Annie Brown owns a construction designing firm called Achi Design. The unadjusted trial balance on 30 June 2019 below was prepared by her accountant. Achi Design Unadjusted Trial Balance As at 30 June 2019 Account Cash at bank Accounts receivable Allowance for doubtful debts Prepaid advertising Office supplies Office equipment Accumulated depreciation - office equipment Accounts payable Unearned fees A, Brown, Capital Design fees revenue Rent expense Salaries & wages expenses Telephone expense Debit ($) 144,150 276,450 31,800 26,250 279,300 198,600 1,012,500 31,800 2,000,850 Credit ($) 3,750 34,200 175,050 38,700 239,850 1,509,300 2,000,850 The following additional information is available at 30 June. Unused supplies on hand on 30 June totalled $2,700 The Unearned Fees account includes $12,350 received for fees earned during June. Estimated annual depreciation on the office equipment is 10% of the cost of the asset. Advertising costing $20,200 was consumed during the year Based on ageing analysis, 4% of the total accounts receivable are estimated as doubtful debts. Required Prepare the adjusting entries at the end of the accounting period. Ignore

Annie Brown owns a construction designing firm called Achi Design. The unadjusted trial balance on 30 June 2019 below was prepared by her accountant. Achi Design Unadjusted Trial Balance As at 30 June 2019 Account Cash at bank Accounts receivable Allowance for doubtful debts Prepaid advertising Office supplies Office equipment Accumulated depreciation - office equipment Accounts payable Unearned fees A, Brown, Capital Design fees revenue Rent expense Salaries & wages expenses Telephone expense Debit ($) 144,150 276,450 31,800 26,250 279,300 198,600 1,012,500 31,800 2,000,850 Credit ($) 3,750 34,200 175,050 38,700 239,850 1,509,300 2,000,850 The following additional information is available at 30 June. Unused supplies on hand on 30 June totalled $2,700 The Unearned Fees account includes $12,350 received for fees earned during June. Estimated annual depreciation on the office equipment is 10% of the cost of the asset. Advertising costing $20,200 was consumed during the year Based on ageing analysis, 4% of the total accounts receivable are estimated as doubtful debts. Required Prepare the adjusting entries at the end of the accounting period. Ignore

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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The transactions below needs to be journalized. Two accrual transactions and two deferral transactions. I need help with this please and thank you. Please include an explanation of what was done. Accruals: 1. On March 30, 2021 Ortiz LLC provided accounting reservices for Beker Law firm and sent them a bill for $5,000. Payment has not been received to this day. 2. Store supplies of $200 are on hand. The supplies account shows a $1,900 balance. Deferrals: 1. On April 1, 2021. ORTIZ LLC paid $12,000 for a one-year insurance Policy. 2. On February 1, 2021 . ORTIZ LLC received $20,000 for accounting services for 1 year.
What is the adjusted trial balance?
Good Note Company specializes in the repair of music equipment and is owned and oper- ated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances: Good Note Company Trial Balances November 30, 2019 Unadjusted Adjusted Credit Debit Balances Balances Credit Debit Balances Balances Cash 38,250 89,500 38,250 89,500 Accounts Receivable. Supplies.... Prepaid Insurance. Equipment.... Accumulated Depreciation-Equipment . Automobiles.. 11,250 2,400 3,850 14,250 290,450 290,450 94,500 106,100 129,500 129,500 Accumulated Depreciation-Automobiles Accounts Payable Salaries Payable ... 54,750 62,050 24,930 26,130 8,100 18,000 324,020 Unearned Service Fees. Robin Stahl, Capital Robin Stahl, Drawing 9,000 324,020 75,000 75,000 Service Fees Earned 733,800 742,800 Salary Expense. Rent Expense Supplies Expense.. Depreciation Expense-Equipment.. Depreciation Expense-Automobiles.. Utilities Expense Taxes Expense.. Insurance…
The following is the trial balance of J. Jamieson as on 31 October 2020. You are to draw up an Income Statement for the year ended 31 October 2020 and a Statement of Financial Position as at the same date. DrCr ££ Purchases 16,950 Sales 23,240 Stock in hand 31 October 20194,135 Postages and telephone 228 Motor expenses 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors 4,698 Creditors 3,174 Premises 10,000 Motor vehicles 2,350 77 Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings 3,850 Capital _____20,850 48,72248,722 Notes at 31st October 2020:Stock on hand was £2,859Expenses owing: Sundry expenses £22; Motor expenses £58.Expenses prepaid: Rates £23; Telephone £11.Ignore depreciation of fixed assets NB: All figures in thousands.
The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a Statement of Comprehensive Income for the year ended 31 October 2021 and a Statement of Financial Position as at the same date. (All figures in thousands) DEBITCREDIT ££Purchases 16,950 Sales 23,240Stock in hand 31 October 20204,135 Postages and telephone 228 Motor expenses 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors (Receivables) 4,698 Creditors(Payables) 3,174Premises 10,000 Motor vehicles 2,350 77Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings 3,850 Capital _____20,850 48,72248,722 Notes at 31st October 2021:1. Stock on hand was £2,8592. Expenses owing: Sundry expenses £22; Motor expenses £58.3. Expenses prepaid: Rates £23; Telephone £11.4. Provide for depreciation of Premises at 10 percent on cost and Fixtures and Fittings and Motor vehicles at 5 percent on cost per annum.
The trial balance of Roger’s Portrait as of January 31, 2019 is shown below. It does not balance because of a number of errors. DEBIT CREDIT CASH 14,200 ACCOUNTS RECEIVABLE 18,900 SUPPLIES 3,751 PREPAID INSURANCE 3,200 EQUIPMENT 57,380 ACCOUNTS PAYABLE 8,400 NOTES PAYABLE 6,000 ROGER TORRES, CAPITAL 52,000 ROGER TORRES, DRAWING 4,000 PHOTOGRAPHY REVENUE 114,760 WAGES EXPENSE 43,810 RENT EXPENSE 20,000 ADVERTISING EXPENSE 476 UTILITIES EXPENSE 7,240 TOTAL 172,957 181,160 A debit of Php 200 to Cash was posted as Php 2,000. A debit of Php 1,500 to Accounts Receivable was not posted. A return of Php 67 of defectives supplies was erroneously posted as a Php 76 credit to supplies. An insurance policy acquired at a cost of Php 1,080 was posted as a credit to Prepaid Insurance. The balance of Notes Payable was understated by Php…
A landlord received $5,000 cash for December 2019's rent, but the tenant's rent for December is $8,000. Which of the following is true for year ended 2019? group of answer choices a)$8,000 would appear on the income statement as rent revenue earned. b)$8,000 would be reported on the statement of cash flows. c)$8,000 would appear on the balance sheet as rent receivable. d)$5,000 would appear on the balance sheet as prepaid rent. e)$3,000 would appear as unearned rent revenue.
What is the journal entry and adjusting entries for the transactions?
Subject: acounting
Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400. Paid October rent for office and workroom, $6,000. Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,100. Paid cash for supplies, $2,900. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $15,100. Paid cash for miscellaneous expenses, $1,630. Paid cash to creditors on account, $3,500. Paid $480 on note payable. Received invoice…
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Johnny Soong provides consultancy services to Health & Safety companies. His Trial Balance for the month ended September 30", 2019 can be found below. Johnny Soong Trial Balance as at September 30 2019 Cr ($) Name of account Cash Account Receivable Office Supplies Furniture Accounts Payable Johnny Soong, Capital Johnny Soong, Withdrawals Consulting Service Revenue Insurance expense Salaries expense Utilities expense Rent Expense Dr ($) 12,950 21,350 55,950 38,000 17,050 100,000 9,000 83,750 20,000 9,850 9,700 24,000 200,800| 200,800| Required: 1. Prepare the company's Income Statement for the month ended September 30, 2019 2. Prepare the company's Statement of Owner's Equity for the month ended September 30, 2019 3. Prepare the company's Balance Sheet as at September 30th, 2019