Answered: *PROVIDE THE ADJUSTING ENTRIES.…

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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*PROVIDE THE ADJUSTING ENTRIES. *PREPARE THE WORKSHEET UP TO BALANCE SHEET. (On November 10, 2014, Tuttie Bee Cargo Services started its operations. The following are: the transaction of the company for 2014. Nov. - 10 - Mr. Tuttie Bee invested 1,000,000 and two trucks with fair market value of 750,000 each in the business 12 - Paid taxes and licenses, 6,500 15 - Paid office rent up to December in advance, 96,000 16 - Hired a driver with 6,000 monthly salary to start work tomorrow 17 - Called Success Builder to order paints for the office amounting to 2,500 18 - Purchased furniture and fixtures on account, 18,000 20 - Bought office supplies, 2,000 cash 25 - Delivered cargo to Pampanga for Ms Sue Bah. Cash of 24,000 was received for this transaction as payment. 29 - Paid driver's salary, 6, 000 30 - Paid the December insurance premium for the two trucks, 10,000. Dec. - 3 - The company received 30,000 from Mr. Tee Wah for delivery services. 7 - Paid furniture and fixtures bought on account. 10 - Bought computer from Oktagon on account, 45,000. 15 - Delivered cargo to Isabela for Mr. Teh Ngot 45,000 cash. 18 - Paid 3,000 for utilities. 20 - Delivered cargo to Nueva Ecija 30,000 cash. 22 - Proceeds of loan from Bankkrupt Bank 200,000. 24 - Mr. Tuttie Bee withdrew 20,000 for personal used. 29 - Paid driver’s salary 6,000. 30 - Received utilities bill for payment on January 5, 3,000. Additional information: Office supplies showed zero balance at the end of the year. Depreciation of Plant, Plant and Equipment will start at January.

Unadjusted Trial Balance
Cash
Supplies
Equipment
Taxes and License
furniture and fixture
Office equipment
Prepaid rent
Acc. payable
loans payable
capital
drawings
service revenue
salaries expense
utilities expense
insurance expense
Total
1,161,500
2,000
750,000
6,500
18,000
45,000
96,000
45,000
200,000
1,750,000
20,000
129,000
12,000
3,000
10,000
2124000 2124000

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