Ans- Adjusting Entries
Date | General Journal | Debit | Credit |
Dec.31, 2018 | Depreciation Expenses | 8,300 | |
Mountain Bikes | 8,300 | ||
Dec.31, 2018 | Insurance Expenses ($5,400*6/12 months) | 2,700 | |
Prepaid Insurance | 2,700 | ||
Dec.31,2018 | Rent Expenses ($400*4 months) | 1,600 | |
Prepaid Rent | 1,600 | ||
Dec.31,2018 | Supplies Expense ($1,900-$270) | 1,630 | |
Supplies | 1,630 | ||
Dec.31,2018 | Interest Expenses ($30,000*6%) | 1,800 | |
Notes Payable | 1,800 | ||
Dec.31,2018 | Racing Supplies Expenses ($2,500-$200) | 2,300 | |
Racing Supplies | 2,300 | ||
Dec.31,2018 | Income Tax Expenses | 14,300 | |
Income Tax payable | 14,300 |
For adjusted Trial Balance we have to prepare some Important Ledger Accounts:-
Cash
Date |
Transaction Debit |
Credit |
Balance Debit |
Credit |
31-Jul Bal | $25,120 | |||
01- Aug | $30,000 | $55,120 | ||
04-Aug | $16,800 | $38,320 | ||
10-Aug | $3,400 | $41,720 | ||
17-Aug | $10,900 | $52,620 | ||
24-Aug | $1,900 | $50,720 | ||
01-Sep | $4,800 | $45,920 | ||
21-Sep | $14,300 | $60,220 | ||
17-Oct | $19,300 | $79,520 | ||
08-Dec | $1,900 | $77,620 | ||
15-Dec | $20,800 | $98,420 | ||
16-Dec | $1,200 | $97,220 | ||
31-Dec | $4,000 | $93,220 |
Prepaid Insurance
Date |
Transaction Debit |
Credit |
Balance Debit |
Credit |
31-Jul Bal | $5,400 | |||
31-Dec | $2,700 | $2,700 |
Supplies (Office)
Date |
Transaction Debit |
Credit |
Balance Debit |
Credit |
31-Jul Bal | $1,900 | |||
31-Dec | $1,630 | $270 |
Equipment
Date |
Transaction Debit |
Credit |
Balance Debit |
Credit |
31-Jul Bal | $14,200 | |||
04-Aug | $16,800 | $31,000 | ||
31-Dec | $8,300 | $22,700 |
Accounts Payable
Date |
Transaction Debit |
Credit |
Balance Debit |
Credit |
31-Jul Bal | $1,900 | |||
24-Aug | $1,900 | $0 | ||
12-Dec | $2,500 | $2,500 |
Adjusted Trial Balance
Debit | Credit | |
Cash | $93,220 | |
Prepaid Insurance | $2,700 | |
Prepaid Rent | $3,200 | |
Supplies (Office) | $270 | |
Equipment | $22,700 | |
Accounts Payable | $2,500 | |
Common Stock | $32,000 | |
Service Revenue | $84,700 | |
Advertising Expenses | $1,280 | |
Legal Fees Expenses | $2,000 | |
Miscellaneous Expenses | $1,900 | |
Racing Supplies | $200 | |
Racing Supplies Expenses | $2,300 | |
Salaries Expenses | $1,200 | |
Dividends | $4,000 | |
Depreciation Expenses | $8,300 | |
Insurance Expenses | $2,700 | |
Rent Expenses | $1,600 | |
Supplies Expenses | $1,630 | |
Interest Expenses | $1,800 | |
Notes Payable | $31,800 | |
Income Tax Expenses | $14,300 | |
Income Tax Payable | $14,300 | |
Total | $165,300 | $165,300 |
Kindly Give thumbsup if u like my answer please....Thanks!!!
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through December 31. Also, the balances are provided for the month ended July 31. The articles of incorporation state that the corporation will sell 24,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur...
Great Adventures Problem AP3-1 [The following information applies to the questions displayed below.] Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In...
Great Adventures Problem AP3-1
[The following information applies to the questions
displayed below.]
Tony and Suzie graduate from college in May 2021 and begin
developing their new business. They begin by offering clinics for
basic outdoor activities such as mountain biking or kayaking. Upon
developing a customer base, they’ll hold their first adventure
races. These races will involve four-person teams that race from
one checkpoint to the next using a combination of kayaking,
mountain biking, orienteering, and trail running. In...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering dinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a...
Great Adventures Problem AP3-1 (GL) Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor...
Tony and Suzie graduate from college in May 2018 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain bikina or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering dinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a...