Answer the required section. Page 303Problem 4-8BAdjusting entries and closing entriesLO2,3, L5Bullseye Market Research Company (BMRC) specializes in conducting focus groups forbusinesses launching a new product. BMRC analyzes customer likes and dislikes to ensurenew products will be successful.No.АccountDebitCredit201Accounts payable..$100108Accounts receivable...$2,000168Accumulated depreciation, equipment...7,250184Accumulated depreciation, office furniture...3,100101Cash....1,500302Consulting revenue.44,000194Copyright..4,200251Dan Eagle, capital..24,715301Dan Eagle, withdrawals..3,500606Depreciation expense, office furniture....700167Equipment..16,000633Insurance expense..600401Interest income...70623Interest expense..30233Long-term notes payable..4,000145Notes receivable..5,000183Office furniture....5,100104Short-term investments...4,000126Supplies..750637Supplies expense...2,150652Telephone expense...470203Unearned consulting revenue.3,375688Utilities expense..3,230612Wages expense...37,380Totals...$86,610$86,610 You are the accounting manager. Your staff submitted the above trial balance forDecember 31, 2020. In your review, you discover the following additional information thathas not been included in the trial balance.a. The equipment has an estimated useful life of 16 years. If you need to create a newaccount, use account number 604.b. Employees were paid $3,100 for 10 days of work. This payroll included 2 days ofpayroll in December that were not recorded at year-end. If you need to add anaccount, use account number 202.c. On December 31, BMRC completed a focus group for a client on handbags. Aninvoice was sent to the company for $5,000 due January 31, 2021.d. On December 31, the company completed a market research report for a client. Theclient had prepaid $3,000 for this service in November.Required1. Prepare the missing adjusting entries for transactions a-d.2. Prepare an adjusted trial balance.3. Based on your adjusted trial balance, prepare the closing entries.Page 304Problem 4-9BFinancial statementsLO6CHECK FIGURES: Profit = $5,890; Total assets = $32,20OUsing the information inProblem 4-8B, prepare an income statement and astatement of changes in equity for the year ended December 31, 2020, and a classifiedbalance sheet at December 31, 2020. The owner made no additional investments duringthe year. A $2,500 payment on the long-term notes payable will be made during 2021.Also, $1,500 of the notes receivable will be collected by December 31, 2021.

Debit the receiver, and credit the giver. Debit what comes in, and credit what goes out. Debit all…

Bullseye Market Research Company (BMRC) specializes in conducting focus groups for businesses launching a new product. BMRC analyzes customer likes and dislikes to ensure new products will be successful. No. Account Debit Credit 201 Accounts payable.. $ 100 108 Accounts receivable.. $2,000 168 Accumulated depreciation, equipment.. 7,250 184 Accumulated depreciation, office furniture... 3,100 101 Cash... 1,500 302 Consulting revenue... 44,000 194 Copyright.. 4,200 251 Dan Eagle, capital... 24,715 301 Dan Eagle, withdrawals.. 3,500 606 Depreciation expense, office furniture.. 700 167 Equipment... 16,000 633 Insurance expense... 600 401 Interest income.. 70 623 Interest expense.. 30 233 Long-term notes payable.. 4,000 145 Notes receivable.. 5,000 183 Office furniture... 5,100 104 Short-term investments... 4,000 126 Supplies.. 750 637 Supplies expense 2,150 652 Telephone expense. 470 203 Unearned consulting revenue... 3,375 688 Utilities expense.. 3,230 612 Wages expense.. _37,380 Totals.. $86,610 $86,610

Bullseye Market Research Company (BMRC) specializes in conducting focus groups for businesses launching a new product. BMRC analyzes customer likes and dislikes to ensure new products will be successful. No. Account Debit Credit 201 Accounts payable.. $ 100 108 Accounts receivable.. $2,000 168 Accumulated depreciation, equipment.. 7,250 184 Accumulated depreciation, office furniture... 3,100 101 Cash... 1,500 302 Consulting revenue... 44,000 194 Copyright.. 4,200 251 Dan Eagle, capital... 24,715 301 Dan Eagle, withdrawals.. 3,500 606 Depreciation expense, office furniture.. 700 167 Equipment... 16,000 633 Insurance expense... 600 401 Interest income.. 70 623 Interest expense.. 30 233 Long-term notes payable.. 4,000 145 Notes receivable.. 5,000 183 Office furniture... 5,100 104 Short-term investments... 4,000 126 Supplies.. 750 637 Supplies expense 2,150 652 Telephone expense. 470 203 Unearned consulting revenue... 3,375 688 Utilities expense.. 3,230 612 Wages expense.. _37,380 Totals.. $86,610 $86,610

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain how a Requirements Breakdown Structure (RBS) is typically constructed. What information does it contain?
Requirement Show your working
Define call provision
Please provide the introductory part and answer for question D.
Define Prepayments.
what is posting system in detail ?
Explain prospectus
Define exit conference.