Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Sue Feria opened a travel agency business on April 5, 2019. A month after she was able to comply with the legal requirements and documents, the business started operation. The following balances were taken on April 30, 2019:
Analyze the above transactions, start with the balances given on April 30.
a) Present an income statement, statement of changes in owner's equity, a properly classified report form of statement of financial position.
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 January 2, 2019, Quo Inc. hired Reed as its controller. During the year， Reed, working closely with Quo’s president and ottside accountants, made changes in accounting policies, corrected several errors dating from 2018 and before, and instituted new accounting policies. Quo's 2019 financial statements will be presented in comparative form with its 2018 financial statements. Items a through i represent Quo’s transactions.
1. Indicate how Quo should classify each transaction. 2. Indicate the proper accounting treatment ( retrospective adjustment, prior period adjustment, prospective) for each transaction.
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- 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_forwardLeanders Landscaping Service maintains the following chart of accounts: The following transactions were completed by Leander: Required 1. Journalize the transactions in the general journal. Prepare a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated April 30, 20. If you are using CLGL, use the year 2020 when recording transactions and preparing reports.arrow_forwardThe following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021? (Solution must be in good accounting form. Excel format would be good for a good accounting form! Thanks a lot, Tutor! I hope you can help me)arrow_forward
- Smart brain is a company that is located in Rawalpindi, Pakistan. The Client Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount to RS 1,500. Records show that RS 2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December 31. Office supplies on hand at December 31 amount to RS 110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72 months). On…arrow_forwardLavender Company started its business on April 1, 2019. Using the following accounts, prepare the journal entries below in the General Journal. PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. Cash Petty Cash Accounts Receivable Office Supplies Computer Equipment Accounts Payable Unearned Services Income Services Income Lavender, Capital Dividends Maintenance Expense Miscellaneous Expense Rent Expense Wages Expense Cash Short and Over The following are the transactions that happened during the month of April. PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). The owner invested $7,500 from their personal account to the business account DR CR Paid rent $600 with check #101. DR CR Initiated a petty cash fund $250 check #102. DR CR…arrow_forwardClint Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount to $1,500. Records show that $2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December Office supplies on hand at December 31 amount to $110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72 months). On October 1, 2019, the company renewed its rental agreement paying $1,800 cash for…arrow_forward
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