Assignment #2-DANIELA PACHECO

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Salesian University *

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1000

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Accounting

Date

May 24, 2024

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pdf

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Uploaded by BaronKoupreyPerson3350

4/3/24, 15:06 Assignment #2-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 1/9 1. Student: DANIELA PACHECO Date: 03/04/24 Instructor: Rachel Sham Course: ACCT1000 - Financial Accounting Principles 1 (W24) Assignment: Assignment #2 The unadjusted trial balance of Delivery at December 31, , appears below. The data needed for the month-end adjustments also appear below. Punctual 2023 (Click the icon to view the unadjusted trial balance.) (Click the icon to view the data.) 1 2 Required 1 . Journalize the adjusting entries on December 31, and post them to the T-accounts. 2. Prepare the adjusted trial balance. Requirement 1. Journalize the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Prepaid rent still available at December 31, . Record the adjustment to prepaid rent. $4,800 Accounts and Explanation Debit Credit a. Rent Expense 4,600 Prepaid Rent 4,600 To record rent expense. b. Supplies used during the month, $ . Record the adjustment to the supplies account. 3,200 Accounts and Explanation Debit Credit b. Supplies Expense 3,200 Supplies 3,200 To record supplies expense. c. Amortization for the month, $ . Record the amortization for the month. 810 Accounts and Explanation Debit Credit c. Amortization Expense—Trucks 810 Accumulated Amortization—Trucks 810 To record amortization expense. d. Accrued salaries expense at December 31, $ . Record accrued salaries expense. 950 Accounts and Explanation Debit Credit d. Salaries Expense 950 Salaries Payable 950 To accrue salaries expense. e. Unearned commission revenue still remaining to be earned at December 31, $ . Record the transaction for unearned delivery revenue. 3,700

4/3/24, 15:06 Assignment #2-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 2/9 Accounts and Explanation Debit Credit e. Unearned Delivery Revenue 3,500 Delivery Revenue 3,500 To record revenue collected in advance and now earned. Next, post each journal entry in the appropriate T-account. The opening balances have been entered for you. Post journal entry a. to the T-accounts. Prepaid rent still available at December 31, . Record the adjustment to prepaid rent. (If a box not used in the T-accounts, leave the box empty; do not enter a zero.) $4,800 Prepaid Rent Rent Expense Bal. 9,400 Bal. 0 (a) 4,600 (a) 4,600 Bal. 4,800 Bal. 4,600 Post journal entry b. to the T-accounts. Supplies used during the month, $ . (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.) 3,200 Supplies Supplies Expense Bal. 3,900 Bal. 0 (b) 3,200 (b) 3,200 Bal. 700 Bal. 3,200 Post journal entry c. to the T-accounts. Amortization for the month, $ . (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.) 810 Accumulated Amortization Amortization Expense —Trucks —Trucks Bal. 46,000 Bal. 0 (c) 810 (c) 810 Bal. 46,810 Bal. 810 Post journal entry d. to the T-accounts. Accrued salaries expense at December 31, $ . (If a box is not used in the T-accounts, leave th box empty; do not enter a zero.) 950 Salaries Payable Salaries Expense Bal. 0 Bal. 8,000 (d) 950 (d) 950 Bal. 950 Bal. 8,950 Post the journal entry e. to the T-accounts. Unearned delivery revenue still remaining to be earned at December 31, $ . (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.) 3,700 Unearned Delivery Revenue Delivery Revenue Bal. 7,200 Bal. 50,000 (e) 3,500 (e) 3,500 Bal. 3,700 Bal. 53,500 Requirement 2. Prepare the adjusted trial balance. Begin with the heading for the statement, and then enter the adjusted balances for each account. (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.)

4/3/24, 15:06 Assignment #2-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 3/9 1: Unadjusted Trial Balance Punctual Delivery Adjusted Trial Balance December 31, 2023 Account Debit Credit Cash 24,000 $ Accounts receivable 52,000 Prepaid rent 4,800 Supplies 700 Trucks 77,000 Accumulated amortization—trucks 46,810 $ Accounts payable 7,200 Salaries payable 950 Unearned delivery revenue 3,700 M. Foster, capital 94,000 M. Foster, withdrawals 28,000 Delivery revenue 53,500 Salaries expense 8,950 Rent expense 4,600 Amortization expense—trucks 810 Advertising expense 2,100 Supplies expense 3,200 Total 206,160 $ 206,160 $

4/3/24, 15:06 Assignment #2-DANIELA PACHECO https://tdx.acs.pearsonprd.tech/api/v1/print/highered 4/9 2. 3. 4. 2: Data Punctual Delivery Unadjusted Trial Balance December 31, 2023 Account Debit Credit Cash 24,000 $ Accounts receivable 52,000 Prepaid rent 9,400 Supplies 3,900 Trucks 77,000 Accumulated amortization—trucks 46,000 $ Accounts payable 7,200 Salaries payable 0 Unearned delivery revenue 7,200 M. Foster, capital 94,000 M. Foster, withdrawals 28,000 Delivery revenue 50,000 Salaries expense 8,000 Rent expense 0 Amortization expense—trucks 0 Advertising expense 2,100 Supplies expense 0 Total 204,400 $ 204,400 $ a. Prepaid rent still available at December 31, . $4,800 b. Supplies used during the month, $ . 3,200 c. Amortization on trucks for the month, $ . 810 d. Accrued salaries expense at December 31, $ . 950 e. Unearned delivery revenue still remaining to be earned at December 31, $ . 3,700 Adjusting entries assign revenues to the period in which they are earned and expenses to the period in which they are incurred. True False Closing the accounts consists of journalizing and posting entries, which will zero out all temporary accounts. True False A credit balance in the income summary account after closing revenues and expenses indicates a net income for the current period. True False

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