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The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, $495 b. Depreciation expense on equipment, $670. c. Depreciation expense on the van, $1,190. d. Salary accrued (earned) since the last payday, $540 (owed and to be paid on the next payday). e. Supplies used during the period, $97. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owner’s equity. Assume that there was an additional investment of $2,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Check Figure Net Income, $13,627

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 5, Problem 4PA
Textbook Problem

The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows:

Chapter 5, Problem 4PA, The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as

Required

  1. 1. Data for the adjustments are as follows:
    1. a. Expired or used up insurance, $495
    2. b. Depreciation expense on equipment, $670.
    3. c. Depreciation expense on the van, $1,190.
    4. d. Salary accrued (earned) since the last payday, $540 (owed and to be paid on the next payday).
    5. e. Supplies used during the period, $97.

Your instructor may want you to use a work sheet for these adjustments.

  1. 2. Journalize the adjusting entries.
  2. 3. Prepare an income statement.
  3. 4. Prepare a statement of owner’s equity. Assume that there was an additional investment of $2,000 on June 10.
  4. 5. Prepare a balance sheet.
  5. 6. Journalize the closing entries using the four steps in the correct sequence.

Check Figure

Net Income, $13,627

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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