Instructions: 1. Prepare ten-column journal entries (with description) that were required to adjust the accounts at June 30. None of the accounts were affected by more than one adjusting entry. 2. Present the entries that were required to close the books at June 30. 3. Prepare an income statement and capital statement for the fiscal year ended June 30. There were no additional investments during the year. 4. Prepare a statement of financial position at June 30, 2021. As of June 30, the end of current fiscal year, the accountant of Universe Company prepared a trial balance, journalized and posted the adjusting entries, prepared an adjusted trial balance, prepared the statements and completed the other procedures required at the end of the accounting cycle. The two trial balances as of June 30, one before adjustments and the other after the adjustments are presented below: UNIVERSE COMPANY Trial Balance June 30, 2021 Adjusted Account Title Debits Credits Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Prepaid Insurance Automibile Accumulated Depreciation - Automobile Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable (2021) Salaries Payable Interest Payable Taxes Payable M. Gonzales, Capital M. Gonzales, Drawing Service Fees Earned Interest Revenue Salaries Expense Rent Expense Supplies Expense Depreciation Expense - Automobile Utilities Expense Depreciation Expense - Equipment Taxes Expense Insurance Expense Interest Expense Miscellaneous Expense Total Unadjusted 566,050 20,000 191,700 283,500 41,850 405,000 288,000 594,000 1,008,000 57,600 12,600 27,900 3,496,200 Credits 90,000 28,800 34,650 400,000 476,750 2,466,000 3,496,200 Debits 566,050 20,000 2,000 38,700 94,500 29,250 405,000 288,000 594,000 1,017,900 189,000 153,000 90,000 65,250 128,800 14,400 12,600 10,500 27,900 3,746,850 3,746,850 180,000 157,600 42,300 400,000 9,900 10,500 1,800 476,750 2,466,000 2,000
Instructions: 1. Prepare ten-column journal entries (with description) that were required to adjust the accounts at June 30. None of the accounts were affected by more than one adjusting entry. 2. Present the entries that were required to close the books at June 30. 3. Prepare an income statement and capital statement for the fiscal year ended June 30. There were no additional investments during the year. 4. Prepare a statement of financial position at June 30, 2021. As of June 30, the end of current fiscal year, the accountant of Universe Company prepared a trial balance, journalized and posted the adjusting entries, prepared an adjusted trial balance, prepared the statements and completed the other procedures required at the end of the accounting cycle. The two trial balances as of June 30, one before adjustments and the other after the adjustments are presented below: UNIVERSE COMPANY Trial Balance June 30, 2021 Adjusted Account Title Debits Credits Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Prepaid Insurance Automibile Accumulated Depreciation - Automobile Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable (2021) Salaries Payable Interest Payable Taxes Payable M. Gonzales, Capital M. Gonzales, Drawing Service Fees Earned Interest Revenue Salaries Expense Rent Expense Supplies Expense Depreciation Expense - Automobile Utilities Expense Depreciation Expense - Equipment Taxes Expense Insurance Expense Interest Expense Miscellaneous Expense Total Unadjusted 566,050 20,000 191,700 283,500 41,850 405,000 288,000 594,000 1,008,000 57,600 12,600 27,900 3,496,200 Credits 90,000 28,800 34,650 400,000 476,750 2,466,000 3,496,200 Debits 566,050 20,000 2,000 38,700 94,500 29,250 405,000 288,000 594,000 1,017,900 189,000 153,000 90,000 65,250 128,800 14,400 12,600 10,500 27,900 3,746,850 3,746,850 180,000 157,600 42,300 400,000 9,900 10,500 1,800 476,750 2,466,000 2,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:LEARNING ACTIVITY SHEET
WEEK 2
Instructions:
1.
Prepare ten-column journal entries (with description) that were required to adjust the accounts at June 30. None of the
accounts were affected by more than one adjusting entry.
2.
Present the entries that were required to close the books at June 30.
3.
Prepare an income statement and capital statement for the fiscal year ended June 30. There were no additional
investments during the year.
4.
Prepare a statement of financial position at June 30, 2021.
As of June 30, the end of current fiscal year, the accountant of Universe Company prepared a trial balance, journalized and
posted the adjusting entries, prepared an adjusted trial balance, prepared the statements and completed the other procedures
required at the end of the accounting cycle. The two trial balances as of June 30, one before adjustments and the other after the
adjustments are presented below:
UNIVERSE COMPANY
Trial Balance
June 30, 2021
Adjusted
Account Title
Debits
Credits
Cash
Accounts Receivable
Interest Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Automibile
Accumulated Depreciation - Automobile
Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Notes Payable (2021)
Salaries Payable
Interest Payable
Taxes Payable
M. Gonzales, Capital
M. Gonzales, Drawing
Service Fees Earned
Interest Revenue
Salaries Expense
Rent Expense
Supplies Expense
Depreciation Expense - Automobile
Utilities Expense
Depreciation Expense - Equipment
Taxes Expense
Insurance Expense
Interest Expense
Miscellaneous Expense
Total
Unadjusted
566,050
20,000
191,700
283,500
41,850
405,000
288,000
594,000
1,008,000
57,600
12,600
27,900
3,496,200
Credits
90,000
28,800
34,650
400,000
476,750
2,466,000
3,496,200
Debits
566,050
20,000
2,000
38,700
94,500
29,250
405,000
288,000
594,000
1,017,900
189,000
153,000
90,000
65,250
128,800
14,400
12,600
10,500
27,900
3,746,850
180,000
157,600
42,300
400,000
9,900
10,500
1,800
476,750
2,466,000
2,000
3,746,850
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