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

Name: P3.6 (LO3,4) (Adjusting Entries and Financial Statements) The followi
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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

Journal entries are the transactions that are recorded in the primary book. They are chronological…

Answered: P3.6 (LO3,4) (Adjusting Entries and…

Business

Accounting

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following statements about a trial balance is correct? Select one: All of these…

A: The objective of the question is to identify the correct statement about a trial balance from the…

Q: Indicate with an "X" the financial statement column (income statement Dr, balance sheet Cr, etc.) to…

A: The income statement measures the performance of the business entity. The balance sheet is a summary…

Q: Revenue and Expenses are transferred to the _________________ of the worksheet.…

A: The objective of the question is to identify the section of the worksheet where Revenue and Expenses…

Q: For each of the following transactions or adjustments, indicate the effect of the transaction or…

A: In order to determine the net income, all the expenses are required to be subtracted from the sales…

Q: 6. Which accounts from the trial balance are extended to the income state- ment section of the work…

A: Since you have posted multiple questions, we will do the first one for you. Please post the other…

Q: What is the Income statement, statement of owners oquityAdjusted Trial Balance

A: Income Statement is a profit or loss account to the entity, it is one of financial statements that…

Q: The order of the steps in the accounting cycle includes: A) Adjusted Trial Balance, financial…

A: First of all, we prepare the Trial balance then we need to correct that by adjusting entries then…

Q: e. Journalize and post adjusting entries.

A: Introduction: Adjusting entries: Adjusting entries can be defined as the entries prepared at the end…

Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…

A: Assets are the resources that are employed by the business for the end goal of maximizing the…

Q: For each account, identify whether it is included in a post-closing trial balance. a. Haircutting…

A: Lets understand the basics.As the name suggest post closing trial balance is prepared after closing…

Q: counting and what are the reasons for adjusting entries. Also, provide one example of an adjusting…

A: Accrual basis accounting gives a more realistic picture of a company's financial situation since it…

Q: (a) Describe the detail of the transaction being performed in the following screen. (b) Give the…

A: The description of detail of the transaction being performed in the screen is presented hereunder :…

Q: The total amount of debits on the adjusted trial balance will equal the amount of assets on the…

A: Adjusting entries are passed at the end of accounting period. The main purpose is to review and…

Q: For each of the following transactions or adjustments, indicate the effect of the transaction or…

A: Business takes multiple transactions while carrying out the day-to-day transaction, The business…

Q: The following selected accounts appear in the adjusted trial balance columns of the worksheet for…

A: The income statement measures the performance of the business entity. The balance sheet is a summary…

Q: Which of the following statements is prepared from the unadjusted trial balance?Select one:0 A.…

A: The income statement, balance sheet and statement of owner's equity are the important financial…

Q: 209 Salaries payable 236 Unearned revenue 301 B. Planta, Capital 302 B. Planta, Withdrawals 403…

A: In this question, you need to prepare financial statements from the given adjusted trial balance.…

Q: Which of the following describes the classification and normal balance of the unearned fees account?…

A: UNEARNED FEES : IT IS A UNEARNED REVENUE ( CASH RECEIVED IN ADVANCE FOR PROVIDING GOODS AND…

Q: A+T Williamson Company is making adjusting entries for the year ended December 31 of the current…

A: Prepaid expense: Prepaid expense are the future expenses which are paid in advance. Initially, they…

Q: Prepare an answer sheet with the column headings shown here. For each of the following transactions…

A: Financial statements are those statements which are prepared at the end of accounting period for…

Q: Which of the following accounts are debited to record increases? A. assets and liabilities…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: The following have a debit normal balance, EXCEPT O Owner's Drawings O Expenses O Liabilities O…

A: The owner’s equity is the investment made by the owner or says it is the capital of the owner. A…

Q: K.03-01..ALGO (Algorithmic) justing Entries On May 31, the following data were accumulated to assist…

A: Supplies expense=$4,670-$1,330=$3,340

Q: You are provided with the following amounts for Wendy Riley for the current year: View the amounts.…

A: NetIncome=Net Employment Income+(GrossIncome−Expenses)+Other Income= 24,000−41,000=−17,000

Q: On

Q: Which of the following accounts should be shown on the post-closing trial balance? a.All expense…

A: The post-closing trial balance verifies the balances of total debit and total credit to be equal…

Q: Prepare an answer sheet with the column headings shown here. For each of the following transactions…

A: Introduction: Net income refers to the real profit earned by the firm after all additional…

Q: Which of the following account balance will be shown on debit side of Trial Balance? a. Cash O b.…

A: Trial Balance: It is a sheet which contains all the ledger balances categorized into debit and…

Q: The spreadsheet is O a. used to aid in preparing financial statements. O b. used to determine net…

A: Spreadsheet is generally used to prepare the financial statements. it is done after recording…

Q: a.Worksheets are required in every company’s accounting cycle. Please agree or disagree and explain…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: [The following information applies to the questions displayed below.] Rawlco Communications operates…

A: Accounting Equation:An accounting equation is a mathematical expression which shows that the assets…

Q: In what specific order are the three financial statements prepared? Why does it matter? Purpose:…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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

Topic Video

Question

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.
Instructions

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Adjusting Journal Entries

VIEW

Step 3: Income Statement

VIEW

Step 4: Balance Sheet

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The trial balance section of the work sheet provides the information used in preparing the income statement. True or false?
P2-6C. Cookie Mejias, owner of Mejias Company, would like to know how each of the following situations would affect the totals of the trial balance and individual ledger accounts: 1. An $850 payment for a desk was recorded as a debit to Office Equipment, $85, and a credit to Cash, $85. 2. A payment of $300 to a creditor was recorded as a debit to Accounts Payable, $300, and a credit to Cash, $100. 3. An Accounts Receivable collection of $400 was recorded as a debit to Cash, $400, and a credit to C. Mejias, Capital, $400. 4. The payment of a liability of $400 was recorded as a debit to Accounts Payable, $40, and a credit to Supplies, $40. 5. A purchase of equipment for $800 was recorded as a debit to Supplies, $800, and a credit to Cash, $800. Situation 1. 2. 3. 4. 5. 6. 6. A payment of $95 to a creditor was recorded as a debit to Accounts Payable, $95, and a credit to Cash, $59. What would you tell Cookie? Which accounts would be overstated and which would be understated? Which would…
1 Record the adjusting entry for supplies. 2. Record the adjusting entry for rent. 3. Record the adjusting entry for utilities expense. 4. Record the adjusting entries for salaries and wages. 5. Record the adjusting entry for income tax.
18. The correct sequence of steps in the accounting cycle is to prepare the O A. (1) financial statements, (2) trial balance, (3) adjusting entries, and (4) adjusted trial balance. O B. (1) trial balance, (2) adjusting entries, (3) adjusted trial balance, and (4) financial statements. C. (1) adjusting entries, (2) adjusted trial balance, (3) financial statements, and (4) trial balance. D. (1) adjusted trial balance, (2) financial statements, (3) adjusting entries, and (4) trial balance. O Mark for review (Will be highlighted on the review page) > CE
"How does adjusting entries affect the six main categories of accounting? Think about what accruals and deferrals do both individually to accounts and overall to the financial statements."
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue, and expenses c.Assets, liabilities, and owner's Drawing d.Revenue, expenses, and the Owner's Drawing e.Revenue, liabilities, and the owner's Drawing
17. Using the information provided, analyze the effects of Lawlor Lawn Service's transactions on the accounting equation. (Click the icon to view the transactions.) Analyze the events chronologically, one transaction at a time beginning with the May 1 transaction. For each transaction that follows the May 1st transaction, calculate the balance in each account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviation used: Contr. = Contributed; Liab. = Liabilities.) ASSETS Accounts + Equipment = Receivable Cash + LIAB. Accounts Payable Lawlor, Capital EQUITY Lawlor, Withdrawals C Service Revenue Gas Expense More info May 1 May 3 May 5 May 17 May 28 Received $2,000 and gave…
Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…