P3-2A Lazy River Resort opened for business on June 1 with eight air-conditioned units.Its trial balance before adjustment on August 31 is as follows.Lazy River Resort, Inc.Trial BalanceAugust 31, 2014Account NumberDebitCredit€ 19,6003,3006,00025,000125,00026,000101CashSuppliesPrepaid InsuranceLandBuildingsEquipmentAccounts PayableUnearned Rent Revenue126130140143157€ 6,5007,400201208Mortgage PayableShare Capital-OrdinaryDividends80,000100,0002753113325,000429Rent Revenue80,0003,60051,0009,400622Maintenance and Repairs ExpenseSalaries and Wages ExpenseUtilities Expense726732€273,900€273,900In addition to those accounts listed on the trial balance, the chart of accounts for LazyRiver Resort also contains the following accounts and account numbers: No. 112 AccountsReceivable, No. 144 Accumulated Depreciation-Buildings, No. 158 AccumulatedDepreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable,No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 718 Interest Expense, andNo. 722 Insurance Expense.Other data:1. Insurance expires at the rate of €400 per month.2. A count on August 31 shows €900 of supplies on hand.3. Annual depreciation is €4,500 on buildings and €2,400 on equipment.4. Unearned rent revenue of €4,100 was recognized for services performed prior to August 31.5. Salaries of €400 were unpaid at August 31. 1443 Adjusting the Accounts6. Rentals of €3,700 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 Jupe 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 statement of financial position as of August 31.(c) Adj. trial balance €280,325(d) Net income €17,475Ending retained earnings€12,475Total assets €203,275Prepare adjusting entries andfinancial statements.P3-3A Costello Advertising Agency Inc. was founded by Pat Costello in January of 2013.Presented below are both the adjusted and unadjusted trial balances as of December 31,2014.(LO 5, 6, 7)Costello Advertising Agency, Inc.Trial BalanceDecember 31, 2014UnadjustedAdjustedDr.Cr.Dr.Cr.

Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period Juge 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.

Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period Juge 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.

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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6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…