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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd928acf3-ee25-4435-acf6-58c8180f3467%2Fc06657f7-ed16-4c91-9468-715b8a57256a%2Fx6go6gm_processed.jpeg&w=3840&q=75)
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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