ACTIVITY 2The following is a partial listing of the unadjusted and adjusted trial balances for Sam Smith, theProperty Manager.Unadjusted Trial BalanceAdjusted Trial BalanceDebitCreditDebitCreditP 30,000.00P 13,800.00Prepaid InsuranceOffice Supplies12,600.005,400.00Interest Receivable2,100.00BuildingAccumulated Depreciation1,560,000.001,560,000.00P240,000.00P280,000.00Advances from tenants24,000.0016,000.00Rent PayableSalaries PayableInsurance ExpenseSupplies Expense40,000.0018,000.0016,200.007,200.00Depreciation Expense40,000.00Salaries Expense200,000.00218,000.00Rent Expense120,000.00160,000.002,100.008,000.00Interest RevenuesRent RevenuesRequired: From the information given, reconstruct the adjusting entries.

The journal entries are prepared to keep the record of day to day transactions of the business.

The following is a partial listing of the unadjusted and adjusted trial balances for Sam Smith, the Property Manager. Unadjusted Trial Balance Adjusted Trial Balance Credit Debit Credit Debit P 30,000.00 P 13,800.00 Prepaid Insurance Office Supplies 12,600.00 5,400.00 Interest Receivable 2,100.00 Building Accumulated Depreciation Advances from tenants 1,560,000.00 1,560,000.00 P240,000.00 P280,000.00 24,000.00 16,000.00 Rent Payable Salaries Payable Insurance Expense Supplies Expense Depreciation Expense Salaries Expense Rent Expense 40,000.00 18,000.00 16,200.00 7,200.00 40,000.00 200,000.00 120,000.00 218,000.00 160,000.00 Interest Revenues 2,100.00 Rent Revenues 8,000.00 Required: From the information given, reconstruct the adjusting entries.

The following is a partial listing of the unadjusted and adjusted trial balances for Sam Smith, the Property Manager. Unadjusted Trial Balance Adjusted Trial Balance Credit Debit Credit Debit P 30,000.00 P 13,800.00 Prepaid Insurance Office Supplies 12,600.00 5,400.00 Interest Receivable 2,100.00 Building Accumulated Depreciation Advances from tenants 1,560,000.00 1,560,000.00 P240,000.00 P280,000.00 24,000.00 16,000.00 Rent Payable Salaries Payable Insurance Expense Supplies Expense Depreciation Expense Salaries Expense Rent Expense 40,000.00 18,000.00 16,200.00 7,200.00 40,000.00 200,000.00 120,000.00 218,000.00 160,000.00 Interest Revenues 2,100.00 Rent Revenues 8,000.00 Required: From the information given, reconstruct the adjusting entries.

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 3.27EX: Corrected trial balance totals, 369,000 Adjusting entries from trial balances The accountant for...

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Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in appliance repair services, it owned and operated by Joni Reece. Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July 31, 20Y9: The data needed to determine year-end adjustment 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 tile accounts affected by the adjusting entries, and prepare an adjusted trial balance.
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Adjustment data on an end-of-period spreadsheet Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 2019: Accum. Depr.Equipment 4 Accounts Payable 36 Wages Payable 0 Brenda Schultz, Capital 260 Brenda Schultz, Drawing 8 Fees Earned 200 Wages Expense 110 Rent Expense 12 Insurance Expense 0 Utilities Expense 6 Supplies Expense 0 Depreciation Expense 0 Miscellaneous Expense 2 500 500 The data for year-end adjustments are as follows: a.Fees earned but not yet billed, 13 b.Supplies on hand, 4. c.Insurance premiums expired, 10. d.Depreciation expense, 3. e.Wages accrued but not paid, 1. Enter the adjustment data and place the balances in the Adjusted Trial Balance columns.
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Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions Prepare a classified balance sheet as of December 31, 20Y8.
Financial statements We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations?
6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…
4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig LtdTrial Balance as at 30 June 2019Particulars Debit (RM) Credit (RM)Equipment rental 940Insurance 1,804Lighting and heating expenses 1,990Motor expenses 2,350Salaries and wages 48,580Sales 382,420Purchase 245,950Sundry expenses 624Lorry 19,400Account payable 23,408Account receivable 44,516Fixtures 4,600Shop 174,000Cash at bank 11,346Drawings 44,000Capital 194,272TOTAL 600,100 600,100Inventory at 30 June 2019 was RM29,304.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2019 ii. Statement of Financial Position as 30 June 2019
E3.10 Analyse adjusted data.LO3, 4, 5 This is a partial adjusted trial balance of Darcy Designs Pty Ltd. DARCY DESIGNS PTY LTDAdjusted trial balance (partial)as at 31 July 2019 No. Account name Debit Credit 110 Supplies $1 500 112 Prepaid insurance 2 400 212 Salaries payable $1 500 213 Service revenue received in advance 1 125 400 Service revenue 3 000 500 Salaries expense 7 300 505 Supplies expense 1 220 515 Insurance expense 800 Required Answer these questions, assuming the year begins on 1 July: If the amount in supplies expense is the 31 July adjusting entry, and $1320 of supplies was purchased in July, what was the balance in supplies on 1 July? If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? If $7500 of salaries was paid in July, what was the balance in…
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.
create a balance sheet for the following: Adjusted Trial Balance Account Titles Dr Cr Cash 26,143 Equity securities portolio 47,521 Fair value adjustment 3,585 Accounts receivable 284,171 Allowance for doubtful accounts 14,209 Inventory 623,636 Prepaid insurance 11,080 Land 414,518 Buildings 1,455,667 Accumulated depreciation-bldg 490,534 Equipment 1,041,038 Accumulated depreciation-equip 337,259 Deferred tax asset 6,000 Patent 17,970 Accounts payable 205,799 Income taxes payable 108,659 Note payable 42,000 Bonds payable 300,000 Premium on bonds payable 16,038 Preferred stock (5%, $100 par) 200,000 Common stock ($10 par value) 400,000 Paid-In capital in excess of par 471,999 Retained earnings 934,729 Dividends 90,000 Sales revenue 4,634,536 Cost of goods sold 3,172,647 Salaries and wages expense 580,593 Advertising expense 65,641 Depreciation expense 161,167…