Unadjusted trial balance shows the status of its accounts at the end of its first month of operations. Cash $5,000 Accounts receivable 2,000 Furniture and Equipment 14,000 Accumulated depreciation, F&E 2,000 Accounts Payable 4,000 Prepaid insurance 1,200 Capital, Paul 8,000 Withdrawals, Paul 2,000 Salaries and Wages expense 6,000 Room sales 20,000 Notes Payable 4,000 Advertising expense 1,500 Other operating expenses 4,000 Housekeeping supplies inventory 1,800 Interest expense 500 2.1 Journalize the year-end adjusting transactions below (a to e) 2.2 Complete the worksheet, using the following adjustments. 2.3 Using the updated figures from the worksheet, prepare closing entries 2.4 Prepare post-closing trail balance. The following adjustments are required at the end of the month. a. An inventory of housekeeping supplies showed supplies worth $1,100 been used during the month. b. The furniture and equipment is depreciated using a straight-line method, with a five-year estimated useful life and a salvage value of $500. c._Salaries and wages earned but not paid is $300. d._Interest incurred but not yet paid is $100. e._It is estimated that the uncollectible accounts receivables are 5%.
Unadjusted trial balance shows the status of its accounts at the end of its first month of operations. Cash $5,000 Accounts receivable 2,000 Furniture and Equipment 14,000 Accumulated depreciation, F&E 2,000 Accounts Payable 4,000 Prepaid insurance 1,200 Capital, Paul 8,000 Withdrawals, Paul 2,000 Salaries and Wages expense 6,000 Room sales 20,000 Notes Payable 4,000 Advertising expense 1,500 Other operating expenses 4,000 Housekeeping supplies inventory 1,800 Interest expense 500 2.1 Journalize the year-end adjusting transactions below (a to e) 2.2 Complete the worksheet, using the following adjustments. 2.3 Using the updated figures from the worksheet, prepare closing entries 2.4 Prepare post-closing trail balance. The following adjustments are required at the end of the month. a. An inventory of housekeeping supplies showed supplies worth $1,100 been used during the month. b. The furniture and equipment is depreciated using a straight-line method, with a five-year estimated useful life and a salvage value of $500. c._Salaries and wages earned but not paid is $300. d._Interest incurred but not yet paid is $100. e._It is estimated that the uncollectible accounts receivables are 5%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Help me with this.
Transcribed Image Text:Unadjusted trial balance shows the status of its accounts at the end of its first month of
operations.
Cash
$5,000
Accounts receivable
2,000
Furniture and Equipment
14,000
Accumulated depreciation, F&E 2,000
Accounts Payable
4,000
Prepaid insurance
1,200
Capital, Paul
8,000
Withdrawals, Paul
2,000
Salaries and Wages expense
6,000
Room sales
20,000
Notes Payable
4,000
Advertising expense
1,500
Other operating expenses
4,000
Housekeeping supplies inventory 1,800
Interest expense
500
2.1 Journalize the year-end adjusting transactions below (a to e)
2.2 Complete the worksheet, using the following adjustments.
2.3 Using the updated figures from the worksheet, prepare closing entries
2.4 Prepare post-closing trail balance.
The following adjustments are required at the end of the month.
a An inventory of housekeeping supplies showed supplies worth $1,100 been used during the
month.
b. The furniture and equipment is depreciated using a straight-line method, with a five-year
estimated useful life and a salvage value of $500.
c. _Salaries and wages earned but not paid is $300.
d. Interest incurred but not yet paid is $100.
e. It is estimated that the uncollectible accounts receivables are 5%.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education