PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CREDIT CLGL ACCOUNT NAME Cash Accourts Receivable 5.491.00 624.00 307.00 1,280.00 6,497.00 Supples 10 Prepaid insurance 11 Equipment 12 Accumlated Depreciation, Equpment Van 2,472.00 10,980.00 13 14 Accumulated Depreciation, Van Accourts Payable 15 16 B. Bryan, Capital 17 4,368.00 1,000.00 18.583.00 B. Bryan, Drawing 10 18.000.00 Fees Earned 19 Salaries Expense Advertising Expense 38,41700 18.00.00 1.Z00 20 Van Operating Expense 462.00 G86.00 164.00 21 UNes Expense 23 22 Mincellaneous Espanse 24 25 65.0M.00 .00 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows Check Figure Net Income, $13,027
PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CREDIT CLGL ACCOUNT NAME Cash Accourts Receivable 5.491.00 624.00 307.00 1,280.00 6,497.00 Supples 10 Prepaid insurance 11 Equipment 12 Accumlated Depreciation, Equpment Van 2,472.00 10,980.00 13 14 Accumulated Depreciation, Van Accourts Payable 15 16 B. Bryan, Capital 17 4,368.00 1,000.00 18.583.00 B. Bryan, Drawing 10 18.000.00 Fees Earned 19 Salaries Expense Advertising Expense 38,41700 18.00.00 1.Z00 20 Van Operating Expense 462.00 G86.00 164.00 21 UNes Expense 23 22 Mincellaneous Espanse 24 25 65.0M.00 .00 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows Check Figure Net Income, $13,027
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![LO 1,2,3
PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the
current fiscal year, are as follows:
TRIAL BALANCE
DEBIT
CLGL
ACCOUNT NAME
Cash
Accourts Receivable
CREDIT
5.491.00
Supplies
10
624.00
30z00
1,280.00
Prepaid insurance
Equipment
12
11
6.49700
Accumulated Depreciation, Equipment
Van
2,672.00
10,989.00
13
Accumulated Depreciation, Van
Accourts Payable
16
14
4,368 00
1,036.00
18.583.00
15
B. Bryan, Capital
17
B. Bryan, Drawing
18.000.00
18
Fees Earned
19
38,41700
18.600.00
1,88700
462.00
G85.00
164.00
65.076.00
Salaries Expense
Advertising Expense
Van Operating Expense
20
21
22
UNlities Expense
Miscellaneous Expanse
23
24
25
HEH
65,076 00
Sheett
Sheet2 Sheet3
Required
1. Data for the adjustments are as follows
a. Expired or used up insurance, $495
b. Depreciation expense on equipment, $670.
c. Depreciation expense on the van, $1,190.
d. Salary accrued (earned) since the last payday, $s40 (owed and to be paid on the
next payday).
e. Supplies used during the period, $97.
Your instructor may want you to use a work sheet for these adjustments.
2. Journalize the adjusting entries.
3. Prepare an income statement.
4. Prepare a statement of owner's equity. Assume that there was an additional
investment of S2,000 on June 10.
5. Prepare a balance sheet.
6. Journalize the closing entries using the four steps in the correct sequence.
Check Figure
Net Income, $13,027
*f you are uning CLGI, use the year 2020 when recording transactions and preparing repaorts.
Cg Cgr ng g edye et iwhte wON a](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc78eb83b-247b-4843-8865-aff626139af3%2Fcefae590-ab08-4faf-aae3-baf476ff122e%2Fjnkzv16_processed.jpeg&w=3840&q=75)
Transcribed Image Text:LO 1,2,3
PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the
current fiscal year, are as follows:
TRIAL BALANCE
DEBIT
CLGL
ACCOUNT NAME
Cash
Accourts Receivable
CREDIT
5.491.00
Supplies
10
624.00
30z00
1,280.00
Prepaid insurance
Equipment
12
11
6.49700
Accumulated Depreciation, Equipment
Van
2,672.00
10,989.00
13
Accumulated Depreciation, Van
Accourts Payable
16
14
4,368 00
1,036.00
18.583.00
15
B. Bryan, Capital
17
B. Bryan, Drawing
18.000.00
18
Fees Earned
19
38,41700
18.600.00
1,88700
462.00
G85.00
164.00
65.076.00
Salaries Expense
Advertising Expense
Van Operating Expense
20
21
22
UNlities Expense
Miscellaneous Expanse
23
24
25
HEH
65,076 00
Sheett
Sheet2 Sheet3
Required
1. Data for the adjustments are as follows
a. Expired or used up insurance, $495
b. Depreciation expense on equipment, $670.
c. Depreciation expense on the van, $1,190.
d. Salary accrued (earned) since the last payday, $s40 (owed and to be paid on the
next payday).
e. Supplies used during the period, $97.
Your instructor may want you to use a work sheet for these adjustments.
2. Journalize the adjusting entries.
3. Prepare an income statement.
4. Prepare a statement of owner's equity. Assume that there was an additional
investment of S2,000 on June 10.
5. Prepare a balance sheet.
6. Journalize the closing entries using the four steps in the correct sequence.
Check Figure
Net Income, $13,027
*f you are uning CLGI, use the year 2020 when recording transactions and preparing repaorts.
Cg Cgr ng g edye et iwhte wON a
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