Exercise 1. Worksheet Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its first year of operations shown below: Donald Electronics Trial Balance April 30, 2019 Cash 3,450 Accounts Receivable 22,500 Supplies 5,400 Equipment 113,700 Accounts Payable 5,250 6,000 78,000 Unearned Fees Hans Donald, Capital Hans Donald, Drawings 4,500 Fees earned 135,750 Salaries Expense 31,500 Rent Expense 24,000 Utilities Expense 17,250 Miscellaneous Expense 2,700 225,000 P 225,000 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on April 30 were P1,775. b. Supplies on hand on April 30 were P1,200. c. Depreciation of equipment was estimated to be P4,100 for the year. d. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e. Unpaid wages accrued on April 30 were P600. a. Required: 1. Prepare the adjusting entries necessary on April 30, 2019. 2. Prepare a Ten-Column Worksheet.
Exercise 1. Worksheet Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its first year of operations shown below: Donald Electronics Trial Balance April 30, 2019 Cash 3,450 Accounts Receivable 22,500 Supplies 5,400 Equipment 113,700 Accounts Payable 5,250 6,000 78,000 Unearned Fees Hans Donald, Capital Hans Donald, Drawings 4,500 Fees earned 135,750 Salaries Expense 31,500 Rent Expense 24,000 Utilities Expense 17,250 Miscellaneous Expense 2,700 225,000 P 225,000 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on April 30 were P1,775. b. Supplies on hand on April 30 were P1,200. c. Depreciation of equipment was estimated to be P4,100 for the year. d. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e. Unpaid wages accrued on April 30 were P600. a. Required: 1. Prepare the adjusting entries necessary on April 30, 2019. 2. Prepare a Ten-Column Worksheet.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section21.1: Accruals
Problem 1OYO
Related questions
Question
100%
Do no. 2 only thank you
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning