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Optional D. Prepare an income statement and a classified balance sheet. Additional Information 1. The value of the supplies on hand at the year-end amounted to $700. The prepaid insurance at the year-end was calculated at $800. the 20-4 fiscal period were:

Optional D. Prepare an income statement and a classified balance sheet. Additional Information 1. The value of the supplies on hand at the year-end amounted to $700. The prepaid insurance at the year-end was calculated at $800. the 20-4 fiscal period were:

FINANCIAL ACCOUNTING
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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Please only do D for both
Chapter 9 Section 9.2 Exercises 1. The simplified work sheet for P. Tang and Company, shown below with the trial balance figures already entered, is provided in the Workbook. Ba |A. Work Sheet P. Tang and Company Year Ended Dec. 31, 20–4 Pr TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 1800 19500 1000 1750 22000 21000 Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable P.Tang, Capital P.Tang, Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense 4360 54040 1500 60300 3800 2950 700 7200 22000 18700 – ||8700 – A. Using the additional information given below, complete the eight-column work sheet. B. Journalize the adjusting entries in a two-column general journal. C. Post the adjusting entries to the T-account ledger provided in the Workbook and take off an adjusted trial balance. Optional D. Prepare an income statement and a classified balance sheet. Additional Information 1. The value of the supplies on hand at the year-end amounted to $700. 2. The prepaid insurance at the year-end was calculated at $800. 3. Late-arriving invoices pertaining to the 20-4 fiscal period were: Car Expense General Expense $ 75 100 Total $175 Jance fis-
Transcribed Image Text:Chapter 9 Section 9.2 Exercises 1. The simplified work sheet for P. Tang and Company, shown below with the trial balance figures already entered, is provided in the Workbook. Ba |A. Work Sheet P. Tang and Company Year Ended Dec. 31, 20–4 Pr TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 1800 19500 1000 1750 22000 21000 Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable P.Tang, Capital P.Tang, Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense 4360 54040 1500 60300 3800 2950 700 7200 22000 18700 – ||8700 – A. Using the additional information given below, complete the eight-column work sheet. B. Journalize the adjusting entries in a two-column general journal. C. Post the adjusting entries to the T-account ledger provided in the Workbook and take off an adjusted trial balance. Optional D. Prepare an income statement and a classified balance sheet. Additional Information 1. The value of the supplies on hand at the year-end amounted to $700. 2. The prepaid insurance at the year-end was calculated at $800. 3. Late-arriving invoices pertaining to the 20-4 fiscal period were: Car Expense General Expense $ 75 100 Total $175 Jance fis-
2. Shown below is the completed work sheet for R. Tompko, who operates a bar- ber shop in Milton, Ontario. In your Workbook: A. Explain why there are two adjustments to the supplies account. B. Journalize the adjusting and closing entries in the general journal provided. C. Post the adjusting and closing entries in the general ledger provided. D. Take off a post-closing trial balance. Golden Tresses Hair Stylists Work Sheet Year Ended Dec. 31, 20- TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 790 2755 2450- 790- 2500- Bank O800-21055. O1625 Supplies Prepaid Insurance Equipment Accounts Payable GST Payable GST Recoverable R. Tompko, Capital R. Tompko, Drawings 825- 17005- 17005- 1075- O800 - 1875- 580- 580- 365- 365- 9342- 9342- 42 000 42000- Revenue 98370 98370- Advertising Expense Bank Charges Expense Supplies Used Expense Miscellaneous Expense 1200 1200 96 96 Pj055– 6950 1902- 6000 8005 1902 6000 Rent Expense Utilities Expense Wages Expense 2104 25750 2104 25 750 109 367-109367– Insurance Expense O1625 1625 46682– 98370 - 63485- 11797– 51688 98 370-98370-63485- 63485- 3480- 348o Net Income 51688-
Transcribed Image Text:2. Shown below is the completed work sheet for R. Tompko, who operates a bar- ber shop in Milton, Ontario. In your Workbook: A. Explain why there are two adjustments to the supplies account. B. Journalize the adjusting and closing entries in the general journal provided. C. Post the adjusting and closing entries in the general ledger provided. D. Take off a post-closing trial balance. Golden Tresses Hair Stylists Work Sheet Year Ended Dec. 31, 20- TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 790 2755 2450- 790- 2500- Bank O800-21055. O1625 Supplies Prepaid Insurance Equipment Accounts Payable GST Payable GST Recoverable R. Tompko, Capital R. Tompko, Drawings 825- 17005- 17005- 1075- O800 - 1875- 580- 580- 365- 365- 9342- 9342- 42 000 42000- Revenue 98370 98370- Advertising Expense Bank Charges Expense Supplies Used Expense Miscellaneous Expense 1200 1200 96 96 Pj055– 6950 1902- 6000 8005 1902 6000 Rent Expense Utilities Expense Wages Expense 2104 25750 2104 25 750 109 367-109367– Insurance Expense O1625 1625 46682– 98370 - 63485- 11797– 51688 98 370-98370-63485- 63485- 3480- 348o Net Income 51688-
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