The account balances of Miss Beverly’s Tutoring Service 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, $470. b. Depreciation expense on equipment, $948. c. Depreciation expense on the van, $1,490. d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, $407. 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 $3,000 on June 10. (Skip this step if using QuickBooks. The additional investment assumption has already been completed in the data file.) 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the proper sequence. Check Figure Net income $19,567

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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter 5, Problem 4PB
Textbook Problem

The account balances of Miss Beverly’s Tutoring Service as of June 30, the end of the current fiscal year, are as follows:

Chapter 5, Problem 4PB, The account balances of Miss Beverlys Tutoring Service as of June 30, the end of the current fiscal

Required

  1. 1. Data for the adjustments are as follows:
    1. a. Expired or used up insurance, $470.
    2. b. Depreciation expense on equipment, $948.
    3. c. Depreciation expense on the van, $1,490.
    4. d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday).
    5. e. Supplies remaining as of June 30, $407.

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 $3,000 on June 10. (Skip this step if using QuickBooks. The additional investment assumption has already been completed in the data file.)
  4. 5. Prepare a balance sheet.
  5. 6. Journalize the closing entries using the four steps in the proper sequence.

    Check Figure

    Net income $19,567

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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