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5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal.

5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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question 4, 5, 6
May 13. Paid Office Station Co. for part of the debt incurred on April 5, RM640. 15. Recorded services provided on account for the period May 1-15, RM9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, RM750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, RM8,360. 20. Purchased supplies on account, RM735. 21. Recorded services provided on account for the period May 16-20, RM4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, RM7,900. 27. Received cash from clients on account, RM9,520. 28. Paid part-time receptionist for two weeks' salary, RM750. 30. Paid telephone bill for May, RM260. 31. Paid electricity bill for May, RM810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, RM3,300. 31. Recorded services provided on account for the remainder of May, RM2,650. 31. Pn. Sufia withdrew RM10,500 for personal use. Instructions 1. The chart of accounts for Sufia Consulting is shown in Exhibit 20, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 28. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2018, and place a check mark (/) in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Sufia Consulting's chart of accounts. (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 May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is RM275. b. Supplies on hand on May 31 are RM715. c. Depreciation of office equipment for May is RM330. d. Accrued receptionist salary on May 31 is RM325. e. Rent expired during May is RM1,600. f. Unearned fees on May 31 are RM3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an Statement of Profit or Loss and Other Comprehensive Income, a Statement of Changes in Equity, and a Statement of Financial Position. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account 33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. Appendix: EXHIBIT 20 31 Pn. Sufia, Capital 32 Pn. Sufia, Drawing 11 Cash 12 Accounts Receivable Chart of Accounts for 33 Income Summary 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable Sufia Consulting 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 23 Unearned Fees EXHIBIT 28 Sufia Consulting Post-Closing Trial Balance April 30, 2018 Post-Closing Trial Balance, Sufia Consulting Debit Balances Credit Balances 22,100 Cash... ** Accounts Receivable Supplies 3,400 1,350 .... Prepaid Rent.. 3.200 1,500 Prepaid Insurance. 14,500 Office Equipment... 330 Accumulated Depreciation 800 Accounts Payable Salaries Payable 120 2,500 Unearned Fees 42,300 Pn. Sufia, Capital.. 46,050 46,050
Transcribed Image Text:May 13. Paid Office Station Co. for part of the debt incurred on April 5, RM640. 15. Recorded services provided on account for the period May 1-15, RM9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, RM750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, RM8,360. 20. Purchased supplies on account, RM735. 21. Recorded services provided on account for the period May 16-20, RM4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, RM7,900. 27. Received cash from clients on account, RM9,520. 28. Paid part-time receptionist for two weeks' salary, RM750. 30. Paid telephone bill for May, RM260. 31. Paid electricity bill for May, RM810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, RM3,300. 31. Recorded services provided on account for the remainder of May, RM2,650. 31. Pn. Sufia withdrew RM10,500 for personal use. Instructions 1. The chart of accounts for Sufia Consulting is shown in Exhibit 20, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 28. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2018, and place a check mark (/) in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Sufia Consulting's chart of accounts. (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 May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is RM275. b. Supplies on hand on May 31 are RM715. c. Depreciation of office equipment for May is RM330. d. Accrued receptionist salary on May 31 is RM325. e. Rent expired during May is RM1,600. f. Unearned fees on May 31 are RM3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an Statement of Profit or Loss and Other Comprehensive Income, a Statement of Changes in Equity, and a Statement of Financial Position. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account 33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. Appendix: EXHIBIT 20 31 Pn. Sufia, Capital 32 Pn. Sufia, Drawing 11 Cash 12 Accounts Receivable Chart of Accounts for 33 Income Summary 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable Sufia Consulting 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 23 Unearned Fees EXHIBIT 28 Sufia Consulting Post-Closing Trial Balance April 30, 2018 Post-Closing Trial Balance, Sufia Consulting Debit Balances Credit Balances 22,100 Cash... ** Accounts Receivable Supplies 3,400 1,350 .... Prepaid Rent.. 3.200 1,500 Prepaid Insurance. 14,500 Office Equipment... 330 Accumulated Depreciation 800 Accounts Payable Salaries Payable 120 2,500 Unearned Fees 42,300 Pn. Sufia, Capital.. 46,050 46,050
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