and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at Jauary 31, 2019, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2019 Debit Balances Account No. Credit Balances Cash 11 13,100 8,000 7,500 13000ו Supplies Prepaid Insurance. Equipment. Accumulated Depreciation-Equipment.. 13 14 16 17 12,000 Trucks... 18 90,000 Accumulated Depreciation-Trucks Accounts Payable. Jeanne McQuay, Capital. Jeanne McQuay, Drawing.. Service Revenue 19 27,100 21 4,500 126,400 31 32 з000 41 155,000 Wages Expense.. Rent Expense... Truck Expense. Miscellaneous Expense. 51 72,000 7,600 52 53 5,350 5,450 59 325,000 325,000 The data needed to determine year-end adjustments are as folows: a. Supplies on hand at January 31 are $2,850. b. Insurance premiums expired during the year are $3,150. c. Depreciation of equipment during the year is $5,250. d. Depreciation of trucks during the year is $4,000. e. Wages accrued but not paid at January 31 are $900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional ac- counts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense- Trucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate dosed accounts by inserting a line in both Balance columns opposite the dlosing entry. 7. Prepare a post-closing trial balance.

and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at Jauary 31, 2019, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2019 Debit Balances Account No. Credit Balances Cash 11 13,100 8,000 7,500 13000ו Supplies Prepaid Insurance. Equipment. Accumulated Depreciation-Equipment.. 13 14 16 17 12,000 Trucks... 18 90,000 Accumulated Depreciation-Trucks Accounts Payable. Jeanne McQuay, Capital. Jeanne McQuay, Drawing.. Service Revenue 19 27,100 21 4,500 126,400 31 32 з000 41 155,000 Wages Expense.. Rent Expense... Truck Expense. Miscellaneous Expense. 51 72,000 7,600 52 53 5,350 5,450 59 325,000 325,000 The data needed to determine year-end adjustments are as folows: a. Supplies on hand at January 31 are $2,850. b. Insurance premiums expired during the year are $3,150. c. Depreciation of equipment during the year is $5,250. d. Depreciation of trucks during the year is $4,000. e. Wages accrued but not paid at January 31 are $900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional ac- counts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense- Trucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate dosed accounts by inserting a line in both Balance columns opposite the dlosing entry. 7. Prepare a post-closing trial balance.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 4PB: The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year,...

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