nnect.mheducation.com/flow/connect.html Saved Help Save & Ch PA3-3 Analyzing the Effects of…

nnect.mheducation.com/flow/connect.html Saved Help Save & Ch PA3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin [LO 3-1, LO 3-2, LO 3-3, LO 3-4, LO 3-5] Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $190,000 of common stock on April 1 b. Acquired a barn for $145,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. c. Provided $20,200 in animal care services for customers on April 3, all on credit. d. Rented stables to customers who cared for their own animals; received cash of $17,500 on April 4 for rent earned this month. e. On April 5, received $1,800 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue)T f Purchased and received hay and feed supplies on account on April 6 for $5,000. g. Paid $3,160 on accounts payable on April 7 for previous purchases. h.Received $2,360 from customers on April 8 on accounts receivable. i. On April 9, prepaid a two-year insturance policy for $5,600 for coverage starting in May. j. On April 28, paid $1,390 in cash for water and utilities used this month. k. Paid $14,500 in wages on April 29 for work done this month. I Received an electric utility bill on April 30 for $1,380 for usage in April; the bill will be paid next month. Required: Next 6 of 6 onnect.mheducation.com/flow/connect.html Saved Help Save & E Che A.I aiu prt,JUV In VVaycs UIAp L IUI UIA UVIIC u13 Iu I Received an electric utility bill on April 30 for $1,380 for usage in April; the bill will be paid next month. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 4B Req 3 Req 4A Prepare an unadjusted trial balance as of April 30. SPICEWOOD STABLES, INC. Unadjusted Trial Balance Debit Credit 6 of 6 Next om/flow/connect.html Saved Help Save & E Chec Req 1 Req 2 Req 3 Req 4A Req 4B Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 4 6 7 8 12 Received contributions from investors and issued $190,000 of common stock on April 1. Record the transaction. Note: Enter debits before credits. Credit Debit Transaction General Journal (a) 6 of 6 Next Saved Help Save & Ex Chec Req 2 Req 1 Req 3 Req 4A Req 4B Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. Cash Accounts Receivable Beg. Bal ok Beg. Bal t nces End Bal End. Bal Supplies Prepaid Insurance Beg Bal Beg Bal End. Bal End. Bal End. Bal End. Bal Deferred Revenue Notes Payable (long-term) Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Service Revenue es Beg. Bal Beg Bal End. Bal End. Bal Utilities Expense Rent Revenue Beg Bal Beg. Bal End Bal End Bal Next 6 of 6 6 Rent Revenue Utilities Expense Beg. Bal Beg. Bal oints End. Bal End. Bal eBook Print Salaries and Wages Expense References Beg Bal End. Bal Req 1 Req 3 Next Mc Graw Hill Education 6 of 6 SPICEWOOD STABLES, INC Unadjusted Trial Balance Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Buildings Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Service Revenue Rent Revenue Utilities Expense Salaries and Wages Expense Total income and net profit margin 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. (Round your Net Profit Margin answer to 1 decimal place.) Preliminary Net Income Net Profit Margin Req 3 Req 4B Next 6 of 6 K Prev osearch 3. Prepare an unadjusted trial balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary ne income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor Complete this question by entering your answers in the tabs below. Req 2 Req 1 Req 3 Req 4A Req 4B Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. OBetter OWorse Req 4A Next 6 of 6

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