Hongha Corporation Has Got Following Information On March.pdf

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<b>NHÓM 7: </b>

<b>Thành viên (LT2)Đặng Minh Thắng</b>

<b>Trịnh Tiến ĐứcVũ Mạnh Tuấn</b>

<b>Đinh Ngọc Duy</b>

<b>Đỗ Duy HảiNguyễn Mạnh Duy</b>

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4. Purchased supplies on account 500.

5. Sold 2.500kg on credit 8.200, cost of goods sold : X16. Collected cash from customer on account 10.000.7. Prepaid advertising for 3 months 1.5008. Depreciation expense 500

9. Prepaid advertising expired 50010. Supplies on hand 10011. Paid salary expense X212. Closing entries

<b>1. Average unit cost= (2000+4300)/(1000+2000)= 2,1</b>

=> X1= 2,1x2500= 5250X2= 900

<b>2. Hongha corporation</b>

April, 2013

Voucher Explanation Ref Account Amount

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1 issued commonstock and received cash

cashcommon stock

merchandise onaccount

430043003 paid off A/P

and salary payable

A/Psalary payablecash

supplies on account

merchandise oncredit

820052506 collected cash

from account

prepaid advertising expensecash

9009009 Salary expense Salary expense

Salary payable900

90010 depreciation

_depreciation expense_accumulated depreciation

advertising expired

_advertising expense_prepaid advertising expense

12 supplies supplies expense 400

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14 To close salary expense

Income summarySalary expense

15 To close COGS Income summaryCOGS

advertising expense

Income summaryAdvertising expense

depreciation expense

Income summaryDepreciation expense

supplies expense

Income summarySupplies expense

Income summary

Income summaryRetained earnings

3. Post to Ledgers

CashApril 2013

Voucher Explanation Accounts Amounts

Beginning balance

10.500

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common stock

A/P and salary payable

A/P and salary payable

cash on account

A/R 10.000

Prepaid advertising expense

payable paid

Salary payable

Ending balance

Common stockApril 2013

Voucher Explanation Accounts Amounts

common stock

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MerchandiseApril 2013

Voucher Explanation Accounts Amounts

merchandise on account

merchandise on credit

Ending balance

A/PApril 2013

Voucher Explanation Accounts Amounts

merchandise on account

4.300

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A/P

supplies on account

Ending balance

Salary payableApril 2013

Voucher Explanation Accounts Amounts

salary payable

Ending balance

SuppliesApril 2013

Voucher Explanation Accounts Amounts

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No Date Dr Cr

supplies on account

Supplies expense

Ending balance

A/RApril 2013

Voucher Explanation Accounts Amounts

merchandise on credit

Revenue 8.200

cash from account

Ending balance

RevenueApril 2013

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Voucher Explanation Accounts Amounts

merchandise on credit

Income summary

Ending balance

Prepaid advertising expense

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Advertising expense

Voucher Explanation Account Amount

Depreciationexpense

Accumulated expense

Income summary

500

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Voucher Explanation Account Amount

ending bal

<b>Ledger </b>

Advertising expenseApril 2013

Voucher Explanation Account Amount

Prepaidadvertisingexpired

To close advertising expense

Incomesummary

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Voucher Explanation Account Amount

Income summary

Voucher Explanation Account Amount

Income summary

900

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Voucher Explanation Account Amount

ending bal

<b>Ledger </b>

Accumulated depreciationApril 2013

Voucher Explanation Account Amount

Depreciationexpense

500

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-Voucher Explanation Account Amount

Income summaryApril 2013

Voucher Explanation Account Amount

<b>4. Prepare adjusted trial balances (Vietnamese style)</b>

Beginning Incurred Ending balance

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5.250 5.250

5 Merchandise 2.000 4.300 5.250 1.0506 Accumulated

8 Salarypayable

1.500 500 1.000

11 Suppliesexpense

400 400

14 Advertisingexpense

500 500

15 Depreciationexpense

500 500

17 Salaryexpense

900 90018 Income

8.200 8.200

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Supplies 100

Prepaid advertising expense 1.000Merchandise 1.050Buiding 15.000- Non current assetsAccumulated depreciation (500)

Total 38.250<b>Liabilities and equitiesLiabilities </b>A/P 5.800

<b>Equities </b>

common stock 30.000Retained earnings 2.450

Total L+E<b> </b> 38.250<b>6. Hongha Corporation </b>Income Statement for the month 4/2013 ($)Revenue 8.200Less: expensesCost of goods sold 5.250Salary expense 900

Supplies expense 400

Advertising expense 500

Depreciation expense 500

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Total Expense 7.550Net income 650

<b> </b>

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