E4-8 Plevin Company ended its fiscal year on July 31, 2014. The company's adjusted trial balance as of the end of its fiscal year is shown below. PLEVIN COMPANY Adjusted Trial Balance July 31, 2014 No. Account Titles Debit Credit $ 9,840 8,780 101 Cash 112 Accounts Receivable 157 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue 15,900 158 $ 7,400 201 4,220 1,800 45,200 208 Owner's Capital Owner's Drawings 301 306 16,000 400 Service Revenue 64,000 429 Rent Revenue 6,500 8,000 55,700 14,900 711 Depreciation Expense Salaries and Wages Expense Utilities Expense 726 732 $129,120 $129,120

E4-8 Plevin Company ended its fiscal year on July 31, 2014. The company's adjusted trial balance as of the end of its fiscal year is shown below. PLEVIN COMPANY Adjusted Trial Balance July 31, 2014 No. Account Titles Debit Credit $ 9,840 8,780 101 Cash 112 Accounts Receivable 157 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue 15,900 158 $ 7,400 201 4,220 1,800 45,200 208 Owner's Capital Owner's Drawings 301 306 16,000 400 Service Revenue 64,000 429 Rent Revenue 6,500 8,000 55,700 14,900 711 Depreciation Expense Salaries and Wages Expense Utilities Expense 726 732 $129,120 $129,120

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PB: The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal...

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The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.
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The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 104,565. c. Wages accrued at December 31, 934. d. Supplies inventory (on hand) at December 31, 755. e. Depreciation of store equipment, 4,982. f. Depreciation of office equipment, 1,531. g. Insurance expired during the year, 935. h. Rent earned, 2,450. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 2. Prepare an income statement and statement of stockholders equity for the year ended December 31. 20Y8. The common stock balance as of January 1. 20Y8. was $25000. The retained earnings balance as of January 1, 20Y8, was $101,500.
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737
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A Company reported the following balances on its unadjusted trial balance as of December 31, 2021: Assets P130,000Liabilities 35,000Equity 50,000Revenues 140,000Expenses 95,000 The following adjustments were noted: a. Office supplies ending balance, P15,000. The office supplies account had a balance of P6,000 on January 1, 2021. Office supplies purchased for the year amounts to P25,000 which was debited to a permanent account. b. Total premium paid on September 1, 2021 was P36,000 for a three-year fire insurance policy. This was initially recorded as expense. c. Depreciation of office equipment purchased on June 1, 2021 with a cost of 110,000, useful life of 5 years based on straight line method and a residual value of P10,000. d. Rent income received from tenant on November 1, 2021 representing four months’ rent amounted to P20,000. This was recorded as a credit to a real account. e. The Company issued a note for P180,000 for its September 1 purchase of merchandise. The note is dated…
At the end of its fiscal year, the adjusted trial balance of Wildhorse Company is as follows: WILDHORSE COMPANYAdjusted Trial BalanceJuly 31, 2021 Debit Credit Cash $ 2,800 Accounts receivable 11,500 Prepaid rent 8,500 Supplies 750 Equipment 19,950 Accumulated depreciation—equipment $5,700 Patents 18,300 Accounts payable 4,295 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2023) 45,100 B. Wildhorse, capital 28,285 B. Wildhorse drawings 16,700 Service revenue 74,300 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 37,050 Supplies expense 20,850 $ 160,800 $ 160,800 Prepare the closing entries.