APPLICATION The following adjusted trial balance accounts were taken from the records of Jaunty Company as of December 31, 2014. Required: Prepare the closing entries. Acc. Depreciation - Office Equipment P2, 500 Cash 156, 500 Accounts Payable 11,600 Accounts Receivable 6,000 J, Capital 90,000 Dep. Expense- Office Equipment 1,800 Office Equipment 45, 000 J, Drawing 4,000 Telephone Expense 2,700 Salaries Expense 1,600 Commissions Earned 131, 500 Rent Expense 18,000

APPLICATION The following adjusted trial balance accounts were taken from the records of Jaunty Company as of December 31, 2014. Required: Prepare the closing entries. Acc. Depreciation - Office Equipment P2, 500 Cash 156, 500 Accounts Payable 11,600 Accounts Receivable 6,000 J, Capital 90,000 Dep. Expense- Office Equipment 1,800 Office Equipment 45, 000 J, Drawing 4,000 Telephone Expense 2,700 Salaries Expense 1,600 Commissions Earned 131, 500 Rent Expense 18,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $30,000 andzero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciationfor the period is estimated to be $6,000. Prepare the adjusting journal entry on December 31. Inseparate T-accounts for each account, enter the unadjusted balances, post the adjusting journalentry, and report the adjusted balance
Additional information: • Materials inventory (ending) - $2,800 • Work in process (ending) - $3,200 • Finished goods (ending) - $2,100 Based on the given adjusted trial balance of Cheviss Company (December 31, 2019) on the picture + additional information written above: prepare a balance sheet and create the journal entries necessary to close the accounts.
Presented below is the adjusted trial balance of TechCheck Corp. Prepare the following: a. Balance Sheet (classified format) Spring Check Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts 2$ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building Accumulated Deperciation - Building 1,400,000 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 45,000 250,000 1,000,000 Common Stock Par $ 0.01 10,000 APIC (Additional Paid in Capital in Excess of Par) Retained Earnings 1,990,000 3,425,000 Dividends Dedared - Common 2$ 400,000 Sales 14,400,000 $ $ Sales Discounts 180,000 Sales Returns and Allowances 210,000 Cost of Goods Sold (COGS) 5,350,000 Selling Expenses Administrative Expenses 1,300,000 $ 650,000 Investment Revenue 150,000 Income Tax Expense…
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…
Jan Taylor, the financial oficer of X-cel lne., showed the folowing adusted account talances for the year ended Jauary 31,2014 Use this information to prepare the January 31, 2014 dtassifed balanoe sheet Account Accounts Payatie Accounts Recevable Accumutated Deprociation, Land Inprovements 32.000 Accumulated Depreciation, Machinery Accumulated Depreciation, Tus Advertising Expene Advertising Payabe Bonds Payable (due January. 2020 Commissions Eaned Copyright Depreciation Exponse, Land inprovement Depreciation Expense, Machinery Depreciation Esponse, Trucks Balance 100.000 115.000 lect one Dalance hee 6.000 23.000 32.500 61.500 102.000 40.500 09,000 6,600 5.000 17.600 15,000 12.600 Dividends Insurance Expense Interest Expense Land Improvements Long-term Investnent in Shares 27,500 160,500 01,500 10,000 Machinary Mortgage Payable (due January, 2020) Prepaid insurance Prepaid Interest Prepaid Rent Rent Eamed 274.600 37 50 8.000 17.000 35,500 96.000 144,500 Rent Expense Retained Earnings…
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Safety First Company completed all of its October 31,2020 adjustments in preparation for preparing its financial statements which resulted in the following trial balance Other information: All accounts have normal balances $26,400 of the Notes payable balance is due by October 31, 2021 The final task in the year end process was to access the assets for impairment, which resulted in the following schedule Required: Prepare the entries to record any impairment losses at October 31, 2020. Assume the company recorded no impairment losses in the previous years Prepare a classified balance sheet at October 31, 2020 What is the impact on the financial statements of an impairment loss?
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Credit
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Credit
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
Closing Entries. Okabe Company ended its fiscal year on July 31, 2021. The company’s adjusted trialbalance as of the end of its fiscal year is shown below.OKABE COMPANYAdjusted Trial BalanceJuly 31, 2021No. Account Titles101 Cash $ 9,840 (Dr.)112 Accounts Receivable 8,780 (Dr.)157 Equipment 15,900 (Dr.)158 Accumulated Depreciation—Equip. $ 7,400 (Cr.)201 Accounts Payable 4,220 (Cr.)208 Unearned Rent Revenue 1,800 (Cr.)301 Owner’s Capital 45,200 (Cr.)306 Owner’s Drawings 16,000 (Dr.)400 Service Revenue 64,000 (Cr.)429 Rent Revenue 6,500 (Cr.)711 Depreciation Expense 8,000 (Dr.)726 Salaries and Wages Expense 55,700 (Dr.)732 Utilities Expense 14,900 (Dr.)Instructions: Prepare the closing entries.