Here is the adjusted trial balance of Rey Lantin Services for t alendar year 20X1. Make a single-step income statement for the yea Cr. Cash in Bank Accounts Receivable Allowance for Bad Debts Prepaid Rent Office Equipment Accumulated Depreciation -Office Equipment Salaries Payable Account Payable Rey Lantin, Capital Service Income Cost of Services Administrative Salaries Advertising Expense Utilities Expense 000 Transportation Expense Bad Debts Expense 100 Depreciation Expense Rent Expense Totals Dr. P 100,000 480,000 10,000 660,000 1,050,000 280,000 70,000 60,000 9,000 5,000 6,000 60,000 P 2,790,000 P 5,000 60,000 30,000 240,000 455,000 2,000,000 P 2,790,000

Here is the adjusted trial balance of Rey Lantin Services for t alendar year 20X1. Make a single-step income statement for the yea Cr. Cash in Bank Accounts Receivable Allowance for Bad Debts Prepaid Rent Office Equipment Accumulated Depreciation -Office Equipment Salaries Payable Account Payable Rey Lantin, Capital Service Income Cost of Services Administrative Salaries Advertising Expense Utilities Expense 000 Transportation Expense Bad Debts Expense 100 Depreciation Expense Rent Expense Totals Dr. P 100,000 480,000 10,000 660,000 1,050,000 280,000 70,000 60,000 9,000 5,000 6,000 60,000 P 2,790,000 P 5,000 60,000 30,000 240,000 455,000 2,000,000 P 2,790,000

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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Transaction: Laker Co. pays $3,900 on account for tools bought earlier. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained Earnings is selected, choose the reason that it has changed. Cash Account Accounts Receivable Supplies Tools Accounts Payable Capital Stock Which accounts are affected? Is the account increased or decreased? Increase Decrease OO Increase Decrease Increase Decrease Increase Decrease Increase Decrease Increase Decrease What is the amount of transaction? $0 $0 $0 $ 6A $0 Why has Retained Earnings changed?
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A business renders services to a customer for OR16,000 on account. Which account is credited? Select one a. Accounts payable b. Cash c Accounts receivable d. service revenue CEA MYCe o o o o
Use the adjusted trial balance and prepare a properly formatted Statement of Retained Earning Adjusted trial balance 30- APR Debit Credit Cash 68,000 accounts receivable 12,000 Prepaid insurance 850 Prepaid Advertising 13,250 Office Supplies 1,475 Merchandise inventory 27,850 Equipment 250,000 Accumulated Depreciation - Equipment 100,000 Music Copyrights 60,000 Accounts Payable 10,300 Salaries Payable 63,018 notes payable 7,500 long-term notes payable 92,500 common stock 25,000 retained earnings 173,862 dividends 30,000 sales 265,065 sales discount 25,702 Sales returns and allowances 4,370 cost of goods sold 124,209 insurance expense (on office) 3,000 Advertising expense 1,900 office salaries expense 23,000 Office supplies expense 13,319 Office rent 24,000 Depreciation expense - office building 5,000 royalties (an expense) 26,000 travel expenses (sales related)…
Prepare an Income Statement using the following adjusted trial balance of Billi Sol Company. Debit Credit Cash 13,000 Accounts receivable 20,000 Office supplies 10,300 Office equipment 40,500 Accumulated depreciation, office 22,000 Accounts payable 11,500 Unearned service revenue 6,500 Long-term notes payable 38,000 Billi Sol, capital 11,000 Billi Sol, withdrawals 10,000 Service Revenue 51,100 Salary expense 30,000 Rent expense 12,300 Depreciation expense, office equipment Office supplies expense 1,000 Total 3,000 140,100 140,100
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The Trial Balance for Jaya Sentrycon at December 31, 2019 are as follows: Account Tittle Trial Balance Dr Cr Cash 45.000 Accounts Receivable 15.000 Roofing Supplies 12.000 Equipment 75.000 Accumulated Depreciation-Equipment 10.000 Accounts Payable 15.000 Unearned Revenue 4.500 Share Capital 87.500 Dividend 8.000 Service Revenue 55.000 Salaries Expense 12.300 Miscellaneous Expense 4.700 Total 172.000 172.000 Other data: 1. Physical counts remains only $ 3.600,- of roofing supplies on hand 2. Depreciations for December 31, 2019 is $ 1.200,- 3. Unearned revenue amounted to $ 900,- at December 31, 2019 4. Accrued salaries are $ 2.550,- 5. Account Receivable has not been recorded $ 3.950,- Instructions: a. Journalize the adjusting entries! b. Enter the trial balance on a worksheet and complete the worksheet! c. Prepare an Income Statement and Retained EarningStatement for the month of December 2019 and the Financial…
Use the following year-end adjusted trial balance to answer. Prepare the annual income statement from the adjusted trial balance of Choi Company.
The following selected accounts and their current balances appear in the ledger of Maroon Co. for the fiscal year ended December 31, 2019. Accounts Payable 32,480 LT Note Payable 44,800 Misc. Administrative Accounts Receivable 96,800 1,280 Expense Misc. Selling Expense Office Equipment Office Salaries Expense Office Supplies Office Supplies Expense Paid-in Capital Prepaid Insurance Rent Expense Retained Earnings Accum Depr - Office Equip Accum Depr- Store Equip Advertising Expense 10,240 1,280 27,360 68,000 35,040 67,320 Cash 123,000 4,480 Common Stock 75,000 1,040 Cost of Goods Sold 620,000 52,000 Customer refunds Payable Depr Expense - Office Equip Depr Expense - Store Equip 12,000 2,720 25,080 301,600 1,920 992,000 10,160 5,120 Dividends 28,000 Salaries Payable Insurance Expense 3,120 Sales Sales salaries Expense 138,560 Interest Expense Inventory 4,000 140,000 Store Equipment 122,400 Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and outstanding…
Following data is also provided along with ledger. i. Accrued Service Revenue $200 ii. The accountant forgot to record the payment of Utilities $50, iii. Bad Debts $200, Discount Allowed $100, Discount received $350 Required: Prepare Income Statement and Balance Sheet from the data given above
Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Cash in Bank Account Receivable Allowance for Bad debts Prepaid Rent Office Equipment Acc. Dep. - Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital Service Income Cost of Service Administrative Salaries Advertising Expense Utilities Expense Transportation Expense Bad Debt Expense Depreciation Expense Rent Expense TOTALS P Debit 100,000 480,000 10,000 660,000 1,050,000 280,000 70,000 60,000 9,000 5,000 6,000 60,000 P 2,790,000 P Credit 5,000 60,000 30,000 240,000 455,000 2,000,000 P 2,790,000