PIONEER CONSULTANCY INC TRIAL BALANCE December 31 ,2019 DEBIT CREDIT Cash 80,000 35,000 Accounts receivable Office Supplies 22,000 60,000 Equipment Accounts Payable 15,000 Unearned Revenue 30,000 129,000 Capital Stock Dividend 7,000 Retain Earning 8000 Service Revenue 75,000 Salary Expense Misc expense 35,000 18,000 257,000 257,000 Adjustment data 1. Office Supplies on hand at December 31, 2019 was Rs.6,000. 2. Depreciation of equipment for the year Rs.1,500. 3. Service provided to customers but unbilled at December 31, 2019 was Rs.25,000. 4. Revenue unearned at December 31, 2019 was Rs.10,000. 5. Accrued but unpaid employee salaries were Rs.5,000 at December 31, 2019. Required a. Prepare Adjusting Entries for the year ended 31 December 2019. b. Prepare an adjusted Trial Balance. c. Prepare Income Statement , Statement of Retain Earning for the year ended 31 Dec 2019 and Balance Sheet as at 31 Dec 2019.

PIONEER CONSULTANCY INC TRIAL BALANCE December 31 ,2019 DEBIT CREDIT Cash 80,000 35,000 Accounts receivable Office Supplies 22,000 60,000 Equipment Accounts Payable 15,000 Unearned Revenue 30,000 129,000 Capital Stock Dividend 7,000 Retain Earning 8000 Service Revenue 75,000 Salary Expense Misc expense 35,000 18,000 257,000 257,000 Adjustment data 1. Office Supplies on hand at December 31, 2019 was Rs.6,000. 2. Depreciation of equipment for the year Rs.1,500. 3. Service provided to customers but unbilled at December 31, 2019 was Rs.25,000. 4. Revenue unearned at December 31, 2019 was Rs.10,000. 5. Accrued but unpaid employee salaries were Rs.5,000 at December 31, 2019. Required a. Prepare Adjusting Entries for the year ended 31 December 2019. b. Prepare an adjusted Trial Balance. c. Prepare Income Statement , Statement of Retain Earning for the year ended 31 Dec 2019 and Balance Sheet as at 31 Dec 2019.

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: alance aun buisn lowin 2019. punts payable $1,830 12,050 ner Ale Capital Mar 1 17 300

A: Balance Sheet: Balance sheet is a financial statement which helps to know financial position of…

Q: A corporation has the following account balances on December 31, 2019: Accounts 4,200 receivable…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Cornhusker Company provides the following information at the end of 2021.Cash remaining $ 4,800Rent…

A: Income Statement: An Income Statement is one of the three major financial statements that report the…

Q: On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account…

A: Balance sheet is the financial statement that records all the assets, liabilities and stockholders'…

Q: Use the Adjusted Trial Balance in the Module for Lion Consulting.On the Balance Sheet, what is the…

A: Long Term Liabilities are liabilities which are due for payment in more than 12 months from the…

Q: Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash…

A: Current liability is present obligation which is expected to be settled within 12 months from the…

Q: Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash…

A: Accounting Equation: Total assets = Total Liabilities + Owner Equity where, Total Liabilities =…

Q: The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:…

A: Income Statement Particulars Amount Sales revenue 400,000 Less: Costs of goods sold…

Q: £ £ Sales…

A: An income statements statement that shows the income and expenses of a company. It also shows…

Q: Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash…

A: Amount Sales $ 8,925,000 Less: Cost of Merchandise Sold $ 5,620,000 Gross Profit…

Q: The following selected accounts and their current balances appear in the ledger of Maroon Co. for…

A: Income Statement is prepared to show the net profit or loss earned by the company during a…

Q: Data for RelyaTech Corp., a large merchandiser, is below: • Sales are budgeted at $300,000 for…

A: Accounts Payable: It implies to the sum of money or amount that is owed by any individual or the…

Q: The following events occur for Morris Engineering during 2021 and 2022, its first two years of…

A: Journal entries recording is the first step of accounting process, in which atleast one account is…

Q: Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash…

A: Current liabilities: Liabilities that are due to be paid within one year or within one operating…

Q: The following events occur for Morris Engineering during 2021 and 2022, its first two years of…

A: Preparation of general ledger is the second step in the accounting cycle in which the business…

Q: C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year…

A: The objective of the question is to understand the difference between accrual basis and cash basis…

Q: Use the Adjusted Trial Balance for Lion Consulting. On the Balance Sheet, what would is the book…

A: Solution Balance sheet Balance sheet is the financial statement that is prepared to present the…

Q: Merah Sdn. Bhd Unadjusted Trial Balance as at 30 June 2020…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and other…

Question

PIONEER CONSULTANCY INC
TRIAL BALANCE
December 31 ,2019
DEBIT
CREDIT
Cash
80,000
Accounts receivable
35,000
Office Supplies
22,000
Equipment
Accounts Payable
60,000
15,000
30,000
129,000
Unearned Revenue
Capital Stock
Dividend
7,000
Retain Earning
8000
Service Revenue
75,000
Salary Expense
Misc expense
35,000
18,000
257,000
257,000
Adjustment data
1. Office Supplies on hand at December 31, 2019 was Rs.6,000.
2. Depreciation of equipment for the year Rs.1,500.
3. Service provided to customers but unbilled at December 31, 2019 was Rs.25,000.
4. Revenue unearned at December 31, 2019 was Rs.10,000.
5. Accrued but unpaid employee salaries were Rs.5,000 at December 31, 2019.
Required
a.Prepare Adjusting Entries for the year ended 31 December 2019.
b. Prepare an adjusted Trial Balance.
c. Prepare Income Statement, Statement of Retain Earning for the year ended 31 Dec 2019 and Balance
Sheet as at 31 Dec 2019.
d. Prepare closing entries
e. Prepare post closing trial balance

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

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 10 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 following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $34,400. July 23, 2021 Receive $24,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $47,400. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $42,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.
Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense Utilities Expense…
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Appunta Debit Credita Cash $15,000 Accounts Receivable 7,000 Supplies 3,000 Equipment 10,000 Accumulated Depreciation $3,000 5,000 Salaries Payable Common Stock 20,000 7.000 Retained Earnings Totala $35,000 $35,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $50,000, of which $20,000 ie on account. 2 Collect on accounts receivable, $17,000. 2. May 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Pay salaries of $5,000 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,000. 6. October 19 Purchase equipment for $7,000 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)
The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $34,400. July 23, 2021 Receive $24,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $47,400. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $42,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. 3. Calculate net accounts receivable at the end of 2021 and 2022.
The Trial Balance for Jaya Sentrycon at December 31, 2019 are as follows: Account Tittle Trial Balance Dr Cr Cash 45.000 Accounts Receivable 15.000 Roofing Supplies 12.000 Equipment 75.000 Accumulated Depreciation-Equipment 10.000 Accounts Payable 15.000 Unearned Revenue 4.500 Share Capital 87.500 Dividend 8.000 Service Revenue 55.000 Salaries Expense 12.300 Miscellaneous Expense 4.700 Total 172.000 172.000 Other data: 1. Physical counts remains only $ 3.600,- of roofing supplies on hand 2. Depreciations for December 31, 2019 is $ 1.200,- 3. Unearned revenue amounted to $ 900,- at December 31, 2019 4. Accrued salaries are $ 2.550,- 5. Account Receivable has not been recorded $ 3.950,- Instructions: a. Journalize the adjusting entries! b. Enter the trial balance on a worksheet and complete the worksheet! c. Prepare an Income Statement and Retained EarningStatement for the month of December 2019 and the Financial…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T. Lion, Capital 431,000 M.T. Lion, Drawing 300,000 Sales 8,925,000 Cost of Merchandise Sold 5,620,000 Sales Salary Expense 850,000 Advertising Expense 420,000 Depreciation Expense--Store Equipment 33,000 Miscellaneous Selling Expense…
Accounting The partial trial balance of Rollins Inc. included the following accounts as of December 31, 2020: Debits Credits Sales revenue 6,500,000 Interest revenue 40,000 Dividend revenue 25,000 Unearned rent revenue 260,000 Interest payable 5,500 Cash 545,000 Merchandise inventory 256,000 Loss on sale of investments…
28 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts - Receivable BD2000 Equipment BD6000 Accounts Prepaid Rent BD4000 - Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 Fees Income BD2700- Furniture BD10000. Required: compute the amount and show solution steps of: 1- Total current assets. 2- Total fixed assets. *