COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 3, Problem 1E
To determine
To prepare the T- account and show the balance.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on September 30, 2020.
Account
Account Number
Balance
Accounts Payable
201
$ 3,800
Accounts Receivable
105
3,150
Cash
101
7,200
Sophie Dawson, Capital
301
19,300
Sophie Dawson, Drawing
302
4,500
Equipment
110
15,500
Miscellaneous Expense
599
850
Rent Expense
505
11,100
Salary Expense
501
13,800
Fees Earned
401
42,245
Supplies
107
3,525
Supplies Expense
507
1,400
Utilities Expense
508
4,300
Aylmer has some customers that pay for services in advance of work started. At December 31, 2020, the accountant reviewed unearned revenue to see how much revenue had been earned.
Calculate the amount and the journal entries too.
Please include all steps of calutlations for my reference. Thanks!
On 31 December, 2021, a customer has bought a 2-day pass for using the spa facilities on31 December, 2021 and January 1, 2022 for $2,000. The total amount for the 2-day pass willbe paid by the customer when departing on January 1, 2022.
Prepare the necessary adjusting journal entries on 31 December 2021 to bring the financialrecords of Relax Spa Company up-to-date. Use the account titles given in the TrialBalance or create new accounts where appropriate. Show your workings. Explanationsare NOT required. If no adjusting entries are required, state “No entry” and name theaccounting principle applied.
Chapter 3 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closingtrial balance as of April 30, 2019, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a twocolumn journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.arrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500arrow_forwardReconstruct the trial balance below after making the necessary corrections. Start with the balance on the trial balance and list only items that needs to adjusted. Show your workings Trial balance of T Higgins as at 30 September 2019 Debit credit £ £ Capital 19,956 Sales 119,439 Stationery 1,200 General Expenses 2,745 Motor expenses 4,476 Cash at bank 1,950 Inventory 7,668 Wages and salaries 9,492 Rent and Rates 10,500 Office equipment 6,000 Purchases 81,753 Heating and Lighting 2,208 Rent received 2,139 Account receivable 10,353 Drawings 4,200 Account payable 10,230 Motor Vehicle 7,500 Interest received 1,725 Insurance 3,444 153,489 153,489arrow_forward
- Create a journal entries for this transactions 1. December 8, 2019 - He paid accounts payable for supplies purchased worth P7,200 2. December 28, 2019 - He billed clients P48, 000 for services on account Don't mind the pic belowarrow_forwardThe Beep-Beep Alarm Company provides security services in Bloomington, IL. At the year end 2019, afteradjusting entries have been made, the following list of account balances is prepared.Service Revenue $ 612,900Salaries Expense $ 148,250Rent Expense $ 27,600Utilities Expense $ 48,800Supplies Expense $ 51,900Income Tax Expense $ 30,800Retained Earnings $ 305,550Dividends $ 6,0001. Prepare the closing journal entry to close the revenue account on December 31st. Date Account Debit Credit2. Prepare the closing journal entry to close the expense account on December 31st. Date Account Debit Credit3. Income Summary is an account used to indicate consideration of all revenues and expenses as one value for a closing entry.Prepare the closing journal entry on December 31st to close Income Summary if the company used this as a single account ratherthan individually closing revenues and expenses. Hint: this means the company did not individually complete #1 and #2 but theoutcome should be the…arrow_forwardPlease help with the following question in regards with accounting homework: Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021. Balance the account. Please follow up on the format and information attached , god bless youarrow_forward
- Classic Customs began operations on December 1, 2020. In setting up the bookkeeping procedures, the company decided to debit expense accounts when the company prepays its expenses and to credit revenue accounts when customers pay for services in advance. Supplies were purchased on December 1 for $8,000. The company prepaid insurance premiums of $3,200 on December 2. On December 15, the company received an advance payment of $16,100 from one customer for re-modeling work. By counting the supplies on December 31, Classic Customs determined that $1,450 was on hand. An analysis of the insurance policies in effect on December 31 showed that $800 of insurance coverage had expired. As of December 31, it was determined that $8,500 of the amount received in advance on December 15 had been earned. Prepare journal entries for items (a) through (c) and adjusting entries as of December 31, 2020, for items (d) through (f).arrow_forward[B.] Prepare the closing entries and post-closing trial using the information below. Below is an alphabetical list of accounts of Master Cleaners as of December 31, 2019, after all the adjusting entries have been posted.arrow_forwardDetermine the October 31 balance for each of the accounts above and prepare a trial balance at October 31, 2020.arrow_forward
- Requirement:a. Give all the necessary entries to correct the account on December 31, 2022. Write your entriesin a columnar paper.b. Using a T-Account, show the corrected balance of the delivery equipment by posting youradjusting entries.arrow_forwardA group of students from City Tech’s Hospitality Management Program invested and opened, “Catering for Any Occasion,” an off-premise catering business on June 1, 2021. The trial balance for the first month of business follows. Instructions a) Enter the totals from the trial balance as beginning account balances in the general ledger, and place a check mark in the posting reference column. See the cash account in the general ledger as an example. b) Prepare the adjusting entries for the month of June (see other data below). Use J3 as the page number for your journal. c) Post the adjusting entries to the ledger accounts. d) Prepare an adjusted trial balance at June 30, 2021. Other data: 1. $1200 of supplies has been used during the month. 2. A utility bill for $600 has not been recorded and will not be paid until next month. 3. The insurance policy is for two years. 4. $3,000 of unearned service revenue has been earned at the end of the month. 5. Salaries of $3600 are accrued at June 30.…arrow_forwardBalance for the month ended September 30th, 2019 can be found below.Johnny SoongTrial Balanceas at September 30 2019Name of account Dr ($) Cr ($) Cash 12,950 Account Receivable 21,350 Office Supplies 55,950 Furniture 38,000 Accounts Payable 17,050 Johnny Soong, Capital 100,000 Johnny Soong, Withdrawals 9,000 Consulting Service Revenue 83,750 Insurance expense 20,000 Salaries expense 9,850 Utilities expense 9,700 Rent Expense 24,000 200,800 200,800 Required:1. Prepare the company’s Income Statement for the month ended September 30, 2019 2. Prepare the company’s Statement of Owner’s Equity for the month ended September 30, 2019 3. Prepare the company’s Balance Sheet as at September 30th, 2019 Part BThe following errors were found in the books of Rosco Consulting during the month:1. Consultancy Service provided to Briggs Safety on account for $1500 had been omitted completely from the books.2. A purchase of supplies for $1000 was entered in the cash account but omitted from the supplies…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengagePrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY