(PICTURE IS OF JOURNAL ENTRY FROM PART 1 THAT MAY HAVE TO BE ENTERED TO THIS QUESTION AS WELL)
This project is an extension of Part 1, so just like in the real world the previous transactions do not go away. Review your transaction analysis, journal entries, T-Account postings and Trial Balance for accuracy. You start from where that part ended and add this information.
The following transactions are adjusting entries that need to be booked as of June 30, 20XX:
Required:
Adjusting entries:
No. | Date | Account Titles | Debit | Credit |
$ | $ | |||
1. | June 30, 20XX | Interest Expense ( $ 206,700 x 10 % x 1/12 ) | 1,722.50 | |
Interest Payable | 1,722.50 | |||
2.a. | June 30, 20XX | Depreciation Expense: Building ( $ 320,100 / ( 30x12 ) | 889.17 | |
Accumulated Depreciation : Building | 889.17 | |||
2.b. | June 30, 20XX | Depreciation Expense: Equipment ( $ 106,700/ ( 10 x 12 )] | 889.17 | |
Accumulated Depreciation: Equipment | 889.17 | |||
3. | June 30, 20XX | Insurance Expense ( $ 24,000 / 12 ) | 2,000 | |
Prepaid Insurance | 2,000 | |||
4. | June 30, 20XX | Inventory Loss$ ( 10,000 - 8,500) | 1,500 | |
Inventory | 1,500 | |||
5. | June 30, 20XX | Wages Expense ( $ 200 x 2 ) | 400 | |
Wages Payable | 400 |
(PICTURE IS OF JOURNAL ENTRY FROM PART 1 THAT MAY HAVE TO BE ENTERED TO THIS...
I have attached the previous t-accounts and the trial balance to prepare the closing process. QUESTION: I need to prepare a t account for my closing process with a total amount. 8:08 Done COMPREHNSIVE PROBLEM PART... The Part 1 Part 2 - T-accounts 3. Adiusted Trial Balance Cash SI 067.000 $206,700 Accounts Receivable S10.000 Prepaid Insurance $24,000 Inventory $10,000 ABC, Inc. Adjusted Trial Balance As of June 30 20XX S25.6081 $320,100 $24,000 S10,000 $22.000 $20,000 1.500 $2.000 Building $320,100 Equipment...
QUESTION: Complete a final balance sheet. With information from the following information below. There is the t-account following trial balance information for the final balance sheet. Thank you 8:08 Done COMPREHNSIVE PROBLEM PART... The Part 1 Part 2 - T-accounts 3. Adiusted Trial Balance Cash SI 067.000 $206,700 Accounts Receivable S10.000 Prepaid Insurance $24,000 Inventory $10,000 ABC, Inc. Adjusted Trial Balance As of June 30 20XX S25.6081 $320,100 $24,000 S10,000 $22.000 $20,000 1.500 $2.000 Building $320,100 Equipment S106,700 Debit 914,692...
Attached is the T-Accounts and Trial Balance. QUESTION: I need prepare closing journal entries with the information in the picture. AutoSave OFF A E sro - COMPREHNSIVE PROBLEM PART 2 SOLUTION-2 Home Data Review View Developer Share Comments Insert Draw Page Layout Formulas Calibri (Body) 11 A A BI U DA General Conditional Formatting Format as Table Cell Styles insert v Ey O s u Paste $ % -28 Sort & Filter Find & Select Ideas Format Sensitivity Font Alignment...
Question: Prepare a post closing trial balance with the information provided below. There is the t accounts, trial balance and the closing journal. Thank you. 8:08 Done COMPREHNSIVE PROBLEM PART... The Part 1 Part 2 - T-accounts 3. Adiusted Trial Balance Cash SI 067.000 $206,700 Accounts Receivable S10.000 Prepaid Insurance $24,000 Inventory $10,000 ABC, Inc. Adjusted Trial Balance As of June 30 20XX S25.6081 $320,100 $24,000 S10,000 $22.000 $20,000 1.500 $2.000 Building $320,100 Equipment S106,700 Debit 914,692 10,000 22.000 R500...
QUESTION: With the above information I need help with the FINAL BALANCE SHEET thank you. 8:08 Done COMPREHNSIVE PROBLEM PART... The Part 1 Part 2 - T-accounts 3. Adiusted Trial Balance Cash SI 067.000 $206,700 Accounts Receivable S10.000 Prepaid Insurance $24,000 Inventory $10,000 ABC, Inc. Adjusted Trial Balance As of June 30 20XX S25.6081 $320,100 $24,000 S10,000 $22.000 $20,000 1.500 $2.000 Building $320,100 Equipment S106,700 Debit 914,692 10,000 22.000 R500 320.100 106.700 25. MIR S500 SI.RO 54.000 $120,100 S106,700 889.1...
I have attached Trial Balance with the information that is needed for the question. QUESTION: I need to prepare closing Journal entries "Close out" all required accounts. 3:45 - LTE Done COMPREHNSIVE PROBLEM PART... The ABC, Inc. Adjusted Trial Balance As of June 30 20XX $1,500 Credit Debit 914,692 10,000 22,000 8,500 320,100 106,700 25,608 889.167 889.167 116,700 500 1,722.5 400 Cash Accounts Receivable Prepaid Insurance Inventory Building Equipment Land Accumulated Depreciation - Building ble Accumulated Depreciation - Equipment 06,700...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
Part 3: Using transactions provided in the worksheet below, complete the following: (1) create journal entries for your company using the template provided; and (2) complete the Trial Balance at January 31, 2018 using the same template. Transactions June 1st ABC Company receives $50,000 cash from the owner as a contribution. June 3rd ABC Company pays $32,000 cash for equipment. June 5th ABC Company purchases $15,000 of merchandise inventory on credit from a supplier. June 8th ABC Company pays $...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
pls:) TWO (50% estimated time 20 minutes) Required Part 1: Journal Entries (make sure y Journal Entries make sure you add your analysis in parentheses: A+, L-, etc.) Provide appropriate adjusting journal entries for eac e s prate adjustingimust ts that each can reflected accurately in the 2018 financial stateme with a December rately in the 2018 financial statements under accrual accounting. Assume that Sutter operates a December 31 year-end and there have been adjusting entries made during the year....