Question

Completing the Accounting Cycle Learning Objectives 1, 4, 5, 6 N-31A Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet The adjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow: 5. Net Income $19,890 WILLIAMSON ANVILS Unadjusted Trial Balance December 31, 2016 Account Title Balance Debit Credit 5 16 370 16,500 2,530 1.800 29.000 5 10,000 6,600 Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation--Equipment Accounts Payable Salaries Payable Unearned Revenue Williamson, Capital Williamson, Withdrawals Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Total 7,200 28.000 3,500 20,500 2,600 $ 72,300 $72,300 Adjustment data: a. Unearned Revenue still unearned at December 31, $3,300. b. Prepaid Rent still in force at December 31, $2,400. c. Office Supplies used, $1,200. d. Depreciation, $350. e. Accrued Salaries Expense at December 31, $230. Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance. 2. Complete the worksheet for the year ended December 31, 2016. (optional) 3. Prepare the adjusting entries, and post to the accounts. 4. Prepare an adjusted trial balance. 5. Prepare the income statement, the statement of owner's equiry, and the classified balance sheet in report form. Assume that there were no contributions made by the owner during the year.

Hey I uploaded the wrong data, i resubmitted a new question. Sorry

Answer 1

Adjusted Journal entries S no Particulars Debit Credit $ 3,900 ($7200 - $3300) Unearned Revenue To Service revenue 3,900 2 $ 130 ($2530 - $2400) Rent expense To Prepaid Rent 130 $ 1 200 Supplies expense To Office Supplies 1,200 4 $ 350 Depreciation expense To Accumulated Depreciation 350 Salaries expense To Salaries payable 230

T accounts (only relevant ones) Amount Particulars To Service revenue To Closing Balance Unearned Revenue Amount Particulars $ 3,900 By Opening Balance $ 3,300 $ 7,200 7,200 7,200 $ - Particulars To Opening Balance Prepaid Rent Amount Particulars $ 2,530 By Rent expense By Closing Balance $ 2,530 Amount $ 130 2,400 $ 2,530 $ . Particulars Amount To Opening Balance Office Supplies Amount Particulars $ 1,800 By Supplies expense By Closing Balance $ 1,800 $ $ 1,200 600 1,800 $-

Particulars Accumulated Depreciation Amount Particulars By Opening Balance $ 10,350 By Depreciation expense $ 10,350 Amount 10,000 350 $ 10,350 To Closing Balance Particulars Amount Salaries Payable Amount Particulars By Opening Balance $ 230 By Salaries expense $ 230 To Closing Balance 230 230

Credit Debit $ 16,370 $ 16,500 $ 2,400 $ 600 $ 29,000 Adjusted Trial Balance Accounts Cash Accounts Receivable Prepaid Rent Office supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Revenue Williamson capital Williamson withdrawls Service revenue Salaries expense Rent expense Depreciation expense Supplies expense 10,350 6,600 230 3,300 28,000 $ 3,500 24,400 $ 2,830 $ 130 $ 350 $ 1,200 $ 72,880 $ 72,880 $

24,400 Income Statement Service revenue Less: Expenses Salaries expense Rent expense Depreciation expense Supplies expense $ 2,830 130 $ $ 350 1,200 $ 4,510 Income before tax 19,890 Statement of owner's equity Williamson capital - Opening Balance Williamson drawings - Opening Balance Add: Income for the year 28,000 (3,500) 19,890 44,390

Amount Balance Sheet Assets Cash $ 16,370 Accounts Receivable $ 16,500 Prepaid Rent $ 2,400 Office supplies $ 600 Equipment $ 29,000 Less:Accumulated Depreciation $ (10,350) Total Assets 54.520 Liabilities & Equity Liabilities Accounts Payable Salaries Payable Unearned Revenue $ $ $ 6,600 230 3,300 $ 10,130 Equity Williamson capital - Opening B $ 28,000 Williamson drawings - Opening $ (3,500) Add: Income for the year $ 19,890 $ 44,390 Total Liabilities & Equity 54,520