Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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Use the Trial Balance Information for Douglas Distinctive Services to complete an Income Statement, Statement of Owners Equity and Balance Sheet for year ended December 31,20__
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For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2019, Jeff decided to move to rented quarters and to operate the business, which was to be known as Rosebud Consulting, on a full-time basis. Rosebud Consulting entered into the following transactions during April:
Instructions
1. Journalize each transaction in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (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 April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during April is $350.
b. Supplies on hand on April 30 are $1,225.
c. Depreciation of office equipment for April is $400.
d. Accrued receptionist…
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- Following is the chart of accounts of Sanchez Realty Company: Sanchez completed the following transactions during April (the first month of business): Required 1. Journalize the transactions for April in the general journal. 2. Post the entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a trial balance as of April 30, 20. 4. Prepare an income statement for the month ended April 30, 20. 5. Prepare a statement of owners equity for the month ended April 30, 20. 6. Prepare a balance sheet as of April 30, 20. If you we using CLGL, use the year 2020 when preparing all reports.arrow_forwardFINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13A and to the analysis of the change in owners equity in Problem 3-14A. REQUIRED 1. Prepare an income statement for Kohls Home Repair for the month ended May 31, 20--. 2. Prepare a statement of owners equity for Kohls Home Repair for the month ended May 31, 20--. 3. Prepare a balance sheet for Kohls Home Repair as of May 31, 20--.arrow_forwardThe 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 owners 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, 13,627arrow_forward
- During the first month of operations, Landish Modeling Agency recorded transactions in T account form. Foot and balance the accounts. Then prepare a trial balance, an income statement, a statement of owners equity, and a balance sheet dated March 31, 20--.arrow_forwardEddie Edwards and Phil Bell own and operate The Second Hand Equipment Shop. The following transactions involving notes and interest were completed during the last three months or 20--: REQUIRED 1. Prepare general journal entries for the transactions. 2. Prepare necessary adjusting entries for the notes outstanding on December 31.arrow_forwardFor the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond entered into the following transactions during July: 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal. 6. b. Post the adjusting entries, inserting balances in the accounts affected. 9. b. Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column. 3.…arrow_forward
- On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac realtyarrow_forwardThe balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance would flow to (a) the income statement, (b) the statement of owner’s equity, or (c) the balance sheet. 1. Accounts Payable 2. Dobson, Drawing 3. Depreciation Expense 4. Accumulated Depreciation 5. Fees Earned 6. Unearned Fees 7. Supplies 8. Supplies Expensearrow_forwardWhich of the following would be recorded as an identifiable accounting transaction? Group of answer choices A. Providing services to customers on account. B. Hiring a new employee. C. Signing a contract to lease office space next year. D. Ordering a new vehicle, which will be received and paid for next montharrow_forward
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