Adjustment data consist of:1. Supplies on hand $1,400.2. Accrued salaries payable $350.3. Depreciation for 2016 is $200.4. Services related to unearned service revenue of $1,220 were performed.5. Adjust interest on note payable and note receivable.6. Note payable of $5,000 is payable in 2017.Instructions:(a) Journalize and post the transactions.(b) Prepare a trial balance.(c) Journalize and post the adjusting entries and produce an adjusted trial balance.(d) Prepare a worksheet.(e) Prepare the income statement and owner's equity statement and a classified balance sheet.(f) Prepare closing entries and a post-closing trial balance. Problem-01On January 1, 2016, the account balances of Hamm Equipment Repair were as follows.No.Debit No.Credit$ 2,400 154 Accumulated Depreciation-Equipment $ 2,0004,250 201 Accounts Payable1,800 209 Unearned Service Revenue12,000 212 Salaries and Wages Payable101 Cash2,6001,200112 Accounts Receivable126 Supplies153 Equipment700301 Owner's Capital13,950$20,450$20,450During 2016, the following summary transactions were completed.January: 8 Paid $1,700 for salaries due employees, of which $700 is for 2015 salaries.January: 10 Received $3,620 cash from customers on account.February: 12 Received $3,100 cash for services performed.February 28: Performed services for Roland Co. on account at 2/10, n/30 and billed for $ 5,000March: 5 Purchased equipment on account $2,000.March 31: The amount receivable from Roland Co. becomes due but he is unable to makepayment, however Roland provided a 12% nine months note to satisfy the amount due.May: 17 Purchased supplies on account $700.June 30: Hamm borrows money from Z Co. $ 10,000 by signing a 6% 2 years notes payable intwo installments.July: 2 Paid creditors on account $2,700.October 22: Paid rent $400 for 2016.November 25: Paid salaries $1,700.December 27: Performed services on account and billed customers for these services $2,200.December 31: Received $600 from customers for future service.

Name: Adjustment data consist of:1. Supplies on hand $1,400.2. Accrued sala
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Description: Adjustment data consist of:1. Supplies on hand $1,400.2. Accrued salaries payable $350.3. Depreciation for 2016 is $200.4. Services related to unearned service revenue of $1,220 were performed.5. Adjust interest on note payable and note receivable.6

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On January 1, 2016, the account balances of Hamm Equipment Repair were as follows. No. Debit No. Credit $ 2,400 154 Accumulated Depreciation-Equipment $ 2,000 101 Cash 112 Accounts Receivable 4,250 201 Accounts Payable 126 Supplies 153 Equipment 2,600 1,800 209 Unearned Service Revenue 12,000 212 Salaries and Wages Payable 301 Owner's Capital 1,200 700 13,950 $20,450 $20,450

On January 1, 2016, the account balances of Hamm Equipment Repair were as follows. No. Debit No. Credit $ 2,400 154 Accumulated Depreciation-Equipment $ 2,000 101 Cash 112 Accounts Receivable 4,250 201 Accounts Payable 126 Supplies 153 Equipment 2,600 1,800 209 Unearned Service Revenue 12,000 212 Salaries and Wages Payable 301 Owner's Capital 1,200 700 13,950 $20,450 $20,450

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Adjustment data consist of:
1. Supplies on hand $1,400.
2. Accrued salaries payable $350.
3. Depreciation for 2016 is $200.
4. Services related to unearned service revenue of $1,220 were performed.
5. Adjust interest on note payable and note receivable.
6. Note payable of $5,000 is payable in 2017.
Instructions:
(a) Journalize and post the transactions.
(b) Prepare a trial balance.
(c) Journalize and post the adjusting entries and produce an adjusted trial balance.
(d) Prepare a worksheet.
(e) Prepare the income statement and owner's equity statement and a classified balance sheet.
(f) Prepare closing entries and a post-closing trial balance.

Problem-01
On January 1, 2016, the account balances of Hamm Equipment Repair were as follows.
No.
Debit No.
Credit
$ 2,400 154 Accumulated Depreciation-Equipment $ 2,000
4,250 201 Accounts Payable
1,800 209 Unearned Service Revenue
12,000 212 Salaries and Wages Payable
101 Cash
2,600
1,200
112 Accounts Receivable
126 Supplies
153 Equipment
700
301 Owner's Capital
13,950
$20,450
$20,450
During 2016, the following summary transactions were completed.
January: 8 Paid $1,700 for salaries due employees, of which $700 is for 2015 salaries.
January: 10 Received $3,620 cash from customers on account.
February: 12 Received $3,100 cash for services performed.
February 28: Performed services for Roland Co. on account at 2/10, n/30 and billed for $ 5,000
March: 5 Purchased equipment on account $2,000.
March 31: The amount receivable from Roland Co. becomes due but he is unable to make
payment, however Roland provided a 12% nine months note to satisfy the amount due.
May: 17 Purchased supplies on account $700.
June 30: Hamm borrows money from Z Co. $ 10,000 by signing a 6% 2 years notes payable in
two installments.
July: 2 Paid creditors on account $2,700.
October 22: Paid rent $400 for 2016.
November 25: Paid salaries $1,700.
December 27: Performed services on account and billed customers for these services $2,200.
December 31: Received $600 from customers for future service.

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