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PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CREDIT CLGL ACCOUNT NAME Cash Accourts Receivable 5.491.00 624.00 307.00 1,280.00 6,497.00 Supples 10 Prepaid insurance 11 Equipment 12 Accumlated Depreciation, Equpment Van 2,472.00 10,980.00 13 14 Accumulated Depreciation, Van Accourts Payable 15 16 B. Bryan, Capital 17 4,368.00 1,000.00 18.583.00 B. Bryan, Drawing 10 18.000.00 Fees Earned 19 Salaries Expense Advertising Expense 38,41700 18.00.00 1.Z00 20 Van Operating Expense 462.00 G86.00 164.00 21 UNes Expense 23 22 Mincellaneous Espanse 24 25 65.0M.00 .00 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows Check Figure Net Income, $13,027

PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CREDIT CLGL ACCOUNT NAME Cash Accourts Receivable 5.491.00 624.00 307.00 1,280.00 6,497.00 Supples 10 Prepaid insurance 11 Equipment 12 Accumlated Depreciation, Equpment Van 2,472.00 10,980.00 13 14 Accumulated Depreciation, Van Accourts Payable 15 16 B. Bryan, Capital 17 4,368.00 1,000.00 18.583.00 B. Bryan, Drawing 10 18.000.00 Fees Earned 19 Salaries Expense Advertising Expense 38,41700 18.00.00 1.Z00 20 Van Operating Expense 462.00 G86.00 164.00 21 UNes Expense 23 22 Mincellaneous Espanse 24 25 65.0M.00 .00 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows Check Figure Net Income, $13,027

Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 45P
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LO 1,2,3 PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CLGL ACCOUNT NAME Cash Accourts Receivable CREDIT 5.491.00 Supplies 10 624.00 30z00 1,280.00 Prepaid insurance Equipment 12 11 6.49700 Accumulated Depreciation, Equipment Van 2,672.00 10,989.00 13 Accumulated Depreciation, Van Accourts Payable 16 14 4,368 00 1,036.00 18.583.00 15 B. Bryan, Capital 17 B. Bryan, Drawing 18.000.00 18 Fees Earned 19 38,41700 18.600.00 1,88700 462.00 G85.00 164.00 65.076.00 Salaries Expense Advertising Expense Van Operating Expense 20 21 22 UNlities Expense Miscellaneous Expanse 23 24 25 HEH 65,076 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows a. Expired or used up insurance, $495 b. Depreciation expense on equipment, $670. c. Depreciation expense on the van, $1,190. d. Salary accrued (earned) since the last payday, $s40 (owed and to be paid on the next payday). e. Supplies used during the period, $97. 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 owner's equity. Assume that there was an additional investment of S2,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Check Figure Net Income, $13,027 *f you are uning CLGI, use the year 2020 when recording transactions and preparing repaorts. Cg Cgr ng g edye et iwhte wON a
Transcribed Image Text:LO 1,2,3 PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CLGL ACCOUNT NAME Cash Accourts Receivable CREDIT 5.491.00 Supplies 10 624.00 30z00 1,280.00 Prepaid insurance Equipment 12 11 6.49700 Accumulated Depreciation, Equipment Van 2,672.00 10,989.00 13 Accumulated Depreciation, Van Accourts Payable 16 14 4,368 00 1,036.00 18.583.00 15 B. Bryan, Capital 17 B. Bryan, Drawing 18.000.00 18 Fees Earned 19 38,41700 18.600.00 1,88700 462.00 G85.00 164.00 65.076.00 Salaries Expense Advertising Expense Van Operating Expense 20 21 22 UNlities Expense Miscellaneous Expanse 23 24 25 HEH 65,076 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows a. Expired or used up insurance, $495 b. Depreciation expense on equipment, $670. c. Depreciation expense on the van, $1,190. d. Salary accrued (earned) since the last payday, $s40 (owed and to be paid on the next payday). e. Supplies used during the period, $97. 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 owner's equity. Assume that there was an additional investment of S2,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Check Figure Net Income, $13,027 *f you are uning CLGI, use the year 2020 when recording transactions and preparing repaorts. Cg Cgr ng g edye et iwhte wON a
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The income statement is prepared to record revenues and expenses of the current period.

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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
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