The adjusted trial balance of Kramer's Legal Practice appears below: KRAMER'S LEGAL PRACTICE Adjusted Trial Balance December 31, 2021 Debit Credit Cash $6,400 Accounts receivable 1,200 Office supplies 1,800 Office equipment 8,000 Accumulated depreciation-office equipment $2,500 Computer equipment 6,000 Accumulated depreciation-computer equipment 1,500 Accounts payable 6,000 Unearned revenue 3,000 H. Kramer, capital 12,400

The adjusted trial balance of Kramer's Legal Practice appears below: KRAMER'S LEGAL PRACTICE Adjusted Trial Balance December 31, 2021 Debit Credit Cash $6,400 Accounts receivable 1,200 Office supplies 1,800 Office equipment 8,000 Accumulated depreciation-office equipment $2,500 Computer equipment 6,000 Accumulated depreciation-computer equipment 1,500 Accounts payable 6,000 Unearned revenue 3,000 H. Kramer, capital 12,400

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

See similar textbooks

Similar questions

Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2019: Additional information: (a) On January 1, 2019, the company had paid 2 years rent in advance at 100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residua! value is expected, (c) interest of 150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2020. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2019.
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are 2,850. b. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Following is the unadjusted trial balance for Sun Energy Co. on December 31, 2017. You are also given the following supplemental information: A pending lawsuit, claiming $2,700 in damages, is considered likely to favor the plaintiff and can be reasonably estimated. Sun Energy Co. believes a customer may win a lawsuit for $3,500 in damages, but the outcome is only reasonably possible to occur. Sun Energy calculated warranty expense estimates of $210. A. Using the unadjusted trial balance and supplemental information for Sun Energy Co., construct an income statement for the year ended December 31, 2017. Pay particular attention to expenses resulting from contingencies. B. Construct a balance sheet, for December 31, 2017, from the given unadjusted trial balance, supplemental information, and income statement for Sun Energy Co., paying particular attention to contingent liabilities. C. Prepare any necessary contingent liability note disclosures for Sun Energy Co. Only give one to three sentences for each contingency note disclosure.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?
Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July 31, 2019: The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, 6,400. Depreciation of equipment for the year, 2,800. Accrued salaries and wages at July 31, 900. Unexpired insurance at July 31, 1,500. Fees earned but unbilled on July 31, 10,200. Supplies on hand at July 31, 615. Rent unearned at July 31, 300. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
A Company reported the following balances on its unadjusted trial balance as of December 31, 2021:Assets P870,000Liabilities 250,000Equity 110,000Revenues 630,000Expenses 120,000 The following adjustments were noted: a. The total premium paid on March 31, 2020, was P40,000 for a four-year fire insurance policy. This was initially recorded as an asset.b. Depreciation of office equipment purchased on October 1, 2021 with a depreciable amount of 50,000, useful life of 5 years based on straight line method and a residual value of P5,000.c. The Company issued a note for P30,000 for its September 1 purchase of merchandise. The note is dated on the same date, matures in 6 months and bears 5% interest. d. Rent income received from tenant on November 1, 2021 representing four months’ rent amounted to P20,000. This was recorded as a credit to a real account.e. An allowance for doubtful accounts of 1% of the accounts receivable is to be established. Accounts receivable amounted to…
The selected accounts from the unadjusted trial balance of “Federation Garden Supplies”are presented below as at 30 June 2020.Dr ($) Cr ($)Cash at Bank 13,690Garden Supplies 42,000Accounts Receivable 39,000Prepaid Insurance 24,000Machinery 45,000Accumulated depreciation - Machinery 8,500Office Equipment 16, 000Accumulated depreciation - Office Equipment 3,200Intangible asset - Patent 40,000Note Payable (due in 2025) 30,000Sales 512, 000Sales Returns 6, 000Sales discount 1,400Interest Revenue 14, 000Cost of Sales 317, 000Freight-out 2, 000Rent Expense (for administration department) 12, 200Salaries Expense (50% selling and 50%administrative)61, 000Sales Commissions Expense 1,500Electricity Expense (for administration department) 4,500Adjustment data:i.The amount in “Prepaid Insurance” represents a one year premium which was paid on 1January, 2020 (note that 50% of insurance relates to selling and 50% administrative).ii.Depreciation on all Machinery and Office Equipment is 20 % per year…
The following accounts appear on an entity's unadjusted trial balance: I. CASH - 190,000 II. ACCOUNTS RECEIVABLE - 140,000 III. INVENTORY - 370,000 IV. PREPAID SUPPLIES - 60,000 V. EQUIPMENT - 900,000 VI. UNEARNED RENT INCOME - 220,000 VII. NOTES PAYABLE - 500,000 Which of these would least likely require a year-end adjustment? a. IV, VI, and VII b. II, IV, VI, and VII c. I and III d. all these require adjustments
The May 31, 2018 unadjusted trial balance for Rosalina Besario Surveyors is presented as follows: Rosalina Besario Surveyors Unadjusted Trial Balance May 31, 2018 Cash 210,000Accounts Receivable 930,000Prepaid Advertising 360,000Engineering Supplies 270,000Survey Equipment 1,890,000Accumulated Depreciation-Survey Equipment 640,000Accounts Payable 190,000Unearned Survey Revenues 120,000Notes Payable 500,000Besario, Capital 1,120,000Besario, Withdrawals 700,000Survey Revenues 6,510,000Salaries Expense 3,270,000Rent Expense 960,000Insurance Expense…
The following is the adjusted trial balance of the Toribio Cayanan Company: Toribio Cayanan Company Adjusted Trial Balance Jan. 31, 2010 Cash P 140,000Accounts Receivable 230,000Prepaid Rent 90,000Office Supplies 150,000Office Equipment 780,000Accumulated Depreciation P 320,000Accounts Payable 120,000Salaries Payable 70,000Cayanan, Capital 750,000Cayanan, Withdrawals 170,000Counseling Service Revenues 830,000Miscellaneous Income 110,000Salaries Expense 320,000Office Supplies Expense 210,000Depreciation Expense 60,000Rent Expense 50,000 Total P2,200,000 P2,200,000 Required: 1. Prepare the closing entries.2.…
At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service revenue above had been…