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Required b. Prepare the adjusting entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) c. Prepare the closing entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) d. Post the above journal entries to the T-accounts. e. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) f. Prepare an income statement and statement of changes in equity for the month ended May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) g. Prepare a classified balance sheet at May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

Required b. Prepare the adjusting entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) c. Prepare the closing entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) d. Post the above journal entries to the T-accounts. e. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) f. Prepare an income statement and statement of changes in equity for the month ended May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) g. Prepare a classified balance sheet at May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

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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The following information is known at May 31, 2020. The laptop has an estimated life of three years. • The printer has an estimated life of three years. There are $215 of supplies that are not used. • A portion of the insurance policy has expired. Wages of $905 were unpaid and unrecorded. Note: For insurance, calculate to the day, for depreciation, calculate for the entire month. Required b. Prepare the adjusting entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) c. Prepare the closing entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) d. Post the above journal entries to the T-accounts. e. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) f. Prepare an income statement and statement of changes in equity for the month ended May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) g. Prepare a classified balance sheet at May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)
Transcribed Image Text:The following information is known at May 31, 2020. The laptop has an estimated life of three years. • The printer has an estimated life of three years. There are $215 of supplies that are not used. • A portion of the insurance policy has expired. Wages of $905 were unpaid and unrecorded. Note: For insurance, calculate to the day, for depreciation, calculate for the entire month. Required b. Prepare the adjusting entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) c. Prepare the closing entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) d. Post the above journal entries to the T-accounts. e. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) f. Prepare an income statement and statement of changes in equity for the month ended May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) g. Prepare a classified balance sheet at May 31, 2020. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)
Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2020, the first month of operations. May May May May May May 6 Emily withdrew $335 for a Mother's Day gift. May 8 8 May Emily moved $8,150 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $792 into the business. 3 Purchased supplies, including a microphone, and brochures for $645 cash. 4 Purchased a printer for $252 on account. Purchased a one-year insurance policy for $1,320 cash. May 2 40 5 Interviewed and hired one employee to assist with leading tours. Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1,955 of cash for future tour bookings. 15 Led three tours of Stanley Park and received $1,045 cash. Led four tours of Granville Island, for $1,465. The customers on this tour had prepaid on May 10. 10 25
Transcribed Image Text:Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2020, the first month of operations. May May May May May May 6 Emily withdrew $335 for a Mother's Day gift. May 8 8 May Emily moved $8,150 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $792 into the business. 3 Purchased supplies, including a microphone, and brochures for $645 cash. 4 Purchased a printer for $252 on account. Purchased a one-year insurance policy for $1,320 cash. May 2 40 5 Interviewed and hired one employee to assist with leading tours. Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1,955 of cash for future tour bookings. 15 Led three tours of Stanley Park and received $1,045 cash. Led four tours of Granville Island, for $1,465. The customers on this tour had prepaid on May 10. 10 25
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