adjustedELIOT PAINTING SERVICESWorksheet (Partial)for the year ended 30 June 2019Adjusted trial balanceCreditBalance sheetDebitIncome statementAccountDebitDebitCreditCreditCash at Bank1 230Accounts ReceivablePrepaid RentOffice Supplies75 6001 8008 320EquipmentAccum. Depr. Equip'tAccounts Payable160 00025 00054 000Salaries PayableUnearned RevenueF. Elliot, CapitalF. Elliot, DrawingsPainting RevenueSalaries ExpenseRent ExpenseDepreciation ExpenseTelephone Expense8 7603 430101 50022 000219 650106 0006 0508 0404 020Office Supplies Used10 080Sundry Expenses9 200$412 3405412 340Profit for the periodRequired:a) Complete the worksheet.b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of theentity's accounting period

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Answered: adjusted ELIOT PAINTING SERVICES…

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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Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 2018 Debit Balances Credit Balances 42,900 123,500 27,000 300,000 52,000 4,800 40,000 137,200 5,000 1,216,000 660,000 275,000 16,600 1,801,500 1,801,500 Trial Balance to be prepared from the above given values? Cash Accounts Receivable. Prepaid Insurance. Equipment... Accounts Payable Salaries Payable. Common Stock Retained Earnings Dividends... Service Revenue Salary Expense... Advertising Expense... Miscellaneous Expense
Comprehensive ProblemPrepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.Ben and Jerry started his own consulting firm, on June 1, 2021. The trial balance at June 30 is asfollows. Ben & Jerry ConsultantsTrial BalanceJune 30, 2021 Debit Credit Cash $ 6,850Accounts Receivable 7,000Supplies 2,000Prepaid Insurance 2,880Equipment 15,000Accounts Payable $ 4,230Unearned Service Revenue 5,200Common Stock 22,000Service Revenue 8,300Salaries and Wages Expense 4,000Rent Expense 2,000 $39,730 $39,730 1.Supplies on hand at June 30 total $720.2.A utility bill for $180 has not been recorded and will not be paid until next month.3.The insurance policy is for a year.4.Services were performed for $4,100 of unearned service revenue by the end of themonth.5.Salaries of $1,250 are accrued at June 30.6.The equipment has a 5-year life with no salvage value and is being depreciated at $250per month for 60 months.7.Invoices representing $3,900 of services performed during…
Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense Utilities Expense…
В E H. 1 Use the following adjusted trial balance and additional information to complete the requirements: Company XYZ Adjusted Trial Balance December 31, 2020 4. 19,200 51,000 6. Cash Merchandise Inventory Store Supplies Equipment 10 Accumulated depreciation, equipment Accounts payable Salaries payable Claire Smith, Capital 7 8. 950 6. 43,500 15,400 8,950 1,200 68,000 11 12 13 14 Claire Smith, Withdrawals 7,000 15 Interest Income 400 16 Sales 326,000 Sales Discounts 6,100 4,000 150,000 3,850 1,600 28,300 29,800 13,500 27,000 5,750 17 18 Sales Returns and Allowances 19 Cost of Goods Sold 20 Depreciation expense, store equipment 21 Depreciation expense, office equipment 22 Sales salaries expense Office salaries expense 23 24 Insurance expense Rent expense (70% is store, 30% is office) Store supplies expense 27 Advertising expense 25 26 28,400 419,950 28 Totals 419,950 29
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
22 Salaries Payable 55 Insurance Expense 23 Unearmed Fees 59 Miscellaneous Expense The post-dosing trial balance as of April 30, 2019 Required: Journalize each of the May transactions using Kelly Consulling's clhar of accounts. (Do not Insert the account rumbers in the Post. Ref. colt compound transaction, if an amount box does not require an entry, leave it blank, May 3. Receved.cash fromn clients as an advance payrment for servies to be provided and recorded it as unearned fees, s1.500. Post. Ref. 4,500 May 5: Received cash from dlients on account, $2,450. Post. Ref. Debit 2,450 May 9: Paid cash for a newspaper advertisement, $225. Post. Ref. Debit DOOdODS日 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Post. Ref. Debit 640 May 15: Provided services on accournt for the period May 1-15, $9,180. Description Post. Ref. Debit 9,180 9,180 May 16: Paid part-time receptionist for two weeks' salary induding the amount owed on April 30, $750. Description Post.…
Required information Skip to question On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,400 Accounts Receivable 6,800 Supplies 4,700 Land 66,000 Accounts Payable $ 4,800 Common Stock 81,000 Retained Earnings 17,100 Totals $ 102,900 $ 102,900 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,800 ($900/month). January 9 Purchase additional supplies on account, $5,100. January 13 Provide services to customers on account, $27,100. January 17 Receive cash in advance from customers for services to be provided in the future, $5,300. January 20 Pay cash for salaries, $13,100. January 22 Receive cash on accounts receivable, $25,700. January 29 Pay cash on accounts payable, $5,600.…
Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine # 5027. Machine # 5027 Component Single metal housing Motor Blade View transaction list *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $11,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be increased to a total of 17 years instead of 15 years and that the residual value should be increased to $9,000. Journal entry worksheet
Journal entry worksheet The Krug Company collected $16,200 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months’ rent in advance and occupancy began November 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a.
! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
Prepare an adjusted trial balance and income statement. Cash 26400 Accounts Payable 12100 Inventory 27060 Interest Payable 220 Prepaid Insurance 6280 Notes Payable 44000 Equipment 33440 Owner's Capital 36860 93180 93180 During January 2022, the following transactions occurred. (Sheridan Company uses the perpetual inventory system.) 1. Hydra paid $320 interest on the note payable on January 1, 2022. The note is due December 31, 2023. 2. Hydra purchased $229,768 of inventory on account. 3. Hydra sold for $387,200 cash, inventory which cost $233,200. Hydra also collected $25,168 in sales taxes. 4. Hydra paid $202,400 in accounts payable. 5. Hydra paid $14,960 in sales taxes to the state. 6. Paid other operating expenses of $26,400. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $56,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,840 federal income taxes are withheld.…
3.0Ledgers Cash Account No.101 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 Aug-01 Capital 1 Rent expenses 5 Service revenue 15000 15000 800 14200 150 14350 11 Moonlight Enterprise 16 Drawings 1746 12604 200 12404 17 Asher 490 12894 20 Service revenue 700 13394 25 Unearned service revenue 500 13894 30 Wages 400 13694 Capital Account No.301 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 Aug-01 Cash 15000 15000 Rental Account No.510 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 August 1 Cash 800 800 31 Prepaid rental 400 400 Supplies Account No.516 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 August 1 Account payable 1920 1920 Account Payables No.201 Balance Date Account and explanation Debit (RM) Credit (RM) (RM) 2020 August 2 Supplies 1920 1920 6 Return outwards 11 Cash 120 1800 1746 54 Discount received 54 Service Revenue Account No.401 Balance Date Account and explanation Debit (RM)…

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