Homework Answers
1.
| Adjusting Entries | ||||
| S.No. | Accounts | Dr. | Cr. | |
| a | Supplies Expense | $36,000 | =45000-9000 | |
| Supplies | $36,000 | |||
| (Being supplies expense for the year.) | ||||
| b | Prepaid Rent | $30,000 | =105000*2/7 | |
| Rent Expense | $30,000 | |||
| (Being rent prepaid for 2 months.) | ||||
| c | Depreciation Expense | $34,500 | ||
| Accumulated Depreciation | $34,500 | |||
| (Being depreciation for building) | ||||
| d | Salary Expense | $25,000 | ||
| Salary Payable | $25,000 | |||
| (Being salary payable to employees) | ||||
| e | Unearned Service Revenue | $9,000 | ||
| Service Revenue | $9,000 | |||
| (Being service revenue accrued. | ||||
| f | Cash | $1,00,000 | ||
| Service Revenue | $60,000 | =100000*6/10 | ||
| Unearned Service Revenue | $40,000 | =100000*4/10 | ||
| (Being cash received for service to be provided evenly from Jan to Oct.) | ||||
2.
| Adjusted Trial Balance | ||
| Account | Debit | Credit |
| Cash | $3,00,000 | |
| Accounts Receivable | $85,000 | |
| Prepaid Rent | $1,35,000 | |
| Supplies | $9,000 | |
| Motor Vehicle | $3,45,000 | |
| Accumulated Depreciation | $1,89,500 | |
| Salary Payable | $25,000 | |
| Accounts Payable | $1,59,000 | |
| Unearned Service Revenue | $1,31,000 | |
| R Small, Capital | $4,00,000 | |
| R Small, Drawing | $14,000 | |
| Service Revenue | $4,19,000 | |
| salary expense | $2,80,000 | |
| Rent Expense | $75,000 | |
| Miscellaneous expense | $10,000 | |
| Depreciation Expense | $34,500 | |
| Supplies Expense | $36,000 | |
| Total | $13,23,500 | $13,23,500 |
3.
| Income Statement | ||
| Particulars | $ | $ |
| Service Revenue | $4,19,000 | |
| Less: Expenses | ||
| salary expense | $2,80,000 | |
| Rent Expense | $75,000 | |
| Miscellaneous expense | $10,000 | |
| Depreciation Expense | $34,500 | |
| Supplies Expense | $36,000 | $4,35,500 |
| Net Income/(Loss) | -$16,500 | |
4.
| Statement of Owner's Equity | |
| Particulars | $ |
| R Small, Capital | $4,00,000 |
| -R Small, Drawing | -$14,000 |
| Net Income/(Loss) for the year | -$16,500 |
| Owner's Equity | $3,69,500 |
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Small Musical Production Company Trial Balance 30-Jun-14 Balance Debit Credit Cash 200,000 Accounts receivable 85,000 Prepaid...
Small Musical Production is owned and operated by Richard Small and the company’s financial year end...
Small Musical Production is owned and operated by Richard Small and the company’s financial year end is June 30th each year. Consider the unadjusted trial balance of the company at June 30, 2014, and the related month-end adjustment data. Small Musical Production Company Trial Balance 30-Jun-14 Balance Debit Credit Cash 200,000 Accounts receivable 85,000 Prepaid rent 105,000 Supplies 45,000 Motor Vehicle 345,000 Accumulated depreciation 155,000 Salary Payable Accounts payable 159,000 Unearned service revenue 100,000 R Small, capital 400,000 R Small,...
Small Musical Production is owned and operated by Richard Small and the company’s financial year end...
Small Musical Production is owned and operated by Richard Small
and the company’s financial year end is June 30th each year.
Consider the unadjusted trial balance of the company at June 30,
2014, and the related month-end adjustment data.
Small Musical Production Trial Balance 30-Jun-14
Adjustment data at June 30 follow:
a. Supplies on hand at year-end, $9,000.
b. Seven (7) months of rent ($105,000) were paid in advance on
February 1, 2014.
c. Depreciation expense...
Agnes Co. Unadjusted Trial Balance 6/30/20 Debit Credit Cash $10,000 Accounts Receivable $13,200 Supplies $2,400 Prepaid...
Agnes Co. Unadjusted Trial Balance 6/30/20 Debit Credit Cash $10,000 Accounts Receivable $13,200 Supplies $2,400 Prepaid Insurance $1,500 Equipment $38,500 Accumulated Depreciation $8,300 Accounts Payable $2,500 Unearned Service Revenue $8,900 Common Stock $15,000 Retained Earnings $9,500 Service Revenue $35,000 Salary Expense $11,200 Utilities Expenses $2,400 $79,200 $79,200 Additional information (not reflected in the above): Supplies used during the month, $450. Prepaid insurance expired during the month, $300. Depreciation on equipment for the month, $500. Unearned service revenue earned during the...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
OKENDO CONSULTING Trial Balance May 31, 2014 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment...
OKENDO CONSULTING Trial Balance May 31, 2014 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 7,500 3,000 2,500 3,600 12,000 $ 3,500 4,000 19,100 7,500 4,000 1,500 $34,100 $34,100 tion to those accounts listed on the trial balance, the chart of accounts for Okendo lting also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and...
Account Debit Credit Cash $19,000 Accounts receivable 19,600 Supplies 3,000 Prepaid rent 2,100 Equipment 37,000 Accumulated...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts...
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. 2. 3....
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
The adjusted trial balance of Debit Company is shown below: &n
The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 2012 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable $4,000 Salary payable 2,000 Unearned revenue (2 month advance) 2,000 Note payable — long term 14,000 Common stock 10,000 Retained earnings 14,700 Dividends 4,000 Service revenue 75,000 Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 ...
Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,180 Equipment 15,000 Accounts Payable...
Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,180 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on...
Small Musical Production is owned and operated by Richard Small
and the company’s financial year end is June 30th each year.
Consider the unadjusted trial balance of the company at June 30,
2014, and the related month-end adjustment data.
Small Musical Production Trial Balance 30-Jun-14
Adjustment data at June 30 follow:
a. Supplies on hand at year-end, $9,000.
b. Seven (7) months of rent ($105,000) were paid in advance on
February 1, 2014.
c. Depreciation expense...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
OKENDO CONSULTING Trial Balance May 31, 2014 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 7,500 3,000 2,500 3,600 12,000 $ 3,500 4,000 19,100 7,500 4,000 1,500 $34,100 $34,100 tion to those accounts listed on the trial balance, the chart of accounts for Okendo lting also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. 2. 3....
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,180 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on...
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