Instructions: Maya Travel was organized on September 1, 2020. Assume that the accounts are closed and financial statements are prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2020. The unadjusted trial balance for Maya Travel at November 30, 2020 is shown below: Unadjusted Trial Balance Credit Account Title and Explanation Cash Accounts Receivable Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Kay, Саpital Drawing, Capital Service Revenue Advertising Expense Salaries Expense Rent Expense Total Debit 2,750 1,210 4,800 80 1,640 7,490 500 5,220 800 3,600 770 14,430 14,430 Additional Information: The rent expense amounting to PHP 770 covers rental for the month of November and December 2020. Instructions: 1. Prepare the adjusting entries necessary for the above problem. 2. Prepare an adjusted trial balance.

Instructions: Maya Travel was organized on September 1, 2020. Assume that the accounts are closed and financial statements are prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2020. The unadjusted trial balance for Maya Travel at November 30, 2020 is shown below: Unadjusted Trial Balance Credit Account Title and Explanation Cash Accounts Receivable Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Kay, Саpital Drawing, Capital Service Revenue Advertising Expense Salaries Expense Rent Expense Total Debit 2,750 1,210 4,800 80 1,640 7,490 500 5,220 800 3,600 770 14,430 14,430 Additional Information: The rent expense amounting to PHP 770 covers rental for the month of November and December 2020. Instructions: 1. Prepare the adjusting entries necessary for the above problem. 2. Prepare an adjusted trial balance.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 62BPSB: Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to...

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Ex5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.
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Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Mulberry paid the interest payable of $8,000. A Wages of $379,000 were paid in cash. Repairs and maintenance of $9,000 were incurred and paid. The prepaid rent at the beginning of the year was used in 2019. In addition, $28,000 of computer rental costs were incurred and paid. There is no prepaid rent or rent payable at year-end. Mulberry purchased computer paper for $13,000 cash in late December. None of the paper was used by year-end. Advertising expense of $26,000 was incurred and paid. Income tax of $10,300 was incurred and paid in 2019. Interest of $5,000 was paid on the long-term loan. (Continued) Required: 1. Establish a ledger for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the ledger accounts. 2. Analyze each transaction, Journalize as appropriate. (Note: Ignore the date because these events are aggregations of individual events.) 3. Post your journal entries to T-accounts, Add additional T-accounts when needed. 4. Use the ending balances in the T-accounts to prepare a trial balance
Q4: On 31/12/2020, the following balances appeared in the trial balance of ABC Company ABC Co. Partial Trial Balance December 31 Prepaid insurance 1,500 Supplies 1,000 Unearned service revenue 1,500 Equipment 50,000 Additional information: An insurance policy examination showed SR1,000 of expired insurance An inventory count showed SR200 of unused shop supplies still available Depreciation expense on shop equipment, SR10,000 SR800 of the Unearned service account balance was earned by year-end. Required : Make the necessary adjusting entries. Show the impact of these adjustments on the income statement and the balance sheet statement.