(c) Prepare à trial balänce onJournalize transactions, postand prepare a trial balance.(LO 5, 6, 7, 8), APP3-6B The trial balance of American Dry Cleaners on June 30 is given here.AMERICAN DRY CLEANERSTrial BalanceGLSJune 30, 2014DebitCredit$15,53210,5363,59225,950CashAccounts ReceivableSuppliesEquipmentAccounts PayableUnearned Service RevenueCommon StockRetained Earnings$15,8001,81025,00013,000$55,610$55,610152 chapter 3 The Accounting Information SystemThe July transactions were as follows.July 8Received $10,189 in cash on June 30 accounts receivable.Paid employee salaries $2,100.Received $7,320 in cash for services performed.Paid creditors $4,810 of accounts payable.Purchased supplies on account $720.Billed customers for services performed $4,700.Paid employee salaries $3,114, utilities $1,767, and repairs $386.Paid $400 cash dividend.6.111417223031Instructions(a) Prepare a general ledger using T-accounts. Enter the opening balances in the ledgeraccounts as of July 1. Provision should be made for the following additional accounts:Dividends, Service Revenue, Maintenance and Repairs Expense, Salaries and WagesExpense, and Utilities Expense,(b) Journalize the transactions, including explanations.(c) Post to the ledger accounts.(d) Prepare a trial balance on July 31, 2014.(4) CashTot. trial balance$20,464$63.540

P3-6B The trial balance of American Dry Cleaners on June 30 is given here. AMERICAN DRY CLEANERS Trial Balance June 30, 2014 Debit Credit $15,532 10,536 3,592 25,950 Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings $15,800 1,810 25,000 13,000 $55,610 $55,610

P3-6B The trial balance of American Dry Cleaners on June 30 is given here. AMERICAN DRY CLEANERS Trial Balance June 30, 2014 Debit Credit $15,532 10,536 3,592 25,950 Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings $15,800 1,810 25,000 13,000 $55,610 $55,610

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 53E: Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are...

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jue Jantz started a business in August 20-- called Jantz Plumbing Service. The trial balance showing balances for the month of August are shown. Jantz Plumbing ServiceUNADJUSTED TRIAL BALANCEAugust 31, 20-- ACCOUNT TITLEDEBITCREDIT1Cash20,200.00 2Accounts Receivable2,700.00 3Office Supplies300.00 4Prepaid Insurance800.00 5Plumbing Equipment6,000.00 6Van8,000.00 7Accounts Payable 4,500.008Sue Jantz, Capital 30,000.009Sue Jantz, Drawing3,000.00 10Service Fees 9,800.0011Rent Expense700.00 12Wages Expense500.00 13Phone Expense100.00 14Advertising Expense2,000.00 15Totals44,300.0044,300.00 Required: Determine the following information. Use the format provided below. 1.a.Total revenue for the month b.Total expenses for the month c.Net income for the month2.a.Sue Jantz’s original investment in the business + Net income for the month - Owner’s drawing Increase (decrease) in capital = Ending owner’s equity
The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $415. The Adjustments columns show a credit of $230 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is: A. $185 debit. B. $185 credit. C. $230 debit. D. $415 debit. E. $415 credit.
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheet (Partial)for the year ended 30 June 2019Adjusted trial balance Income statement Balance sheetAccount Debit Credit Debit Credit Debit CreditCash at Bank 1 230Accounts Receivable 75 600Prepaid Rent 1 800Office Supplies 8 320Equipment 160 000Accum. Depr. Equip’t 25 000Accounts Payable 54 000Salaries Payable 8 760Unearned Revenue 3 430F. Elliot, Capital 101 500F. Elliot, Drawings 22 000Painting Revenue 219 650Salaries Expense 106 000Rent Expense 6 050Depreciation Expense 8 040Telephone Expense 4 020Office Supplies Used 10 080Sundry Expenses 9 200$412 340 $412 340Profit for the periodRequired:a) Complete the worksheet. (6 marks)b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of theentity’s accounting period. (4 marks)
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheet (Partial)for the year ended 30 June 2019Adjusted trial balance Income statement Balance sheetAccount Debit Credit Debit Credit Debit CreditCash at Bank 1 230Accounts Receivable 75 600Prepaid Rent 1 800Office Supplies 8 320Equipment 160 000Accum. Depr. Equip’t 25 000Accounts Payable 54 000Salaries Payable 8 760Unearned Revenue 3 430F. Elliot, Capital 101 500F. Elliot, Drawings 22 000Painting Revenue 219 650Salaries Expense 106 000Rent Expense 6 050Depreciation Expense 8 040Telephone Expense 4 020Office Supplies Used 10 080Sundry Expenses 9 200Profit for the period_ debit is $412340 and credit is $412340Required:a) Complete the worksheet. b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity’s accounting period.
The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Eva's Laundry Trial Balance May 31, 2019 Unadjusted Adjusted DebitBalances CreditBalances DebitBalances CreditBalances Cash 6,360 6,360 Accounts Receivable 15,430 18,520 Laundry Supplies 3,090 4,540 Prepaid Insurance* 4,390 1,190 Laundry Equipment 168,180 163,090 Accumulated Depreciation—Laundry Equipment 40,700 40,700 Accounts Payable 8,130 8,130 Wages Payable 1,020 Eva Baldwin, Capital 93,500 93,500 Eva Baldwin, Drawing 24,300 24,300 Laundry Revenue 161,230 161,230 Wages Expense 41,700 41,700 Rent Expense 21,690 21,690 Utilities Expense 15,710 15,710 Depreciation Expense 5,090 Laundry Supplies Expense 1,450 Insurance Expense 670 Miscellaneous Expense 2,710…
The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2018 was as follows: Chelsea Elliott, Marketing ServicesUnadjusted trial balanceas at 30 June 2018 Account Debit Credit Cash at bank $7,000 Accounts receivable 19,530 GST receivable 2,340 Prepaid rent 1,890 Prepaid insurance 2,460 Office supplies 3,620 Office equipment 10,980 Accumulated depreciation ― office equipment $2,220 Accounts payable 2,520 Unearned fees 990 Loan payable ― due 2018 8,280 GST payable 7,250 C Elliott, capital 14,940 C Elliott, drawings 46,800 Fees revenue 124,570 Salaries expense 51,480 Telephone expense 5,490 Rent expense 9,180 $160,770 $160,770 1. Interest expense of $470 has accrued on the loan payable. 2. A physical count of office supplies on 30 June shows $500 of…
Can you answer the multiple-choice and the accounting cycle Below Question 1 If the Supplies Expense account, before adjustment on May 31, indicated a balance of P2,250, and supplies on hand at May 31 totaled P950, the adjusting entry would be a. debit Supplies Expense P950; credit Supplies P950. b. debit Supplies Expense P1,300; credit Supplies P1,300. c. debit Supplies P1,300; credit Supplies Expense P1,300 d. debit Supplies P950, credit Supplies Expense P950. Question 2 If the supplies account, before adjustment on May 31, indicated a balance of P2,250, and supplies on hand at May 31 totaled P950, the adjusting entry would be a. debit Supplies P950, credit Supplies Expense P950. b. debit Supplies Expense P950; credit Supplies P950. c. debit Supplies Expense P1,300; credit Supplies P1,300. d. debit Supplies P1,300; credit Supplies Expense P1,300 Question 3 The balance in the Rent Revenue account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance…
P3-1A Tony Masasi started his own consulting fi rm, McGee Company, on June 1, 2012. Thetrial balance at June 30 is shown below. Prepare adjusting entries, postto ledger accounts, and prepareadjusted trial balance.(SO 5, 6, 7) McGEE COMPANYTrial BalanceJune 30, 2012 Account Number Debit Credit101 Cash $ 7,150112 Accounts Receivable 6,000126 Supplies 2,000130 Prepaid Insurance 3,000157 Equipment 15,000201 Accounts Payable $ 4,500209 Unearned Service Revenue 4,000301 Owner’s Capital 21,750400 Service Revenue 7,900726 Salaries and Wages Expense 4,000729 Rent Expense 1,000$38,150 $38,150 Problems: Set A 137 c03AdjustingTheAccounts.indd Page 137 11/29/10 2:10:44 PM f-392 03AdjustingTheAccounts.indd Page 137 11/29/10 2:10:44 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Users/f-392/Desktop/Nalini 23.9/ch05 138 3 Adjusting the Accounts In addition to those accounts listed on the trial balance, the chart of accounts for McGeeCompany also contains the following accounts and account numbers: No.…
The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Debit (RM) Credit (RM) Equipment rental 940 Insurance 1,804 Lighting and heating expenses 1,990 Motor expenses 2,350 Salaries and wages 48,580 Sales 382,420 Purchase 245,950 Sundry expenses 624 Lorry 19,400 Account payable 23,408 Account receivable 44,516 Fixtures 4,600 Shop 174,000 Cash at bank 11,346 Drawings 44,000 Capital 194,272 TOTAL 600,100 600,100 Inventory at 30 June 2019 was RM29,304. Required: Statement of Financial Position as 30 June 2019
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows. ELLIOT PAINTING SERVICES Worksheet (Partial) For the year ended 30 June 2019 Account Adjusted trial balance Income statement Balance sheet Debit Credit Debit Credit Debit Credit Cash at Bank 1 230 Accounts Receivable 75 600 Prepaid Rent 1 800 Office Supplies 8 320 Equipment 160000 Accum. Depr. Equip’t 25 000 Accounts Payable 54 000 Salaries Payable 8 760 Unearned Revenue 3 430 F. Elliot, Capital 101500 F. Elliot, Drawings…
P3-45 Preparing adjusting entries and preparing an adjusted trial balanceThis problem continues the Davis Consulting situation from Problem P2-43 of Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Problem P2-43. The unadjusted trial balance at December 31, 2014 is duplicated below: At December 31, the business gathers the following information for the adjusting entries:a. Accrued service revenue, $550.b. Earned $700 of the service revenue collected in advance on December 21.c. Office supplies on hand, $200.d. Depreciation on equipment, $30; Depreciation on furniture, $70.e. Accrued $685 expense for administrative assistant’s salary.Requirements1. Journalize and post the adjusting entries using the T-accounts that you completed in Problem P2-43. In the T-accounts, denote each adjusting amount as ADJ and an account balance as Balance.2. Prepare an adjusted trial balance as of December 31, 2014.
A highly simplified alphabetical list of trial balance accounts and their normal balances for the month ended March 31, 2014, follows. Accounts Payable 4Accounts Receivable 7Accumulated Depreciation—Office Equipment 1Cash 4D. Rose, Capital 12D. Rose, Withdrawals 6Office Equipment 8Prepaid Insurance 2Service Revenue…