P3-2B Maquoketa River Resort opened for business on June 1 with eight air-conditionedunits. Its trial balance before adjustment on August 31 is as follows.Account Number101126130140143149201208275311332429622726732MAQUOKETA RIVER RESORTTrial BalanceAugust 31, 2015CashSuppliesPrepaid InsuranceLandBuildingsEquipmentAccounts PayableUnearned Rent RevenueMortgage PayableCommon StockDividendsRent RevenueMaintenance and Repairs ExpenseSalaries and Wages ExpenseUtilities ExpenseDebit$ 19,6003,3006,00025,000125,00026,0005,0003,60051,0009,400$273,900Credit$ 6,5007,40080,000100,00080,000$273,900In addition to those accounts listed on the trial balance, the chart of accounts for Maquo-keta River Resort also contains the following accounts and account numbers: No. 112Accounts Receivable, No. 144 Accumulated Depreciation-Buildings, No. 150 AccumulatedDepreciation Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable,No. 620 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, andNo. 722 Insurance Expense.Other data:1. Insurance expires at the rate of $300 per month.2. A count on August 31 shows $800 of supplies on hand.Prepare adjusting entries,post, and prepare adjustedtrial balance and financialstatements.(LO 4,5,6)GLS 154 3 Adjusting the Accounts(c) Adj. trial balance $281,000(d) Net income $18,300Ending retained earnings$13,300Total assets $203,4003. Annual depreciation is $6,000 on buildings and $2,400 on equipment.4. Unearned rent revenue of $4,800 was earned prior to August 31.5. Salaries of $400 were unpaid at August 31.6. Rentals of $4,000 were due from tenants at August 31. (Use Accounts Receivable.)7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)Instructions(a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31.(b) Prepare a ledger using the three-column form of account. Enter the trial balanceamounts and post the adjusting entries. (Use J1 as the posting reference.)(c) Prepare an adjusted trial balance on August 31.(d) Prepare an income statement and a retained earnings statement for the 3 months endingAugust 31 and a balance sheet as of August 31.

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3. Annual depreciation is $6,000 on buildings and $2,400 on equipment. 4. Unearned rent revenue of $4,800 was earned prior to August 31. 5. Salaries of $400 were unpaid at August 31. 6. Rentals of $4,000 were due from tenants at August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on August 31. (d) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31.

3. Annual depreciation is $6,000 on buildings and $2,400 on equipment. 4. Unearned rent revenue of $4,800 was earned prior to August 31. 5. Salaries of $400 were unpaid at August 31. 6. Rentals of $4,000 were due from tenants at August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on August 31. (d) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.6.1P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...

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P3-3A Alena Co. was organized on July 1, 2017. Quarterly fi nancial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.ALENA CO.Trial BalanceSeptember 30, 2017 Unadjusted Adjusted Dr. Cr. Dr. Cr.Cash $ 8,700 $ 8,700Accounts Receivable 10,400 11,500Supplies 1,500 650Prepaid Rent 2,200 500Equipment 18,000 18,000Accumulated Depreciation—Equipment $ –0– $ 700Notes Payable 10,000 10,000Accounts Payable 2,500 2,500Salaries and Wages Payable –0– 725Interest Payable –0– 100Unearned Rent Revenue 1,900 450Owner’s Capital 22,000 22,000Owner’s Drawings 1,600 1,600Service Revenue 16,000 17,100Rent Revenue 1,410 2,860Salaries and Wages Expense 8,000 8,725Rent Expense 1,900 3,600Depreciation Expense 700 Supplies Expense 850Utilities Expense 1,510 1,510 Interest Expense 100 $53,810 $53,810 $56,435 $56,435Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and an owner’s equity statement for the 3 months…
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P3-1A Tony Masasi started his own consulting fi rm, McGee Company, on June 1, 2012. Thetrial balance at June 30 is shown below. Prepare adjusting entries, postto ledger accounts, and prepareadjusted trial balance.(SO 5, 6, 7) McGEE COMPANYTrial BalanceJune 30, 2012 Account Number Debit Credit101 Cash $ 7,150112 Accounts Receivable 6,000126 Supplies 2,000130 Prepaid Insurance 3,000157 Equipment 15,000201 Accounts Payable $ 4,500209 Unearned Service Revenue 4,000301 Owner’s Capital 21,750400 Service Revenue 7,900726 Salaries and Wages Expense 4,000729 Rent Expense 1,000$38,150 $38,150 Problems: Set A 137 c03AdjustingTheAccounts.indd Page 137 11/29/10 2:10:44 PM f-392 03AdjustingTheAccounts.indd Page 137 11/29/10 2:10:44 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Users/f-392/Desktop/Nalini 23.9/ch05 138 3 Adjusting the Accounts In addition to those accounts listed on the trial balance, the chart of accounts for McGeeCompany also contains the following accounts and account numbers: No.…
Q4: On 31/12/2020, the following balances appeared in the trial balance of ABC Company ABC Co. Partial Trial Balance December 31 Prepaid insurance 1,500 Supplies 1,000 Unearned service revenue 1,500 Equipment 50,000 Additional information: An insurance policy examination showed SR1,000 of expired insurance An inventory count showed SR200 of unused shop supplies still available Depreciation expense on shop equipment, SR10,000 SR800 of the Unearned service account balance was earned by year-end. Required : Make the necessary adjusting entries. Show the impact of these adjustments on the income statement and the balance sheet statement.
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