PB 15. LO 4.4Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts Payable 3,600; Accounts Receivable 45,333; Building 156,000; Cash 50,480; Common Stock 110,000; Dividends 18,000; Equipment 33,500; Fees Earned Revenue 225,430; Land 18,000; Supplies Expense 5,123; Notes Payable 85,500; Retained Earnings 60,606; Salaries Expense 151,900; Supplies 6,800. Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 Customer fees collected in advance (payments were recorded as Fees Earned), $18,500

PB 15. LO 4.4Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts Payable 3,600; Accounts Receivable 45,333; Building 156,000; Cash 50,480; Common Stock 110,000; Dividends 18,000; Equipment 33,500; Fees Earned Revenue 225,430; Land 18,000; Supplies Expense 5,123; Notes Payable 85,500; Retained Earnings 60,606; Salaries Expense 151,900; Supplies 6,800. Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 Customer fees collected in advance (payments were recorded as Fees Earned), $18,500

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter4: The Accounting Cycle

Section: Chapter Questions

Problem 4.3BPR: Income: 27,350 accounts, adjusting entries, financial statements, and closing entries; optional...

See similar textbooks

Similar questions

PA16. LO 4.4Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation.
PA5. LO 4.2Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). Impact 1 Impact 2 A. Unearned Fees adjusted from $7,000 to $5,000 B. Recorded depreciation expense of $12,000 C. Prepaid Insurance adjusted from $18,500 to $6,300 D. Supplies account balance $500, actual count $220
22. Which situation indicates a loss on the income statement when preparing worksheet?A. Total debits equal total credits.B. Total credits exceed total debitsC. Total debits exceed total creditD. None of the choices 23. Which of the following is not shown in the Balance Sheet?A. RevenueB. CashC. LandD. Accounts Payable 24.In which columns of a worksheet would the adjusted balance of accumulated depreciation appear?A. Adjusted trial balance credit, Balance Sheet debit.B. Adjusted trial balance credit, income statement creditC. Adjusted trial balance debit, balance sheet debitD. Adjusted trial balance credit, balance sheet credit 26. If total credits exceed total debits in the Balance Sheet columns of a worksheet:A. A loss has occurred.B. A mistake has been made.C. A profit has occurredD. No conclusion can be drawn. 27. The components of the balance sheet equation are:A. Assets, income and owner's equity.B. Assets, liabilities and owner's equity.C. Income, expenses and profit.D.…
PB5. 4.2 Indicate what impact the following adjustments have on the accounting equation: Assets =Liabilities + Equity (assume normal balances).Impact 1 Impact 2A. Unearned Rent adjusted from $15,000 to $9,500B. Recorded salaries payable of $3,750C. Prepaid Rent adjusted from $6,000 to $4,000D. Recorded depreciation expense of $5,500
Parrish Ch. 4 Pg. 97 4-2 (Date 11/25/19)(Analysis of Period-end Measurements and Adjusting Process)Correcting The Trial Balance: DEBITS AND CREDITS ARE NOT EQUALPlease show me the correct answer to the following problem on the trial balance sheet and how you came to the answer. ACCOUNTS LISTED UNDER DEBITS 1) Accounts Receivable $7000 2) Building $72000 3) Office Equipment $24000 4) Accounts Payable $10000 5) Common Stock $50000 6) Dividends $10000 7) Commissions Earned $22000 8) Advertising Expense $1600 9) Salaries Expense $13300 10) Telephone Expense $600 11) Depreciation Expense: Building $200 12) Depreciation Expense: Office Equipment $250 TOTAL DEBITS $210950 ACCOUNTS LISTED UNDER CREDITS 1) Cash $6500 2) Land $67000 3) Accumulated Depreciation: Building $600 4) Accumulated Depreciation: Office Equipment $750 5) Notes Payable $81000 6) Common Stock $50000 7) Retained Earnings $46100 TOTAL CREDITS $251950
BE3.6 Identify the financial statement for selected accounts; identify post-closing trial balance accounts.LO6, 7 The following selected accounts appear in the adjusted trial balance for Khanna Ltd. Indicate the financial statement on which each balance would be reported and identify the accounts that would be included in a post-closing trial balance. Accumulated depreciation. Depreciation expense. Retained earnings. dividents Service revenue. supplies Accounts payable.
Exercise 5. Write True if the statement is correct, and False if the statement is incorrect.1. The adjusting entry to recognize earned commission revenues not previously recorded or billed will cause total assets to increase.2. Every adjusting entry must change both an income statement account and balance sheet account.3. Accumulated depreciation accounts may be referred to as contra-asset accounts.4. The adjusting entry to recognized earned revenues which was received in advance will cause total liabilities to decrease.5. A decrease in an expense account is the equivalent of a decrease in owner’s equity.6. Book value is the original cost of a building less depreciation for the year.7. Acquiring a computer for cash is just exchanging one asset for another and will not result in an expense even in the future periods.8. The adjusting entry to allocate part of the cost of a one-year fire insurance policy to expense will cause total assets to increase.9. The adjustment to record…
Parrish Ch. 4 Pg. 95 4-1 (Analysis of Period-end Measurements and Adjusting Process) Correcting The Trial Balance: DEBITS AND CREDITS ARE NOT EQUAL Please show me the correct answer to the following problem on the trial balance sheet and how you came to the answer. ACCOUNTS LISTED UNDER DEBIT Cash $470550 Accounts Receivable $41,800 Land $170000 Building $170000 Trucks $232000 Accumulated Depreciation $100000 Mortgage Payable $298,00 Moving Service Revenue $78000 Salaries Expense $30650 Repairs Expense $1250 Interest Expense $3000 TOTAL FOR DEBITS: $1785250 ACCOUNTS LISTED UNDER CREDITS Accounts Payable $50750 Dividends Payable $8000 Common Stock $800000 Dividends $8000 Gasoline Expense $17500 CREDITS TOTAL $884250
Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follow. For Three MonthsEnded December 31, 2019 For Three MonthsEnded March 31, 2020 Office equipment $ 8,100 $ 8,100 Accumulated depreciation—Office equipment 405 810 Computer equipment 20,000 20,000 Accumulated depreciation—Computer equipment 1,250 2,500 Total revenue 31,334 44,900 Total assets 83,360 121,668 Required:1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year ended December 31, 2020, for Depreciation expense—Office equipment and for Depreciation expense—Computer equipment (assume use of the straight-line method).2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment as of December 31, 2020?3. Compute the three-month total asset turnover for Business…
32. No adjusting entry should consist of: A debit to an expense and a credit to an asset. A debit to an expense and a credit to revenue. A debit to an expense and a credit to a liability. A debit to a liability and a credit to revenue. 33. If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be? (a) Rs. 100,000 (b) Rs. 80,000 (c) Rs. 120,000 (d) 20,000 34. Yale Company purchased equipment having an invoice price of $21,500. The terms of sale were 2/10, n/30, and Yale paid within the discount period. In addition, Yale paid a $320 delivery charge, $350 installation charge, and $1,183 sales tax. The amount recorded as the cost of this equipment is: A. $21,070. B. $21,500. C. $21,740. D. $22,923. 35. Unearned revenue is: An asset. Income. A liability. An expense. 36. Which of the following situations…
Income: 27,350 accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of La Mesa Laundry at August 31, 20Y5, the end of the fiscal year, follows: The data needed to determine ear-end adjustments are as follows: (a) Wages accrued but not paid at August 31 are 2,200. (b) Depreciation of equipment during the year it 8,150 (c) Laundry supplies on hand at August 31 are 2,000. (d) Insurance premiums expired during the year are 5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Aug. 51 Bal. In addition, add T accounts for Wages Payable. Depreciation Expense, Laundry Supplies Expense, and Insurance Expense. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by Adj. and the new balances as Adj. Bal. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of stockholders equity, and a balance sheet. During the year ended August 51, 20Y5, common stock of 3,000 was issued. 6. Journalize and post the closing entries. Identify the closing entries by Clos. 7. Prepare a post-closing trial balance.