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Problem General Journal T Accounts M4 Engineering, Inc. Adjusted Trail Balance For the Quarter Ended March 31, 2020 Debit Account Name Cash Accounts Receivable Supplies Prepaid Insurance Credit TB AJES AdjTB

Problem General Journal T Accounts M4 Engineering, Inc. Adjusted Trail Balance For the Quarter Ended March 31, 2020 Debit Account Name Cash Accounts Receivable Supplies Prepaid Insurance Credit TB AJES AdjTB

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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Problem General Journal Account Name Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accum. Depreciation Accounts Payable Wages Payable Unearned Revenue Common Stock Dividends M4 Engineering, Inc. Adjusted Trail Balance For the Quarter Ended March 31, 2020 Debit Fees Earned Sales Cost of Good Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense Totals T Accounts 0 Credit TB AJES AdjTB 19
Transcribed Image Text:Problem General Journal Account Name Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accum. Depreciation Accounts Payable Wages Payable Unearned Revenue Common Stock Dividends M4 Engineering, Inc. Adjusted Trail Balance For the Quarter Ended March 31, 2020 Debit Fees Earned Sales Cost of Good Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense Totals T Accounts 0 Credit TB AJES AdjTB 19
O Problem Ch. 3 Classwork Cash Accounts I Supplies Inventory Prepaid In Prepaid Re Office Equ Accumulat Accounts I Notes Pay Unearned Problem General Journal M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. Ch. 3 Classwork Cash Accounts I Supplies Inventory Chart of Accounts Prepaid In Prepaid Re Office Equ Common Stock Retained Earnings Dividends a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. Accumulat Accounts I Notes Paya Unearned] c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1. d) On January 31, M4 Engineering bought $7,500 of office supplies on account. e) On February 10, M4 Engineering paid the utility bills of $300. 1) On February 15, M4 Engineering bought computers and other Office Equipment on account for $20,000. g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin on April 1. Fees Earned. Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense General Journal Chart of Accounts T Accounts Common Stock Retained Earnings Dividends Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense T Accounts TB On March 31, the CFO reviewed M4 Engineering's books and noted the following: h) Employees were owed $12,000 for hours work in March. i) Only $1 200 of supplies were still on hand. TB AJES AJES j) Three months of rent had expired (been used). k) The March 31 utility bill had not been received. The CFO expects that $320 of utility services were used. 1) $25,000 of the engineering work related to transactions (c) and (g) have been completed. Update the T-accounts and make Adjusting Journal Entries (AJEs) to reflect the needed adjustments. AdjTB AdjTB IS 19
Transcribed Image Text:O Problem Ch. 3 Classwork Cash Accounts I Supplies Inventory Prepaid In Prepaid Re Office Equ Accumulat Accounts I Notes Pay Unearned Problem General Journal M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. Ch. 3 Classwork Cash Accounts I Supplies Inventory Chart of Accounts Prepaid In Prepaid Re Office Equ Common Stock Retained Earnings Dividends a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. Accumulat Accounts I Notes Paya Unearned] c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1. d) On January 31, M4 Engineering bought $7,500 of office supplies on account. e) On February 10, M4 Engineering paid the utility bills of $300. 1) On February 15, M4 Engineering bought computers and other Office Equipment on account for $20,000. g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin on April 1. Fees Earned. Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense General Journal Chart of Accounts T Accounts Common Stock Retained Earnings Dividends Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense T Accounts TB On March 31, the CFO reviewed M4 Engineering's books and noted the following: h) Employees were owed $12,000 for hours work in March. i) Only $1 200 of supplies were still on hand. TB AJES AJES j) Three months of rent had expired (been used). k) The March 31 utility bill had not been received. The CFO expects that $320 of utility services were used. 1) $25,000 of the engineering work related to transactions (c) and (g) have been completed. Update the T-accounts and make Adjusting Journal Entries (AJEs) to reflect the needed adjustments. AdjTB AdjTB IS 19
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