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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
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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Page 303 Problem 4-8B Adjusting entries and closing entries LO2, 3, L 5 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. Аccount 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
Transcribed Image Text:Page 303 Problem 4-8B Adjusting entries and closing entries LO2, 3, L 5 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. Аccount 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
You are the accounting manager. Your staff submitted the above trial balance for December 31, 2020. In your review, you discover the following additional information that has not been included in the trial balance. a. The equipment has an estimated useful life of 16 years. If you need to create a new account, use account number 604. b. Employees were paid $3,100 for 10 days of work. This payroll included 2 days of payroll in December that were not recorded at year-end. If you need to add an account, use account number 202. c. On December 31, BMRC completed a focus group for a client on handbags. An invoice 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. The client had prepaid $3,000 for this service in November. Required 1. 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 304 Problem 4-9B Financial statements LO6 CHECK FIGURES: Profit = $5,890; Total assets = $32,20O Using the information in Problem 4-8B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2020, and a classified balance sheet at December 31, 2020. The owner made no additional investments during the 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.
Transcribed Image Text:You are the accounting manager. Your staff submitted the above trial balance for December 31, 2020. In your review, you discover the following additional information that has not been included in the trial balance. a. The equipment has an estimated useful life of 16 years. If you need to create a new account, use account number 604. b. Employees were paid $3,100 for 10 days of work. This payroll included 2 days of payroll in December that were not recorded at year-end. If you need to add an account, use account number 202. c. On December 31, BMRC completed a focus group for a client on handbags. An invoice 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. The client had prepaid $3,000 for this service in November. Required 1. 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 304 Problem 4-9B Financial statements LO6 CHECK FIGURES: Profit = $5,890; Total assets = $32,20O Using the information in Problem 4-8B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2020, and a classified balance sheet at December 31, 2020. The owner made no additional investments during the 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.
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