Prepare ten-column joumal entries (with description) that were required to adjust the accounts at June 30. None of the accounts were affected by more than one adjusting entry. Present the entries that were required to close the books at June 30 Prepare an income statement and capital statement for the fiscal year ended June 30. There were no additional investments during the year. Prepare a statement of financial position at June 30, 2021.
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- E3-21 Journalizing adjusting entries Learning Objective 3 Consider the following situations: Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31. Total salaries for all employees is $3,600 per month. Employees are paid on the 1st and 15th of the month. Work performed but not yet billed to customers for the month is $1,600. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month. Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31.P3-59A. (Learning Objective 3: Adjust the accounts) Journalize the adjusting entry neededon December 31, the end of the current accounting period, for each of the following independent cases affecting Castaway Corporation. Include an explanation for each entry.a. The details of Prepaid Insurance are as follows:Prepaid Insurance2,9004,000JanMar 311 BalCastaway prepays insurance on March 31 each year. At December 31, $1,700 is still prepaid.b. Castaway pays employees each Friday. The amount of the weekly payroll is $6,100 fora five-day work week. The current accounting period ends on a Wednesday.c. Castaway has a note receivable. During the current year, Castaway has earned accruedinterest revenue of $700 that it will collect next year.d. The beginning balance of supplies was $3,000. During the year, Castaway purchasedsupplies costing $6,200, and at December 31 supplies on hand total $2,200.e. Castaway is providing services for Blue Whale Investments, and the owner of BlueWhale paid…Sage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
- ADJUSTING. CLOSING. AND REVERSING ENTRIES A 6-column spreadsheet for Baldwin Company is shown on the next page. Data for adjusting the accounts are as follows: REQUIRED 1. Prepare the December 31 adjusting journal entries for Baldwin Company. 2. Prepare the December 31 closing journal entries for Baldwin Company. 3. Prepare the reversing journal entries as of January 1,20-2, for Baldwin Company. PROBLEM 27-8AThe account balances of Miss Beverlys Tutoring Service as of June 30, the end of the current fiscal year, are as follows: Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, 470. b. Depreciation expense on equipment, 948. c. Depreciation expense on the van, 1,490. d. Salary accrued (earned) since the last payday, 574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, 407. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owners equity. Assume that there was an additional investment of 3,000 on June 10. 5. Prepare a balance sheet 6. Journalize the closing entries using the four steps in the proper sequence. Check Figure Net income, 19,567Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
- ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS Jason Armstrong started a business called Campus Delivery Service. After the first month of operations, the trial balance as of November 30, 20--, is as shown on the next page. REQUIRED 1. Analyze the following adjustments and enter them on the work sheet. (a) Ending inventory of supplies on November 30, 185. (b) Unexpired (remaining) insurance as of November 30, 800. (c) Depreciation expense on van, 300. (d) Wages earned but not paid as of November 30, 190. 2. Complete the work sheet.Prepare the Post-Closing Trial Balance for Smart Touch Learning for December. Check your spelling carefully and do not abbreviate. Enter the account names exactly as provided in the account chart. Enter accounts in the order Assets, Liabilities, Equity, Revenues, and Expenses. ACCOUNT BALANCE Accounts Receivable 1,700 Accumulated Depreciation - Furniture 200 Cash 35,270 Common Stock 36,800 Furniture 13,400 Office Supplies 290 Prepaid Insurance 1,350 Retained Earnings 7,010 Salaries Payable 4,600 Unearned Revenue 3,400 Adjusted Trial BalanceDecember 31, 2016Month ended December 31, 2016Post-Closing Trial BalanceSmart Books LearningSmart Touch LearningUnadjusted Trial Balance Adjusted Trial BalanceDecember 31, 2016Month ended December 31, 2016Post-Closing Trial BalanceSmart Books LearningSmart Touch LearningUnadjusted Trial Balance Adjusted Trial BalanceDecember 31, 2016Month ended December 31, 2016Post-Closing Trial BalanceSmart Books…Prepare the Adjusted Trial Balance for Smart Touch Learning for December. Check your spelling carefully and do not abbreviate. Enter account names exactly as provided in the account chart. Enter accounts in the order Assets, Liabilities, Equity, Revenues, and Expenses. ACCOUNT VALUE Accounts Receivable 1,700 Accumulated Depreciation - Furniture 200 Cash 35,270 Common Stock 36,800 Depreciation Expense - Furniture 200 Dividends 4,200 Furniture 13,400 Insurance Expense 450 Office Supplies 290 Prepaid Insurance 1,350 Rent Expense 2,000 Salaries Expense 6,600 Salaries Payable 4,600 Service Revenue 20,800 Supplies Expense 110 Unearned Revenue 3,400 Utilities Expense 230 Adjusted Trial BalanceDecember 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance Adjusted Trial BalanceDecember 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance…
- Complex Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. Instruction: Using the information given, prepare the adjusting entries that should be made by Complex Company on September 30. Complex COMPANY Trial Balance (Selected Accounts) September 30, 2010 Debit Credit Office Supplies....................................................................................$ 2,700 Prepaid Insurance..............................................................................$4,200 Office Equipment............................................................................. $16,200 Accumulated Depreciation—Office…Journalize and Post Adjusting Entries from the Work Sheet Jason Armstrong started a business called Campus Delivery Service. After the first month of operations, the trial balance as of November 30, 20--, is as shown: Campus Delivery ServiceWork Sheet (Partial)For Month Ended November 30, 20-- Trial Balance Adjustments Account Title Debit Credit Debit Credit Cash 980 Accounts Receivable 590 Supplies 575 Prepaid Insurance 1,300 Van 5,800 Accumulated Depreciation - Van Accounts Payable 960 Wages Payable Jason Armstrong, Capital 10,000 Jason Armstrong, Drawing 600 Delivery Fees 2,600 Wages Expense 1,800 Advertising Expense 380 Rent Expense 900 Supplies Expense Phone Expense 220 Insurance Expense Repair Expense 315 Oil and Gas Expense 100 Depreciation Expense - Van 13,560 13,560 Additional information:…Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr.-Equip. 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Common Stock 6,000 6,000 Retained Earnings 2,000 2,000 Dividends 2,000 2,000 Fees Earned 59,500 59,500 Wages Expense 19,000 19,000 Rent Expense 7,000 7,000 Depreciation Expense 3,500…