Debit Credit Cash $33,590 Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Accounts Receivable 37,270 Inventory 48,570 Supplies No. Date Account Titles and Explanation Debit Credit 9,070 Nov. Equipment 140.140 1. Supplies Experse 4,000 30 Accumulated Depreciation-Equipment $26,640 Supplies 4,000 Notes Payable 54,570 Nov. Accounts Payable 52,070 2. Depreciation Expense 16,980 30
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- The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music Adjusted Trial Balance July 31, 2018 Account No. Debit Balances Credit Balances Cash................................................. 11 9,945 Accounts Receivable................................... 12 4,150 Supplies.............................................. 14 275 Prepaid Insurance..................................... 15 2,475 Office Equipment..................................... 17 7,500 Accumulated DepreciationOffice Equipment.......... 18 50 Accounts Payable..................................... 21 8,350 Wages Payable........................................ 22 140 Unearned Revenue.................................... 23 3,600 Common Stock....................................... 31 9,000 Dividends............................................ 33 1,750 Fees Earned........................................... 41 21,200 Music Expense........................................ 54 3,610 Wages Expense....................................... 50 2,940 Office Rent Expense................................... 51 2,550 Advertising Expense................................... 55 1,500 Equipment Rent Expense.............................. 52 1,375 Utilities Expense...................................... 53 1,215 Supplies Expense...................................... 56 925 Insurance Expense.................................... 57 225 Depreciation Expense................................. 58 50 Miscellaneous Expense................................ 59 1,855 42,340 42,340 Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 3. Journalize and post the closing entries. The retained earnings account is #33 and the income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-dosing trial balance.Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. Assume that all accounts have normal balances.Windsor was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. (a)Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (b1) The parts of this question must be completed in order. This part will be available when you complete the part above. (b2) The parts of this question must be completed in order. This part will be available when you complete the part above. (b3) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
- Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-Accounts.) (Post entries in the order of journal entries presented in the previous question.) Prepare an adjusted trial balance at June 30, 2022. GARY CONSULTINGTrial BalanceJune 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,012 Prepaid Insurance 4,260 Equipment 15,000 Accounts Payable $ 4,250 Unearned Service Revenue 5,200 Common Stock 22,012 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 640 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart of accounts for Gary also contains the following accounts: Accumulated…Journalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 1,527.) 1. Services performed for customers through February 27, 2022, but unbilled and uncollected were $3,120. 2. Received notice that a customer who was billed $160 for services performed February 10 has filedfor bankruptcy. Sage Hill Cleaning Services does not expect to collect any portion of this outstanding receivable. 3. Sage Hill Cleaning Services uses the allowance method to estimate bad debts. Sage Hill Cleaning Services estimates that 3%of its month-end receivables will not be collected. 4. Record 1 month of depreciation for the floor equipment. Use the straight-line method, anestimated life of 4 years, and $410 salvage value. 5.…Problem 2 - Prepare Adjusting Entries, Post to the Ledger, and Prepare an Adjusted Trial Balance Required: Prepare the adjusting entries using the journal below the unadjusted trial balance, and then complete the worksheet to prepare an adjusted trial balance. The following data are taken from an unadjusted trial balance at December 31, 2020 for Grant Corp. Grant Corporation Unadjusted Trial Balance as of December 31, 2020 Account Debit Credit Cash 2,200 Accounts Receivable 13,900 Supplies 780 Prepaid Rent 6,600 Land 21,700 Equipment 22,710 Accum. Deprec. - Equip. 11,640 Accounts Payable 1,940 Salaries Payable - Unearned Revenue 2,350 Common Stock 38,000 Retained Earnings 12,000…
- Worksheet and Financial Statements Poleng Diola established Poleng’s Consulting Services during 2019. The following are the balances in the ledger accounts as of December 31, 2020 prior to making adjusting entries. Poleng’s Consulting Services Trial Balance As at December 31, 2020 (in Php) Account No. Chart of Accounts Ref. Debit Credit 101 Cash 125,400 102 Prepaid Office Rent 33,000 103 Prepaid Dues and Subscriptions 9,600 104 Supplies 13,000 111 Equipment 240,000 119 Accumulated Depreciation – Equipment 22,000 201 Note Payable 50,000 202 Unearned Consulting Fee 356,500 203 Salaries Payable - 301 Poleng, capital 200,400 302 Poleng, drawing 270,000 401 Consulting Fee earned 908,600 501 Salaries Expenses 669,000 502 Telephone Expenses 25,500…Can you fill out the chart that was provided with the question with the information provided? Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL. ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10…Post the adjusting entries to the T-accounts. The unadjusted balances of the accounts ("Bal.") have been entered for you. Use the adjustment and corresponding letters as posting references—"Adj. (a)", "Adj. (b)", etc. Use a "Bal." posting reference on the last line of each T-account to show the adjusted balance of each account. 5. Prepare an adjusted trial balance as of January 31, 2025. More info Jan. 3 Collected $700 cash from customer on account. Jan. 5 Purchased office supplies on account, $700. Jan. 12 Performed delivery services for a customer and received $3,500 cash. Jan. 15 Paid employee salary including the amount owed on December 31, $3,300. (The total cash paid of $3,300 includes the amount owed on December 31.) Jan. 18 Performed delivery services on account, $2,610. Jan. 20 Paid $650 on account. Jan. 24 Purchased fuel for the truck, paying $190 cash. Jan. 27 Completed the remaining work due for…
- Adjusting entries and adjusted trial balances Instructions Chart of Accounts Journal Adjusted Trial Balance XInstructions Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance: Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019 ACCOUNT TITLEDEBITCREDIT1Cash7,420.002Accounts Receivable38,115.003Prepaid Insurance7,050.004Supplies1,630.005Land114,550.006Building150,250.007Accumulated Depreciation-Building88,800.008Equipment133,200.009Accumulated Depreciation-Equipment96,605.0010Accounts Payable12,560.0011Unearned Rent7,035.0012Jan Pitman, Capital217,215.0013Jan Pitman, Drawing15,055.0014Fees Earned327,900.0015Salaries and Wages Expense194,870.0016Utilities Expense42,345.0017Advertising Expense22,335.0018Repairs Expense17,690.0019Miscellaneous Expense5,605.0020Totals750,115.00750,115.00 The data needed to determine…Prepare the journal entries for Oriole for this revenue arrangement on June 1, 2025 and September 30, 2025, assuming Oriole receives payment when the equiptment is delivered. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)Fill in the blaknks: A debit entry of 150 to .................. blank........... and a credit entry to .........blank............... A debit entry of ................. blank.......... to ................. blank.......... and a credit entry to suppl The adjusting entries would include:A ................. blank..........entry of 400 to ................. blank.......... and a ................. blank.......... entry of 400 to b................. blank.......... The closing entries would involve a debit entry of ................. blank.......... to service revenue and a debit entry of 3600 to ................. blank..........