English 1010 Reflective Essay 2

Reflective Essay

Jessica Stewart

After finishing the last paper, I was nervous to move on to the next one. I figured it was going to be harder to do and cause more stress in my already stressful life! Turns out that writing the paper was not as hard as I thought it was going to be. It makes it really nice when you have a rubric that tells you step by step what you should be doing and how you should do it. It is also very nice that I can get online and look at other students papers to get an idea of exactly what the paper should look like.

I took some ideas from the book from our 1st set of assignments and decided to do the free writing after I had found my topic. I found that using the free writing technique made my life more simple and was able to compile my ideas better.

The thing that I hated about this paper was trying to write the last few paragraphs. You would think that was probably the easiest part of the whole paper but for me it wasn’t. I felt like I was writing the same thing over and over again. I pretty much touched everything that I was talking about in the first four paragraphs so it made it difficult to expand the information more without taking the paper overboard. My problem also could have been me over thinking as usual. On the first paper I know I had said I would hopefully fix my over thinking problem but just when I thought I had, Bam I was over thinking and couldn’t right anything.

I’m looking forward to the next paper. I’m hoping that it will be just as easy as the last two papers that I have written. I’ve been more excited about this last paper because it is a research paper. Although I’m sure the formatting will be a little more on the difficult side of things, I’m excited to pick a topic and learn more about it.   This has been one of the better English classes that I have taken. It is straight to the point right down to every detail of the homework which has made it very nice.

Accounting 1110

Comprehensive Accounting Cycle Review Problem

On December 1st Curt Williamson began an auto repair shop, Williamsons Quality Automotive. The following information about December’s transactions, accounts, and adjustment data is available.

Transactions

Dec.                       1    Williamsoncontributed$50,000cashtothebusinessinexchangeforcapital.

1     Purchased$10,800ofequipmentpayingcash.

1     Paid$4,500fora9-monthinsurancepolicystartingonDecember1.

9    Paid$18,000cashtopurchaselandtobeusedinoperations.

10    Purchasedofficesuppliesonaccount,$3,000.

19    Borrowed$28,000from thebankfor businessuse.Williamsonsignedanotepayabletothebank inthenameofthebusiness.

22    Paid$800foradvertisingexpenses.

26    Paid$1,000onaccount.

28    ThebusinessreceivedabillforutilitiestobepaidinJanuary,$280.

31    Revenuesearnedduringthemonthincluded$17,500cashand$2,700onaccount.

31    Paidemployees’salaries$3,600andbuildingrent$700.Recordasacompoundentry.

31    Thebusinessreceived$1,440forautoscreeningservicestobeperformednextmonth.

31    Williamsonwithdrewcashof$3,000.

Accounts

Cash;AccountsReceivable;OfficeSupplies;PrepaidInsurance;Equipment;Accumulated

Depreciation-Equipment;Land;AccountsPayable;UtilitiesPayable;InterestPayable;UnearnedRevenue; NotesPayable;Williamson,Capital;Williamson,Withdrawals;ServiceRevenue;SalariesExpense;Rent Expense;UtilitiesExpense;AdvertisingExpense;SuppliesExpense;InsuranceExpense;InterestExpense;and DepreciationExpense-Equipment.

Adjustment Data

  1. OfficeSuppliesusedduringthemonth,$600.
  2. Depreciationforthemonth,$180.

c.Onemonthinsurancehasexpired.

  1. AccruedInterestExpense,$75.

Requirements:

Complete the following on the attached work papers

  1. Preparethejournalentriesandpost totheT-accounts.
  2. Prepareanunadjustedtrialbalance.
  3. 3. PreparetheadjustingentriesandposttotheT-accounts.
  4. 4. Prepareanadjustedtrial
  5. Preparetheincomestatement,thestatementofowner’sequity,anda classified balance sheet.Use proper formatting techniques including headings, dollar signs, and underlining.

6.PreparetheclosingentriesandposttotheT-accounts.

  1. Prepareapost-closingtrialbalance.

 

GENERALJOURNAL

DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT
RecordTransactions,AdjustingEntries,ClosingEntriesin thisjournal
           Dec. 1 Cash 50,000
     Williamson, Capital 50,000
Owner Contribution
                       1 Equipment 10,800
     Cash 10,800
Bought equipment with cash
                       1 1 Prepaid Insurance 4,500
     Cash 4,500
Paid for insurance policy
                       9 99 Land 18,000
     Cash 18,000
Purchased land with cash
                     10 1110 Office Supplies 3,000
     Account Payable 3,000
Purchased office supplies on Account
                     19 19 Cash 28,000
     Notes Payable-Williamson 28,000
Borrowed money from the bank
                     22 Advertising Expense 800
     Cash 800
Paid advertising expense
                     26 Account Payable 1,000
     Cash 1,000
Paid cash on account payable
                     28 Utilities Expense 280
     Utilities Payable 280
Accrued utility liability
 
DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT
           Dec. 31 Cash 17,500
Accounts Receivable 2,700
     Service Revenue 20,200
Revenue earned this month
                     31 Salaries Expense 3600
Rent Expense 700
     Cash 4,300
Paid Salaries and Rent expense with cash
                     31 Cash 1,440
     Unearned Revenue 1,440
Received cash for future services
                     31 Williamson, Withdrawal 3,000
     Cash 3,000
Owner withdrawal
                     31 Depreciation Expense-Equipment 180
     Accumulated Depreciation-Equipment 180
To record depreciation of equipment
                     31 Insurance Expense 500
     Prepaid Insurance 500
To record insurance expense
                     31 Supplies Expense 600
     Office supplies 600
To record office supplies expense
                     31 Interest Expense 75
     Interest Payable 75
To record interest expense
                     31 Service Revenue 20,200
     Income Summary 20,200
To close service revenue
DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT
           Dec. 31 Income Summary 6,735
Salaries expense 3600
Rent expense 700
Utilities Expense 280
Advertising Expense 800
Supplies Expense 600
Insurance Expense 500
Interest Expense 75
Depreciation Expense-Equipment 180
To close expenses
                     31 Income Summary 13,465
     Owners Capital 13,465
To close income summary
                     31 Owners Capital 3,000
     Owner Withdrawal 3,000
To close withdrawals
 
 
 
 

Cash                                       Accts.Rec                        Office Supplies                    PrepaidInsurance

Dec. 1 50,000   10,800 Dec. 1

Dec.19 28,000 4,500 Dec. 1                                               Dec. 31 2,700                                                                               Dec. 10 3,000               600 Dec 31                                           Dec. 1 4,500                        500 Dec. 31

Dec. 31 17,500 18,000 Dec. 9

Dec. 31 1,440    8,00 Dec. 22

1,000 Dec. 26

4,300 Dec. 31

3,000 Dec. 31

Bal. 54,540                                                                          Bal. 2,700                                                                                                   Bal. 2,400                                                           Bal. 4,000

Equipment                    Accum.Deprec. –Equip.                         Land                               AccountsPayable

Dec. 1 10,800                                                                                                     180 Dec. 31                                                 Dec. 9 18,000                                                                          Dec. 26 1,000  3,000 Dec. 10

Bal. 10,800                                                                                                         180 Bal                                                        Bal. 18,000                                                                                                         2,000 Bal.

UtilitiesPayable                      InterestPayable                     Unearned Revenue       NotesPayable-Williamson

280 Dec. 28                                                                             75 Dec. 31                                                                              1,440 Dec. 31                                                                      28,000 Dec. 19

280 Bal.                                                                                 75 Bal.                                                                                    1,440 Bal.                                                                            28,000 Bal.

Capital-Williamson                     Withdrawals                         Service Revenue                   Salaries Expense

Clos 4 3,000       50,000 Dec. 1                                               Dec. 31 3,000     3,000 Clos 4                                                                         Clos 1 20,200      20,200 Dec. 31                                            Dec. 31 3,600  3,600 Clos 2

13,465 Clos 3

60,465 Bal.                                                  Bal. 0                                                                                                                  0 Bal.                                                           Bal. 0

Rent Expense                        UtilitiesExpense                  AdvertisingExpense                   Supplies Expense

Dec. 31 700              700 Clos 2                                              Dec. 28 280                280 Clos 2                                             Dec. 22 800              800 Clos 2                                              Dec. 31 600              600 Clos 2

Bal. 0                                                                                       Bal. 0                                                                                       Bal. 0                                                                                       Bal. 0

Insurance Expense                      Interest Expense            Depreciation Exp. Equip.               Income Summary

Dec. 31 500                500 Clos 2                                             Dec 31 75                                                                                Dec 31 180                                                                              Clos 2 6,735              20,200 Clos 1

Clos 3 13,465            13,465 Bal.

Bal. 0                                                                                       Bal. 75                                                                                     Bal. 180                                                                                                                  0   Bal.

Williamsons Quality Automotive

Trial Balance Sheet

December 31, 2014

Debits Credits
Cash $54,540
Accounts Received 2,700
Office Supplies 3,000
Prepaid Insurance 4,500
Equipment 10,800
Land 18,000
Accounts Payable $2,000
Utilities Payable 280
Unearned Revenue 1,440
Notes Payable-Williamson 28,000
Capital-Williamson 50,000
Withdrawals-Williamson 3,000
Service Revenue 20,200
Salaries Expense 3,600
Rent Expense 700
Utilities Expense 280
Advertising Expense 800
Total $101,920 $101,920

Williamsons Quality Automotive

Adjusted Trial Balance Sheet

December 31, 2014

Debits Credits
Cash $54,540
Accounts Received 2,700
Office Supplies 2,400
Prepaid Insurance 4,000
Equipment 10,800
Accumulated Depreciation-Equipment $180
Land 18,000
Accounts Payable 2,000
Utilities Payable 280
Interest Payable 75
Unearned Revenue 1,440
Notes Payable-Williamson 28,000
Capital-Williamson 50,000
Withdrawals-Williamson 3,000
Service Revenue 20,200
Salaries Expense 3,600
Rent Expense 700
Utilities Expense 280
Advertising Expense 800
Supplies Expense 600
Insurance Expense 500
Interest Expense 75
Depreciation Expense-Equipment 180
Total: $102,175 $102,175

Williamsons Quality Automotive

Income Statement

Month ended December 31, 2014

Revenues:
         Service Revenue $20,200
Expenses:
         Salary Expense $3,600
         Rent Expense 700
         Utilities Expense 280
           Advertising Expense 800
         Supplies Expense 600
         Insurance Expense 500
         Interest Expense 75
           Depreciation Expense-Equipment 180
                     Total Expenses: 6,735
Net Income:   $13,465

 

Statement ofChanges in Owner’sEquity

Williamsons Quality Automotive

Statement of Changes in Owners Equity

Month ended December 31, 2014

Williamsons Capital, November 31, 2014                                          $0
Owner Contribution 50,000
Net Income for the month 13,465
63,465
Owner Withdrawal (3,000)
Williamsos Capital, December 31, 2014 $60,465

Williamsons Quality Automotive

Balance Sheet

December 31, 2014

Assets Liabilities
Cash                                                                                    $54,540 Accounts Payable                                                                 $2,000
Accounts Received                                                                 2,700 Utilities Payable                                                                        280
Office Supplies                                                                         2,400 Interest Payable                                                                           75
Prepaid Insurance                                                                   4,000 Unearned Revenue                                                                 1,440
Equipment                                                  10,800 Notes Payable-Williamson                                                   28,000
Less. Acc. Depr.-Equipment                         (180)      Total Liabilities                                                                   31,795
                                                                         10,620 Owners Equity
Land                                                                                       18,000 Williamson, Capital                                                               60,465
Total Assets                                                                           $92,260 Total Liabilities & Owners Equit                                       $92,260

Williamsons Quality Automotive

Post-Closing TrialBalance

December 31, 2014

Cash Debits Credits
Accounts Received $54,540
Office Supplies 2,400
Prepaid Insurance 4,000
Equipment 10,800
Accumulated Depreciation-Equipment $180
Land 18,000
Accounts Payable 2,000
Utilities Payable 280
Interest Payable 75
Unearned Revenue 1,440
Notes payable-Williamson 28,000
Capital-Williamson 60,465
Total $92,440 $92,440