P3.6 (LO3,4) (Adjusting Entries and Financial Statements) The followingare the trial balance and other information related to Yorkis Perez, aconsulting engineer.Yorkis Perez, Consulting EngineerTrial BalanceDecember 31, 2019CashAccounts ReceivableAllowance for Doubtful AccountsSuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentNotes PayableYorkis Perez, CapitalService RevenueRent ExpenseSalaries and Wages ExpenseUtilities ExpenseOffice ExpenseDebitR$ 29,50049,6001,9601,10025,000CreditR$7506,2507,20035,010100,0009,75030,5001,080720R$149,210 R$149,2101. Fees received in advance from clients R$6,000.2. Services performed for clients that were not recorded by December 31,R$4,900.3. Bad debt expense for the year is R$1,430.4. Insurance expired during the year R$480.5. Equipment is being depreciated at 10% per year.6. Yorkis Perez gave the bank a 90-day, 10% note for R$7,200 on December1, 2019.7. Rent of the building is R$750 per month. The rent for 2019 has been paid,as has that for January 2020.8. Salaries and wages earned but unpaid December 31, 2019, R$2,510.Instructions

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Description: P3.6 (LO3,4) (Adjusting Entries and Financial Statements) The followingare the trial balance and other information related to Yorkis Perez, aconsulting engineer.Yorkis Perez, Consulting EngineerTrial BalanceDecember 31, 2019CashAccounts ReceivableAl

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P3.6 (LO3,4) (Adjusting Entries and Financial Statements) The following are the trial balance and other information related to Yorkis Perez, a consulting engineer.

Intermediate Accounting: Reporting And Analysis

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ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

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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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P3.6 (LO3,4) (Adjusting Entries and Financial Statements) The following
are the trial balance and other information related to Yorkis Perez, a
consulting engineer.
Yorkis Perez, Consulting Engineer
Trial Balance
December 31, 2019
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Notes Payable
Yorkis Perez, Capital
Service Revenue
Rent Expense
Salaries and Wages Expense
Utilities Expense
Office Expense
Debit
R$ 29,500
49,600
1,960
1,100
25,000
Credit
R$
750
6,250
7,200
35,010
100,000
9,750
30,500
1,080
720
R$149,210 R$149,210
1. Fees received in advance from clients R$6,000.
2. Services performed for clients that were not recorded by December 31,
R$4,900.
3. Bad debt expense for the year is R$1,430.
4. Insurance expired during the year R$480.
5. Equipment is being depreciated at 10% per year.
6. Yorkis Perez gave the bank a 90-day, 10% note for R$7,200 on December
1, 2019.
7. Rent of the building is R$750 per month. The rent for 2019 has been paid,
as has that for January 2020.
8. Salaries and wages earned but unpaid December 31, 2019, R$2,510.
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