Adjustment Amount $5766.67, Net Income $49,408.33Record the following transactions to the journal and post it to the T-accounts. Make a footing and get the ending balance of each account. Prepare your trial balance in the worksheet template.December 20212 Paid wages from last month $1,500.4 additional investment of $5,000 from S. Joe’s savings account.10 Collected $1,500 from fees earned previously.15 Billed client for services rendered, $1,50020 Paid wages expense $ 1,800.23 Received telephone bill to be paid later, $15025 Provided cleaning services in cash $1,000.26 Purchase cleaning supplies on account $ 1,200.27 Payment of accounts payable $1,000.28 Paid gasoline $500.Record the following in the adjustment journal template then post it to the T-accounts.additional information for adjustments for December 31, 2021.Unexpired prepaid rent is $750.The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion.Cleaning supplies on hand, $3,200.Depreciation expense office equipment, $110.Cleaning Equipment original cost $12,000 with a residual value $800, useful life is 5 years. Record the annual depreciation expense.Record the vehicle depreciation expense $300.Accrued wages $ 950.Prepare financial Statements (IS/OE/BS)Perform the closing processPrepare post-closing trial balance.

Journal entries: Preparation of journal entries for the above transactions Date particulars…

Answered: Adjustment Amount $5766.67, Net Income…

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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Adjustment Amount $5766.67, Net Income $49,408.33

Record the following transactions to the journal and post it to the T-accounts. Make a footing and get the ending balance of each account. Prepare your trial balance in the worksheet template.

December 2021

2 Paid wages from last month $1,500.

4 additional investment of $5,000 from S. Joe’s savings account.

10 Collected $1,500 from fees earned previously.

15 Billed client for services rendered, $1,500

20 Paid wages expense $ 1,800.

23 Received telephone bill to be paid later, $150

25 Provided cleaning services in cash $1,000.

26 Purchase cleaning supplies on account $ 1,200.

27 Payment of accounts payable $1,000.

28 Paid gasoline $500.

Record the following in the adjustment journal template then post it to the T-accounts.

additional information for adjustments for December 31, 2021.

Unexpired prepaid rent is $750.
The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion.
Cleaning supplies on hand, $3,200.
Depreciation expense office equipment, $110.
Cleaning Equipment original cost $12,000 with a residual value $800, useful life is 5 years. Record the annual depreciation expense.
Record the vehicle depreciation expense $300.
Accrued wages $ 950.

Prepare financial Statements (IS/OE/BS)
Perform the closing process
Prepare post-closing trial balance.

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