PROGRESS CONSULTING PROGRESS CONSULTING PROGRESS CONSULTING Trial Balance Adjusted Trial Balance December 31, 20X1 Post-Closing Trial Balance December 31, 20X1 December 31, 20X1 Credit Debit Debit Credit Student's Name: Student's Name: Student's Name: For the past several years, Aaron Jones has operated a consulting business from his home on a part- time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of $1 par value common stock. Progress Consulting entered into the following transactions during December: Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock ines, 1st OGRES Incor ear E amount equal to his investment. Paid $4,500 for rent for December 20X1 through February 28, 20X2. 2nd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 3rd Received $3,500 cash from a client as an advance payment for services to be performed in the future. 4th 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. Paid Payne Company for part of the debt incurred on December 5, $900. 11th 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* Paid $1,15| for supplies.* 18th Billed clients for services performed on account, $1,100. 20th Received cash payment from client for services performed on this date, $1,850. 24th Received cash from clients as payment on account, $1,300. 25th Paid $330 for utilities for December. 30th Paid cash dividend of $2,45).* st 31st IT PROJECT!
PROGRESS CONSULTING PROGRESS CONSULTING PROGRESS CONSULTING Trial Balance Adjusted Trial Balance December 31, 20X1 Post-Closing Trial Balance December 31, 20X1 December 31, 20X1 Credit Debit Debit Credit Student's Name: Student's Name: Student's Name: For the past several years, Aaron Jones has operated a consulting business from his home on a part- time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of $1 par value common stock. Progress Consulting entered into the following transactions during December: Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock ines, 1st OGRES Incor ear E amount equal to his investment. Paid $4,500 for rent for December 20X1 through February 28, 20X2. 2nd Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 3rd Received $3,500 cash from a client as an advance payment for services to be performed in the future. 4th 5th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. Paid Payne Company for part of the debt incurred on December 5, $900. 11th 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,45).* Paid $1,15| for supplies.* 18th Billed clients for services performed on account, $1,100. 20th Received cash payment from client for services performed on this date, $1,850. 24th Received cash from clients as payment on account, $1,300. 25th Paid $330 for utilities for December. 30th Paid cash dividend of $2,45).* st 31st IT PROJECT!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
100%
I need help filling out the different types of
Transcribed Image Text:PROGRESS CONSULTING
PROGRESS CONSULTING
PROGRESS CONSULTING
Trial Balance
Adjusted Trial Balance
December 31, 20X1
Post-Closing Trial Balance
December 31, 20X1
December 31, 20X1
Credit
Debit
Debit
Credit
Student's Name:
Student's Name:
Student's Name:
Transcribed Image Text:For the past several years, Aaron Jones has operated a consulting business from his home on a part-
time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his
business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of
$1 par value common stock. Progress Consulting entered into the following transactions during
December:
Aaron Jones invested the following assets in the business: cash, $6,500; supplies,
$1,250; and office equipment, $27,900. Mr. Jones received common stock ines,
1st
OGRES
Incor
ear E
amount equal to his investment.
Paid $4,500 for rent for December 20X1 through February 28, 20X2.
2nd
Paid $1,800 for a one year premium on property and casualty insurance. The
policy covers the period December 1, 20X1 to November 30, 20X2
3rd
Received $3,500 cash from a client as an advance payment for services to be
performed in the future.
4th
5th
Purchased additional office equipment on account from Payne Company for
$1,800.
10th
Paid $2,300 for a newspaper advertisement.
Paid Payne Company for part of the debt incurred on December 5, $900.
11th
12th
Billed clients for services performed on account, $1,200.
17th
Received cash payment from client for services performed on this date, $8,45).*
Paid $1,15| for supplies.*
18th
Billed clients for services performed on account, $1,100.
20th
Received cash payment from client for services performed on this date, $1,850.
24th
Received cash from clients as payment on account, $1,300.
25th
Paid $330 for utilities for December.
30th
Paid cash dividend of $2,45).*
st
31st
IT PROJECT!
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Follow-up Question
how would you fill out a post closing
Transcribed Image Text:5. Journalize and post the adjusting entries using the following information:
a. Insurance expired during December is $150.
b. Supplies on hand on December 31 are valued at $1,320.
c. Depreciation of office equipment for December is $248.
d. Rent expired during December is $1,500.
e. Determined that company had performed $2,500 of the services for which it was paid
on December 4th.
f. Employees were owed $1,000 for the month of December. They were paid on January
2nd
g. Services were performed for a client on December 31 in the amount of $750. The
client did not pay nor has the client been billed.
6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE
CLASS TEXT.
Solution
by Bartleby ExpertFollow-up Question
How would you fill out the
Transcribed Image Text:### Adjusting Entries and Adjusted Trial Balance Preparation
#### 5. Journalize and Post Adjusting Entries
Use the following information to journalize and post adjusting entries for the end of the accounting period:
a. **Insurance Expired**: Insurance expired during December is $150.
b. **Supplies on Hand**: Supplies on hand on December 31 are valued at $1,320.
c. **Depreciation of Office Equipment**: Depreciation of office equipment for December is $248.
d. **Rent Expense**: Rent expired during December is $1,500.
e. **Unearned Revenue**: Determined that the company had performed $2,500 of the services for which it was paid on December 4th.
f. **Accrued Salaries**: Employees were owed $1,000 for the month of December, and they were paid on January 2nd.
g. **Accrued Revenue**: Services were performed for a client on December 31 in the amount of $750. The client did not pay nor has the client been billed.
#### 6. Prepare an Adjusted Trial Balance
Ensure to use the format shown on page 132 of the class text for the adjusted trial balance.
Explanation of Adjusting Entries:
1. **Insurance Expired**
- **Journal Entry**:
- Debit: Insurance Expense $150
- Credit: Prepaid Insurance $150
2. **Supplies on Hand**
- **Journal Entry**:
- Debit: Supplies Expense $1,320
- Credit: Supplies $1,320
3. **Depreciation of Office Equipment**
- **Journal Entry**:
- Debit: Depreciation Expense $248
- Credit: Accumulated Depreciation - Office Equipment $248
4. **Rent Expired**
- **Journal Entry**:
- Debit: Rent Expense $1,500
- Credit: Prepaid Rent $1,500
5. **Unearned Revenue Adjustment**
- **Journal Entry**:
- Debit: Unearned Revenue $2,500
- Credit: Service Revenue $2,500
6. **Accrued Salaries**
- **Journal Entry**:
- Debit: Salaries Expense $1,000
- Credit: Salaries Payable $1,000
7. **Accru
Solution
by Bartleby ExpertFollow-up Question
What would the adjusted
Transcribed Image Text:5. Journalize and post the adjusting entries using the following information:
a. Insurance expired during December is $150.
b. Supplies on hand on December 31 are valued at $1,320.
c. Depreciation of office equipment for December is $248.
d. Rent expired during December is $1,500.
e. Determined that company had performed $2,500 of the services for which it was paid
on December 4th.
f. Employees were owed $1,000 for the month of December. They were paid on January
2nd
g. Services were performed for a client on December 31 in the amount of $750. The
client did not pay nor has the client been billed.
6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE
CLASS TEXT.
Solution
by Bartleby ExpertKnowledge Booster
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