Answer 4-8B and 4-9B Page 303Problem 4-8BAdjusting entries and closing entriesLO2,3, L5Bullseye Market Research Company (BMRC) specializes in conducting focus groups forbusinesses launching a new product. BMRC analyzes customer likes and dislikes to ensurenew products will be successful.No.АccountDebitCredit201Accounts payable..$100108Accounts receivable...$2,000168Accumulated depreciation, equipment...7,250184Accumulated depreciation, office furniture...3,100101Cash....1,500302Consulting revenue.44,000194Copyright..4,200251Dan Eagle, capital..24,715301Dan Eagle, withdrawals..3,500606Depreciation expense, office furniture....700167Equipment..16,000633Insurance expense..600401Interest income...70623Interest expense..30233Long-term notes payable..4,000145Notes receivable..5,000183Office furniture....5,100104Short-term investments...4,000126Supplies..750637Supplies expense...2,150652Telephone expense...470203Unearned consulting revenue.3,375688Utilities expense..3,230612Wages expense...37,380Totals...$86,610$86,610 You are the accounting manager. Your staff submitted the above trial balance forDecember 31, 2020. In your review, you discover the following additional information thathas not been included in the trial balance.a. The equipment has an estimated useful life of 16 years. If you need to create a newaccount, use account number 604.b. Employees were paid $3,100 for 10 days of work. This payroll included 2 days ofpayroll in December that were not recorded at year-end. If you need to add anaccount, use account number 202.c. On December 31, BMRC completed a focus group for a client on handbags. Aninvoice was sent to the company for $5,000 due January 31, 2021.d. On December 31, the company completed a market research report for a client. Theclient had prepaid $3,000 for this service in November.Required1. Prepare the missing adjusting entries for transactions a-d.2. Prepare an adjusted trial balance.3. Based on your adjusted trial balance, prepare the closing entries.Page 304Problem 4-9BFinancial statementsLO6CHECK FIGURES: Profit = $5,890; Total assets = $32,20OUsing the information inProblem 4-8B, prepare an income statement and astatement of changes in equity for the year ended December 31, 2020, and a classifiedbalance sheet at December 31, 2020. The owner made no additional investments duringthe year. A $2,500 payment on the long-term notes payable will be made during 2021.Also, $1,500 of the notes receivable will be collected by December 31, 2021.

The accounting cycle includes the different processes of accounting like recording transactions in…

Answered: Page 303 Problem 4-8B Adjusting entries…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 68.3C

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