Unadjusted Trial Balance Credit Adjustment Credit Particulars Debit Debit Cash 31,500 50,000 20,100 40,500 1,500,000 180,000 Cash in Bank Accounts Receivable с. 1,000 Inventory Land Equipment Accumulated Dep – Eqpt. Accounts Payable Income Tax Payable b. 8,000 32,000 80,500 55,000 4,000 Unearned Income d. 4,000 Loans Payable Long-term Debt Honey, Capital Honey, Drawings 150,000 255,000 1,227,600 5,000 Sales 460,000 d. 4,000 Sales Return & Allowances 12,000 Sales Discount 8,000 315,000 Cost of Sales Advertising Expense Salaries Expense Utilities Expense Rent Expense с. 1,000 16,000 59,000 17,000 а. 5,000 10,000 Totals 2,264,100 2,264,100 Depreciation Expense Accrued Salaries Payable b. 8,000 a. 5,000 Totals 18,000 18,000 Net Income Totals

Unadjusted Trial Balance Credit Adjustment Credit Particulars Debit Debit Cash 31,500 50,000 20,100 40,500 1,500,000 180,000 Cash in Bank Accounts Receivable с. 1,000 Inventory Land Equipment Accumulated Dep – Eqpt. Accounts Payable Income Tax Payable b. 8,000 32,000 80,500 55,000 4,000 Unearned Income d. 4,000 Loans Payable Long-term Debt Honey, Capital Honey, Drawings 150,000 255,000 1,227,600 5,000 Sales 460,000 d. 4,000 Sales Return & Allowances 12,000 Sales Discount 8,000 315,000 Cost of Sales Advertising Expense Salaries Expense Utilities Expense Rent Expense с. 1,000 16,000 59,000 17,000 а. 5,000 10,000 Totals 2,264,100 2,264,100 Depreciation Expense Accrued Salaries Payable b. 8,000 a. 5,000 Totals 18,000 18,000 Net Income Totals

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Great Adventures, Inc. began their business on July 1, 2021. Using the adjusted trial balance below, prepare an Income Statement for the period July 1 to December 31, 2021.
Oxmoor Corporation prepared the following adjusted trial balance. Required:Prepare a single-step income statement for Oxmoor for the year ended December 31, 2019.
Use the following year-end adjusted trial balance to answer. Prepare a balance sheet (unclassified) from the adjusted trial balance of Choi Company.
Planning Wizards, LLC is an event-planning company. Which of the following would be included in the current asset section of a classified balance sheet dated December 31, 2019? a. 15-month certificate of deposit b. Customer advances on New Year's parties c. Last month rent payment (lease expires in 2021) d. Investment in stocks, to be sold in 2020 e. Income tax refund receivable f. Inventory Select one: d, e, and f e and f a, b, c, e, and f a, b, c, d, e, and f b, e, f
Use the following information to provide the adjusting journal entry that Chipotle should have made on December 31, 2020which was the end of the fiscal year 2020. Assume that Chipotle makes adjusting entries once a year at fiscal year end. At the end of fiscal year 2020, Chipotle owed employees $203 million related to work completed (but not yet paid) during fiscal year 2020. What adjusting journal entry should Chipotle make on December 31, 2020 related to these wages owed to employees? Account Title Debit Credit Salary expense 203 Salary payable 203 At the end of fiscal year 2020, Chipotle calculates that it has $105 million in sales on account that have not yet been received or recorded. What adjusting journal entry should Chipotle make on December 31, 2020 related to the sales on account? Account Title Debit Credit Accounts receivable 105 Sales revenue 105 Chipotle receives a utility bill every four weeks…
Financial Account; The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.
The following information relates to the Muscat Company at the end of 2019. The .accounting period is the calendar year On July 1, 2019, cash of OMR 48,000 was received from customers for a 36-month service period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Service Revenue. OMR 8,000 was earned on December 31; the company should make the following :adjusting entry اخترأحد الخيارات a. None of the answers are correct b. DEBIT Cash OMR 8,000 and CREDIT Service Revenue OMR 8,000 c. DEBIT Cash OMR 8,000 and CREDIT Unearned Service Revenue OMR 8,000 d. DEBIT Cash OMR 48,000 and CREDIT Service Revenue OMR 48,000 e. DEBIT Unearned Service Revenue OMR 8,000 and CREDIT Service Revenue OMR 8,000
At December 31, 2019, the ledger of Aulani Company includes the following accounts, all havingnormal balances: Sales Revenue, $59,000; Cost of Goods Sold, $31,000; Retained Earnings, $20,000;Interest Expense, $3,200; Dividends, $5,000; Wages Expense $8,000, and Interest Payable, $2,100.Required:1. Prepare the closing entries for Aulani at December 31, 2019.2. How does the closing process affect Aulani’s retained earnings?
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2019, are presented in Problem 6-5B.Instructions1. Prepare a single-step income statement in the format shown in Exhibit 12.2. Prepare closing entries as of June 30, 2019.
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
Below is the Adjusted Trial Balance of Ed Noel Enterprise for the year ended December 31, 2019. Prepare the Income Statement, Balance Sheet, and Statement of Changes in Equity of the company with proper financial statement format.