Reconstruct the correct entries under accrual accounting principles and post the effects to T accounts

Reconstruct the correct entries under accrual accounting principles and post the effects to T accounts         Budi started a small boat repair service company during the   current year. He is interested in obtaining a $100,000 loan from your bank to   build a dry dock to store boats for customers. At the end of the year, he   prepared the following statements based on information stored in a large   filing cabinet               BUDI COMPANY    Profit for the Current Year   Service fees collected in cash during   the current year 55     Cash dividends received 10000     Total 65000     Expense for operations paid during the   current year 22     Cash stolen 500     New tools purchased during the current   year (cash paid) 1000     Supplies purchased for use on service   jobs (cash paid) 3200     Total 26700     Profit 38300           BUDI   COMPANY    Assets Owned at the End of the Current Year     Cash in checking account 29300     Building (at current market value) 32000     Tools and equipment 18000     Land (at current market value) 30000     Stock in ABC Industrial 130000     Total 239300           The following is a summary of completed   transactions:      a. Received the following contributions (at fair value) to the   business from the owner when it was started in exchange for 1,000 shares of   $1 par value common stock in the new company:     Building   21000 Land 20000     Tools   and equipment 17000 Cash 1000           b. Earned service fees during the current year of 87000; of the   cash collected 20000 was for deposits from customers on work to be done by   Budi in the next year.     c. We received the cash dividends on shares of ABC Industrial   stock purchased by Budi six years earlier (the stock was not owned by the   company).     d.   He incurred operating expenses during the current year of 61000     e.   Determined amount of supplies on hand (unused) at the end of the current year   as 700     f.   A temporary employee subsequently fired, stole 500 cash from the business.   There was no insurance coverage for theft           g. We have purchased tools and equipment during the year       Share on Facebook Tweet Follow us This question has been answered. Get Answer


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