FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
25th Edition
ISBN: 9781264753277
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 4, Problem 4SP
The December 31. 2019= adjusted
| No. | Account Title | Debit | Credit |
| 101 | Cash | $ 48,372 |
|
| 106 | 5,668 |
||
| 126 | Computer supplies | 580 |
|
| 128 | Prepaid insurance | 1,665 |
|
| 131 | Prepaid rent. | 825 | |
| 163 | Office equipment | 8,000 | |
| 164 | $ 400 | ||
| 167 | Computer equipment | 20,000 | |
| 168 | Acc umulated depreciation—Computer equ ipment | 1,250 | |
| 201 | Accounts payable | 1,100 | |
| 210 | Wages payable | 500 | |
| 236 | Unearned computer services revenue | 1,500 | |
| 301 | S. Rev, Capital | 73,000 | |
| 302 | S. Rev. Withdrawals | 7,100 |
|
| 403 | Computer services revenue | 31,284 | |
| 612 | Depreciation expense—Office equipment | 400 |
|
| 613 | Depreciation expense—Computer equipment | 1,250 |
|
| 623 | Wages expense | 3,875 |
|
| 637 | Insurance expense | 555 |
|
| 640 | Rent expense. | 2,475 |
|
| 652 | Computer supplies expense | 3,065 |
|
| 655 | Advertising expense | 2,753 |
|
| 676 | Mileage expense | 896 |
|
| 677 | Miscellaneous expenses | 250 |
|
| 684 | Repairs expense—Computer | 1,305 |
|
| 901 | Income summary | 0 | |
| Totals | $109,034 |
$109,034 |
Required
- Record and post the necessary closing entries as of December 31,2019.
Prepare a post-closing trial balance as of December 31,2019.
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prepare statment of profit or loss(extract) for the year ended 31 december 2019
IT IS URGENTTTT
Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows:
Trial Balance
Account Title
Debit
Credit
Cash
372850
Accounts Receivable
48500
Supplies
26000
Prepaid Insurance
10800
Inventory
16425
Equipment
46000
Accumulated Depreciation-Equipment
20000
Accounts Payable
96000
Salary Payable
0
Unearned Sales Revenue
25000
Capital
341800
Withdrawals
0
Sales Revenue
96000
Sales Returns& Allowances
7500
Sales Discounts
1650
Cost of Goods Sold
49075
Insurance Expense
Depreciation Expense-Equipment
Supplies Expense
Salary Expense
Total
578800
578800
On January 31, 2018 FRS Company completed following adjusting entries:
Expiration of prepaid insurance for one month is 1800$
Depreciation of equipment for the month, $8,500…
Prepare a classified Statement of Financial Position as at December 31, 2019.
Chapter 4 Solutions
FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2PSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4PSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...
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