Three years ago. Joy organized Jonathan Realty. At July 31. 2020, the end of the current year, the unadjusted trial balance of Jonathan Realty appears as shown below. Journal worksheet. Jonathan Realty Unadjusted Trial Balance July 31, 2020 3,425 7.000 1.270 620 51,650 Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Wages Payable Unearmed Fees Jonathan. Capitại Jonathan, Drawing Fees Earned Wages Experse Depreciation Expense Rent Expense Ufties Expense Supplies Expense Insurance Expense Miscellaneous Expense 9.700 925 1.250 29.000 5.200 59,125 22.415 4,200 2.715 1,505 100.000 100.000 The data needed to determine year-end adjustments are as follows: a. Supplies on hand at July 31, 2020, P380. b. Insurance premiums expired during the year. P315. C Depreciation of equipment during the year end, P4,950. d. Wages accrued but not pald at July 31, 2020, P440. e. Accrued fees eamed but not recorded at July 31, 2020, P1,000, Unegmed fees on July 31,2020, P75O.

Three years ago. Joy organized Jonathan Realty. At July 31. 2020, the end of the current year, the unadjusted trial balance of Jonathan Realty appears as shown below. Journal worksheet. Jonathan Realty Unadjusted Trial Balance July 31, 2020 3,425 7.000 1.270 620 51,650 Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Wages Payable Unearmed Fees Jonathan. Capitại Jonathan, Drawing Fees Earned Wages Experse Depreciation Expense Rent Expense Ufties Expense Supplies Expense Insurance Expense Miscellaneous Expense 9.700 925 1.250 29.000 5.200 59,125 22.415 4,200 2.715 1,505 100.000 100.000 The data needed to determine year-end adjustments are as follows: a. Supplies on hand at July 31, 2020, P380. b. Insurance premiums expired during the year. P315. C Depreciation of equipment during the year end, P4,950. d. Wages accrued but not pald at July 31, 2020, P440. e. Accrued fees eamed but not recorded at July 31, 2020, P1,000, Unegmed fees on July 31,2020, P75O.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 4PB: The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year,...

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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?
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.
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
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NEED ANSWER ASAP 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…
Dorah, the sole stockholder of Barnie Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at January 31, 2019 is as follows: Barnie Inc.Balance SheetAs at January 31, 2019AssetsCash $4,600Accounts Receivable $15,300Equipment $9,000Accumulated Depreciation $-2,400Total Assets $26,500LiabilitiesAccounts Payable $2,400Notes Payable $12,100Total Liabilities $14,500Stockholder's Equity $12,000Total Liabilities & Stockholder's Equity $26,500 In the upcoming year, Dorah expects the following events to occur:Total revenues of $26,000 and total expenses of $16,800100% of accounts receivable from the prior year will be collected in the following yearCredit sales will represent 40% of revenues for the year100% of accounts payable owing from 2019 will be paid off in 2020By the end of January, 2020, Barnie will owe its suppliers $3,700No principal payments will be made on the bank loan during 2019Purchase of new equipment for $1,500. The entire purchase will…
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On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
Apex Systems Co. Offers it's services to residents in the Seattle area. Selected accounts from the Ledger of Apex Systems Co. For the fiscal year ended in December 31,2019, are as follows: Bart Nesbit, Capital Dec.31 78,000 Jan. 1 (2019) 1,334,000 Dec.31 347,000 Bart Nesbit , Drawing Mar.31 19,500 Dec.31 78,000 June 30 19,500 Sept. 30 19,500 Dec.31 19,500 Required: Repair a statement of owners equity for the year. No additional investments were made during the year. if a net loss has been incurred or there has been a decrease in owner's equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading.