Question

Accounting Cycle Tutorial . Step 7: Prepare the Adjusted Trial Balance 0.00 2 Prepare the Adjusted Trial Balance Activity 2.a - Prepare the Adjusted Trial Balance Post the transactions to the ledger in chronological order and complete the Adjusted Trial Balance. Transactions Dec. issued common stock for $22,100 cash Explanation Debit Credit Balance 21.000 43100 Received cash in advance for service to Paid rent in advance Billed clients for $13.900 of work performed Received payment of 1500 in advance for work to be performed Paid rent in advance of $10,900 to cover December through March rent Bought furniture, paying $3.000 cash and S4 900 notes payable Received 54 900 from accounts receivable Incurred salaries expense of $19.500 to be paid at a future date Paid 5660 toward the Accounts Payable Made an adjustment for revenue of 58,500 that was prepaid and had been earned Adjusted for rent expired during December Adjusted for depreciation on furniture, Collected on accounts rece Paid on accounts payable Paid sales payal Accounts Receivable Ret Debit Balance Credit Paid salaries payable and incurred another $19.500 of sales expense to be paid next month. Post the salaries 11000 Deca v 31 Paid 530 in Dwidends. Please review your answer and try again.

Answer 1

Company Journal Enteries Date Particulars Dec-01 Cash a/c Dr. To Common Stock (Common stock issued) Debit in $ Credit in $ 22100 22100 Debit in $ Credit in $ 17140 9000 8175 7900 190 4240 13900 Dec-02 Accounts Receivable a/c Dr. To Service Revenue (Customer billed) 13900 Trial Balance For the Month ending Dec 31 Particulars Cash Accounts Receivable Prepaid Rent Furniture Accum. Depre- Furn, Accounts Payable Unearned Revenue Salaries Payable Common Stock Cash Dividends Service Revenue Salaries Expense Rent Expense Depeciation Expense Totals 8500 Dec-03 Cash a/c Dr. To Unearned Revenue (Advance from client) 8500 39000 22100 3800 22400 39000 2725 190 8793087930 10900 Dec-05 Prepaid Rent a/c Dr. To Cash (3 months rent in advance) 10900 Dec-10 7900 Furniture a/c Dr. To Cash To Accounts Payable (Furniture purchased) 3000 4900 4900 Dec-15 Cash a/c Dr. To Accounts Receivable (Cash from debtors) 4900 Dec-15 19500 Salaries Expense a/c Dr. To Salaries Payable (Salary accrued) 19500 660 Dec-16 Accounts Payable a/c Dr. To Cash (Creditors paid) 660 8500 Dec-31 Unearned Revenue a/c Dr To Service Revenue (Revenue earned) 8500 Dr. 2725 Dec-31 Rent Expense a/c To Prepaid Rent (Rent expired) 10900/4 2725 190 Dec-31 Depeciation Expense a/c Dr. To Accum. Depre- Furn, (To record depreciation) 190 19500 Dec-31 Salaries Expense a/c Dr. To Salaries Payable (Salary accrued) 19500 Dr. 3800 Dec-31 Cash Dividends a/c To Cash (Dividends paid) 3800

Salaries Payable Date Explanation Dec-15 Salaries Payable Dec-31 Salaries Payable Debit in $ Credit in $ Balance 19500 19500 19500 39000 Cash Date Explanation Dec-01 Common Stock Dec-03 Unearned Revenue Dec-05 Prepaid Rent Dec-10 Furniture Dec-15 Accounts Receivable Dec-16 Accounts Payable Dec-31 Cash Dividends Debit in $ Credit in $ Balance 22100 22100 8500 30600 10900 19700 3000 16700 4900 21600 660 20940 3800 17140 Common Stock Date Explanation Dec-01 Cash Debit in $ Credit in $ Balance 22100 22100 Cash Dividends Date Explanation Dec-31 Cash Debit in $ Credit in $ Balance 3800 3800 Accounts Receivable Date Explanation Dec-02 Service Revenue Dec-15 Cash Debit in $ Credit in $ Balance 13900 13900 4900 9000 Service Revenue Date Explanation Dec-02 Accounts Receivable Dec-31 Unearned Revenue Debit in $ Credit in $ Balance 13900 13900 22400 Prepaid Rent Date Explanation Dec-05 Cash Dec-31 Rent Expense Debit in $ Credit in $ Balance 10900 10900 2725 8175 Salaries Expense Date Explanation Dec-15 Salaries Payable Dec-31 Salaries Payable Debit in $ Credit in $ Balance 19500 19500 19500 39000 Furniture Date Explanation Dec-10 Cash Dec-10 Accounts Payable Debit in $ Credit in $ Balance 3000 3000 4900 7900 Rent Expense Date Explanation Dec-31 Prepaid Rent Debit in $ Credit in $ Balance 2725 2725 Accum. Depre - Furn, Date Explanation Dec-31 Depeciation Expense Debit in $ Credit in $ Balance 190 190 Depeciation Expense Date Explanation Debit in $ Credit in $ Balance Dec-31 Accum. Depre - Furn, 190 190 Accounts Payable Date Explanation Dec-10 Furniture Dec-16 Cash Debit in $ Credit in $ Balance 4900 4900 660 4240 Unearned Revenue Date Explanation Dec-03 Cash Dec-31 Service Revenue Debit in $ Credit in $ Balance 8500 8500 8500 0