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- The balances of the ledger accounts of Beldren Home Center 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, 102,765. c. Wages accrued at December 31, 1,834. d. Supplies inventory (on hand) at December 31, 645. e. Depreciation of store equipment, 5,782. f. Depreciation of office equipment, 1,791. g. Insurance expired during the year, 845. h. Rent earned, 2,500. 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.At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney: In preparing the financial statements, adjustments for the following data were overlooked: Supplies used during April, 2,750. Unbilled fees earned at April 30, 23,700. Depreciation of equipment for April, 1,800. Accrued wages at April 30, 1,400. Instructions 1. Journalize the entries to record the omitted adjustments. 2. Determine the correct amount of net income for April and the total assets, liabilities, and owners equity at April 30. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The adjustment for supplies used is presented as an example.The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066
- After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.:Felix Godwin, Capital $643,600Felix Godwin, Drawing 10,500Fees Earned 356,500Wages Expense 283,100Rent Expense 56,000Supplies Expense 11,500Miscellaneous Expense 13,000Journalize the two entries required to close the accounts.After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances were taken from the ledger of Classic Landscaping Co.: Line Item Description Amount Retained Earnings $1,100,000 Dividends 30,000 Fees Earned 975,000 Wages Expense 580,000 Rent Expense 120,000 Supplies Expense 31,600 Miscellaneous Expense 12,400 Journalize the two entriesThe ledger of Crane Company contains the following balances: Owner’s Capital $29,200, Owner’sDrawings $2,700, Service Revenue $50,000, Salaries and Wages Expense $27,400, and SuppliesExpense $7,100.The closing entries are as follows:(1) Close revenue accounts.(2) Close expense accounts.(3) Close net income/(loss).(4) Close drawings.Enter the balances in T-accounts, post the closing entries in the order presented in the problemand use the numbers as a reference
- The ledger of Wildhorse Company contains the following balances: Owner’s Capital $30,500, Owner’s Drawings $2,600, Service Revenue $51,000, Salaries and Wages Expense $26,300, and Supplies Expense $6,200.The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense select an option enter a debit amount select an option enter a credit amount Supplies Expense select an option enter a debit amount select an option enter a credit amount Service Revenue select an…After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $8,366,300 Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 Wages Expense 1,239,200 Rent Expense 109,400 Supplies Expense 26,800 Miscellaneous Expense 19,300After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $ 9,556,300 Kerry Buckner, Drawing 80,000 Fees Earned 1,878,400 Wages Expense 1,415,500 Rent Expense 125,000 Supplies Expense 30,600 Miscellaneous Expense 22,100 Journalize the two entries required to close the accounts.
- The following account balances were taken from the adjusted trial balance for Capstone Messenger Service, a delivery service firm, for the fiscal year ended April 30, 20Y7: Depreciation Expense $8,800 Fees Earned 672,000 Insurance Expense 1,400 Miscellaneous Expense 3,650 Rent Expense 52,000 Salaries Expense 339,000 Supplies Expense 3,500 Utilities Expense 41,100 Prepare an income statement. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required.As of December 31, the end of the current year, the ledger of Harris Company contained the following account balances after adjustment. All accounts have normal balances. Cash $12,328 C. Harris, Drawing $2,182 Equipment 16,962 Professional Fees 10,356 Accumulated Depreciation, Equipment 3,822 Wages Expense 1,849 Accounts Payable 2,441 Rent Expense 1,590 Wages Payable 949 Depreciation Expense, Equipment 1,664 C. Harris, Capital 19,500 Miscellaneous Expense 493 Required: Journalize the closing entries. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- Closing Entries Dec. 31 Professional Fees Income Summary Dec. 31 Income Summary Wages Expense Rent Expense Depreciation Expense, Equipment Miscellaneous Expense…The following accounts were taken from the Adjusted Trial Balance columns of the worksheet for Moresil, Inc. Use the information to answer: Accumulated Depreciation $ 6,800 Fees Earned 27,400 Depreciation Expense 2,300 Insurance Expense 600 Prepaid Insurance 4,800 Manufacturing Supplies on Hand 900 Supplies Expense 3,800 Net income for the period is? $17,500 $20,700 $27,400 $8,200