Cash Adjusted Trial Balance December 31, 2024 Accounts receivable Prepaid expenses Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue M. Carla Vista, capital M. Carla Vista, drawings ervice revenue tent expense -alaries expense -upplies expense Depreciation expense Debit $3,300 4,500 2,300 47,000 19,000 8,700 26,400 2,000 5,875 $119,075 Credit $17,625 5,400 10,500 21,050 64,500 $119,075 Prepare an income statement for the year. Income Statement $ Drawings Expenses Investments M. Carla Vista, Capital, August 1, 2024 M. Carla Vista, Capital, July 31, 2024 Profit/(Loss) for the year Revenues Total Expenses Total Revenues Accounts Receivable Accounts Payable Accumulated Depreciation-Equipment Cash Depreciation Expense Equipment Interest Expense Interest Payable Interest Revenue Notes Payable Patents Prepaid Rent Rent Expense Salaries Expense Service Revenue Supplies Supplies Expense Unearned Revenue $ $

Cash Adjusted Trial Balance December 31, 2024 Accounts receivable Prepaid expenses Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue M. Carla Vista, capital M. Carla Vista, drawings ervice revenue tent expense -alaries expense -upplies expense Depreciation expense Debit $3,300 4,500 2,300 47,000 19,000 8,700 26,400 2,000 5,875 $119,075 Credit $17,625 5,400 10,500 21,050 64,500 $119,075 Prepare an income statement for the year. Income Statement $ Drawings Expenses Investments M. Carla Vista, Capital, August 1, 2024 M. Carla Vista, Capital, July 31, 2024 Profit/(Loss) for the year Revenues Total Expenses Total Revenues Accounts Receivable Accounts Payable Accumulated Depreciation-Equipment Cash Depreciation Expense Equipment Interest Expense Interest Payable Interest Revenue Notes Payable Patents Prepaid Rent Rent Expense Salaries Expense Service Revenue Supplies Supplies Expense Unearned Revenue $ $

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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A junior accountant at Salah Traders has prepared the post - adjustment trial balance below. He requires your assistance in preparing the financial statements for the entity. Post adjustment Trial Balance for Salah Traders for the year ended 31 October 2023. Required: Prepare the Statement for Financial Position for Salah Traders as at the 31 October 2023.
Net Income , SFP
PLEASE ANSWER ACCORDINGLY
Prepare the closing entries Cash P4,650Accounts Receivables 5,200Supplies 640Accounts Payable P2,500Unearned Revenue 200Capital 5,000 Drawings 2,000Miscellaneous Expense 400Service Revenue 7,640Salaries Expense 1,650Representation Expense 350Supplies Expense 3,050Salaries Payable 600
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Accounts payable Accounts receivable HE Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest earned X Interest expense Investment in bonds Land improvements Long-term notes payable X Property taxes expense Property taxes payable Retained earings Share capital Short-term notes payable Totals Datu 30 Jun Income Summary Retainod Earnings Debit Credit 2,780 correct closing entry error 19″C Sunny 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 7,410 370 360 5,700 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Joumal Account/Explanation Page GJ8 7,070 7,180 6,760 6,440 6,640 43,300 43,300 F Debit Credit c) Calculate the correct post-closing retained earnings balance on June 30, 2014. Retained earnings balance: E
"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
balances 1-1-2020 cash account receivable supplies equipment (purchased 1-1-2019) accumelated depreciation unearned service revenues note payable (12% issued 31-12-2019 for 3 years) shared capital balance retained earning transactions during 2020 supplies purchased for cash services performed (1/3 of it on account) salaries expense for cash rent expenses for cash utilities expense for cash additional investment by owners for cash dividends paid for cash information relate to adjusting entries (31-12-2020) accrued salaries unpaid supplies on hand 31-12-2020 2/3 of unearned service revenues become earned do not forget adjusting entries for depreciation & interest answer the following questions relate to 31-12-2020: (رقم الطالب الجامعي)your student id | what is the total debit on the trial balance what is the total credit on adjusted trial balance what is the total debit on after closing trial balance what is the total expenses that will appear in 2020 income statement what is the total…
Account Name Debit Amount Credit Amount Create a Journal Entry Gaston owns equipment that cost $90,000 with accumulated depreciation of $68,000. Gaston sells the equipment for $25,000. Prepare the journal entry to record the disposal of the equipment and enter it below.
Income statement , SFP
Question Content Area Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $62,000 $73,000 Accounts Receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 2,800 3,800 Sales (on account) 210,000 Cost of Merchandise Sold 70,000 Operating Expenses Other Than Depreciation 67,000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankCash Flows From The Operating Activities Section Cash flows from (used for) operating activities: $- Select - $- Select - - Select - $- Select -
Case A: Compute cash interest received Interest revenue Interest receivable, beginning of year Interest receivable, end of year For each separate case, compute the required cash flow information for BioClean. Case A: Case B: Case B: Compute cash paid for wages $5,400 Wages expense 680 Wages payable, beginning of year 1,900 Wages payable, end of year Cash received for interest Cash paid for wages $ 9,800 3,000 1,800