to the teachers. The accountant found that $10,000 of $30,000 in m) should be for the education services provided in 2021 rather than 2022. Declared $6,000 dividend at the end of year 2021. Prepare Income Statement for the year ended 31 December 2021.
Transcribed Image Text:k) 1) m) n) o) p) q) r) s) 3) Lent $4,000 cash to Mary, one of the employees of Enjoy Limited, by signing a note. The due date is on 3 March 2022. Kenneth, one of parents living by Enjoy Limited, agrees to purchase $40,000 education services. Received $120,000 cash for education services. $90,000 of the amount received were for the services provided in 2021. Owning to $30,000 cash, the remaining amount received, students will be entitled to the education services in 2022. $10,000 education services were provided for cash received in 2020. Paid $10,000 cash in 2020 for insurance coverage in 2021 and 2022. $3,000 of the amount paid were for the coverage of year 2021. $7,000 of the amount paid were for the coverage of year 2022. $300 office supplies were remaining at the end of 2021. $30,000 wages for teachers were due. Cash had not been paid to the teachers. The accountant found that $10,000 of $30,000 in m) should be for the education services provided in 2021 rather than 2022. Declared $6,000 dividend at the end of year 2021. Prepare Income Statement for the year ended 31 December 2021.
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