and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at Jauary 31, 2019, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2019 Debit Balances Account No. Credit Balances Cash 11 13,100 8,000 7,500 13000ו Supplies Prepaid Insurance. Equipment. Accumulated Depreciation-Equipment.. 13 14 16 17 12,000 Trucks... 18 90,000 Accumulated Depreciation-Trucks Accounts Payable. Jeanne McQuay, Capital. Jeanne McQuay, Drawing.. Service Revenue 19 27,100 21 4,500 126,400 31 32 з000 41 155,000 Wages Expense.. Rent Expense... Truck Expense. Miscellaneous Expense. 51 72,000 7,600 52 53 5,350 5,450 59 325,000 325,000 The data needed to determine year-end adjustments are as folows: a. Supplies on hand at January 31 are $2,850. b. Insurance premiums expired during the year are $3,150. c. Depreciation of equipment during the year is $5,250. d. Depreciation of trucks during the year is $4,000. e. Wages accrued but not paid at January 31 are $900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional ac- counts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense- Trucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate dosed accounts by inserting a line in both Balance columns opposite the dlosing entry. 7. Prepare a post-closing trial balance.
and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at Jauary 31, 2019, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2019 Debit Balances Account No. Credit Balances Cash 11 13,100 8,000 7,500 13000ו Supplies Prepaid Insurance. Equipment. Accumulated Depreciation-Equipment.. 13 14 16 17 12,000 Trucks... 18 90,000 Accumulated Depreciation-Trucks Accounts Payable. Jeanne McQuay, Capital. Jeanne McQuay, Drawing.. Service Revenue 19 27,100 21 4,500 126,400 31 32 з000 41 155,000 Wages Expense.. Rent Expense... Truck Expense. Miscellaneous Expense. 51 72,000 7,600 52 53 5,350 5,450 59 325,000 325,000 The data needed to determine year-end adjustments are as folows: a. Supplies on hand at January 31 are $2,850. b. Insurance premiums expired during the year are $3,150. c. Depreciation of equipment during the year is $5,250. d. Depreciation of trucks during the year is $4,000. e. Wages accrued but not paid at January 31 are $900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional ac- counts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense- Trucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate dosed accounts by inserting a line in both Balance columns opposite the dlosing entry. 7. Prepare a post-closing trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![and closing entries; optional end-of-period spreadsheet
The unadjusted trial balance of Recessive Interiors at Jauary 31, 2019, the end of the
year, follows:
Recessive Interiors
Unadjusted Trial Balance
January 31, 2019
Debit
Balances
Account
No.
Credit
Balances
Cash
11
13,100
8,000
7,500
13000ו
Supplies
Prepaid Insurance.
Equipment.
Accumulated Depreciation-Equipment..
13
14
16
17
12,000
Trucks...
18
90,000
Accumulated Depreciation-Trucks
Accounts Payable.
Jeanne McQuay, Capital.
Jeanne McQuay, Drawing..
Service Revenue
19
27,100
21
4,500
126,400
31
32
з000
41
155,000
Wages Expense..
Rent Expense...
Truck Expense.
Miscellaneous Expense.
51
72,000
7,600
52
53
5,350
5,450
59
325,000
325,000
The data needed to determine year-end adjustments are as folows:
a. Supplies on hand at January 31 are $2,850.
b. Insurance premiums expired during the year are $3,150.
c. Depreciation of equipment during the year is $5,250.
d. Depreciation of trucks during the year is $4,000.
e. Wages accrued but not paid at January 31 are $900.
Instructions
1. For each account listed in the unadjusted trial balance, enter the balance in the
appropriate Balance column of a four-column account and place a check mark () in
the Posting Reference column.
2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and
complete the spreadsheet. Add the accounts listed in part (3) as needed.
3. Journalize and post the adjusting entries, inserting balances in the accounts affected.
Record the adjusting entries on Page 26 of the journal. The following additional ac-
counts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22;
Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-
Trucks, 56; Insurance Expense, 57.
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a statement of owner's equity (no additional investments
were made during the year), and a balance sheet.
6. Journalize and post the closing entries. Record the closing entries on Page 27 of the
journal. Indicate dosed accounts by inserting a line in both Balance columns opposite
the dlosing entry.
7. Prepare a post-closing trial balance.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa9a2b3ac-f347-4661-b44e-5106a95f8cf9%2Fcc91d31d-eb8e-4815-aec7-93d9f7e42858%2Fuwmmcn.jpeg&w=3840&q=75)
Transcribed Image Text:and closing entries; optional end-of-period spreadsheet
The unadjusted trial balance of Recessive Interiors at Jauary 31, 2019, the end of the
year, follows:
Recessive Interiors
Unadjusted Trial Balance
January 31, 2019
Debit
Balances
Account
No.
Credit
Balances
Cash
11
13,100
8,000
7,500
13000ו
Supplies
Prepaid Insurance.
Equipment.
Accumulated Depreciation-Equipment..
13
14
16
17
12,000
Trucks...
18
90,000
Accumulated Depreciation-Trucks
Accounts Payable.
Jeanne McQuay, Capital.
Jeanne McQuay, Drawing..
Service Revenue
19
27,100
21
4,500
126,400
31
32
з000
41
155,000
Wages Expense..
Rent Expense...
Truck Expense.
Miscellaneous Expense.
51
72,000
7,600
52
53
5,350
5,450
59
325,000
325,000
The data needed to determine year-end adjustments are as folows:
a. Supplies on hand at January 31 are $2,850.
b. Insurance premiums expired during the year are $3,150.
c. Depreciation of equipment during the year is $5,250.
d. Depreciation of trucks during the year is $4,000.
e. Wages accrued but not paid at January 31 are $900.
Instructions
1. For each account listed in the unadjusted trial balance, enter the balance in the
appropriate Balance column of a four-column account and place a check mark () in
the Posting Reference column.
2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and
complete the spreadsheet. Add the accounts listed in part (3) as needed.
3. Journalize and post the adjusting entries, inserting balances in the accounts affected.
Record the adjusting entries on Page 26 of the journal. The following additional ac-
counts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22;
Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-
Trucks, 56; Insurance Expense, 57.
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a statement of owner's equity (no additional investments
were made during the year), and a balance sheet.
6. Journalize and post the closing entries. Record the closing entries on Page 27 of the
journal. Indicate dosed accounts by inserting a line in both Balance columns opposite
the dlosing entry.
7. Prepare a post-closing trial balance.
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