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The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 3,700 13,500 1. March 12 2. May 2 3. June 30 $4,400 6,400 23,500 9,100 $43,400 $ 43,400 The following is a summary of the transactions for the year: Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $6,400 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,700. Purchase equipment for $7,700 cash. 6. October 19 7. December 30 Pay $1,100 cash dividends to stockholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. 7. Prepare an adjusted trial balance. Accour Cash Accoun Supplie Equipm Accumu Salaries Commo Retaine Dividen Services Salaries Repairs Deprec Supplies Total

The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 3,700 13,500 1. March 12 2. May 2 3. June 30 $4,400 6,400 23,500 9,100 $43,400 $ 43,400 The following is a summary of the transactions for the year: Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $6,400 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,700. Purchase equipment for $7,700 cash. 6. October 19 7. December 30 Pay $1,100 cash dividends to stockholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. 7. Prepare an adjusted trial balance. Accour Cash Accoun Supplie Equipm Accumu Salaries Commo Retaine Dividen Services Salaries Repairs Deprec Supplies Total

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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Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View journal entry worksheet View transaction list / No 1 2 3 Date December 31, 2024 December 31, 2024 December 31, 2024 Salaries Expense Salaries Payable Depreciation Expense Accumulated Depreciation Supplies Expense Supplies General Journal Prepare an adjusted trial balance. BLACK CLOUD CLEANERS Adjusted Trial Balance December 31, 2024 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals Debit Debit 19.600 4,700 2.500 0 $ Credit Credit 19.500 4.700 2.500
Transcribed Image Text:Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View journal entry worksheet View transaction list / No 1 2 3 Date December 31, 2024 December 31, 2024 December 31, 2024 Salaries Expense Salaries Payable Depreciation Expense Accumulated Depreciation Supplies Expense Supplies General Journal Prepare an adjusted trial balance. BLACK CLOUD CLEANERS Adjusted Trial Balance December 31, 2024 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals Debit Debit 19.600 4,700 2.500 0 $ Credit Credit 19.500 4.700 2.500
The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 3,700 13,500 Credits $4,400 6,400 23,500 9,100 $ 43,400 $43,400 The following is a summary of the transactions for the year: 1. March 12 2. May 2 3. June 30. Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $6,400 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,700. 6. October 19 Purchase equipment for $7,700 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. 7. Prepare an adjusted trial balance. BLACK CLOUD CLEANERS Unadjusted Trial Balance December 31, 2024 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals $ $ Debit 50,600 10,700 3,700 21,200 1,100 12,700 100,000 Credit $ 4,400 29,500 9,100 57,000 $ 100,000
Transcribed Image Text:The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 3,700 13,500 Credits $4,400 6,400 23,500 9,100 $ 43,400 $43,400 The following is a summary of the transactions for the year: 1. March 12 2. May 2 3. June 30. Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $6,400 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,700. 6. October 19 Purchase equipment for $7,700 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. 7. Prepare an adjusted trial balance. BLACK CLOUD CLEANERS Unadjusted Trial Balance December 31, 2024 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense Totals $ $ Debit 50,600 10,700 3,700 21,200 1,100 12,700 100,000 Credit $ 4,400 29,500 9,100 57,000 $ 100,000
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