3. The End of the Accounting Cycle: Jam J, Corp. provides guitar lessons to customers. As...
The End of the Accounting Cycle: Jam J, Corp. provides guitar lessons to customers. As of December 31, 2017, Jam J has the following balances in its unadjusted trial balance at the end of its annual accounting period (assume all accounts have their ‘normal’ debit/credit balance): Cash $21,325; Accounts Receivable: $16,200; Supplies: $10,400; Prepaid Insurance: $0; Building: $65,000; Accumulated Depreciation-Building: $0; Accounts Payable: $10,500; Salaries Payable: $0; Utilities Payable: $0; Interest Payable: $0; Deferred Revenue: $450; Notes Payable: $40,000; Common...
1. The End of the Accounting Cycle - the closing process (The return of Jam J!): Jam J, Corp. provides guitar lessons to customers. The financial statements for 2017 are given below. Given these financial statements, complete the following: PART A-Record closing entries: Record all four closing journal entries using the information in the financial statements for Jam) given below. For revenue and expense accounts, don't forget to close to the 'Income Summary' account first before closing the net income/(loss)...
1. The End of the Accounting Cyde-the closing process (The return of Jam J!): Jam J, Corp provides guitar lessons to customers. The financial statements for 2017 are given below. Given these financial statements, complete the following: PARTA-Record closing entries: Record all four closing journal entries using the information in the financial statements for Jam) given below. For revenue and expense accounts, don't forget to close to the 'Income Summary account first before closing the net income/loss) amount to Retained...
The Accounting Cycle – End of the period: followings are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable (A/P) $5,901...
Accrual Based Accounting – Adjusting Journal Entries (AJEs): Say Something, Inc. rents equipment for the 12 months, paying $14,400 cash in advance on August 1st, 2019 for the rental period of August 1st, 2019 – July 31, 2020. Record the journal entry for the original payment in advance on August 1st, 2019. Record the adjusting entry to recognize Rent Expense on December 31st, 2019. Assume Say Something uses an annual accounting period which ends on December 31st, 2019 and adjusting...
2. The Accounting Cycle – End of the period (7pts): Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable...
[The following information applies to the questions displayed below] Golf Academy, Inc., provides private goff lessons. ts unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Cash Deferred Revenue Salaries and Wages payable Income Tax Payable Interest Payable 32,800. 780 on Dec s 2,998 of this amount, $2,400 was received for December lessons and $59e e Employees were paid $1,900 for 18 days of work through December 0 The company has paid last year's income...
I need help answering the income tax amount Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Deferred Revenue Debit $32,700 760 $ 4,380 Salaries and Wages payable Income Tax Payable 0 Interest Payable 0 Notes Payable (long-term) Common Stock 13, 200 1,000 Further Information As reported on December 31 bank statement. Based on count, only $280 of supplies still exist. of...
[The following information applies to the questions displayed below.) Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with Information about selected accounts Credit Account Names Cash Supplies Deferred Revenue Debit $31,900 669 $ 3,500 Salaries and Wages payable e Income Tax Payable Interest Payable Notebyable (long-teri) Common Stock Retained Earnings Service Revenue 12,000 1,880 3,000 51,500 Further Information As reported on December 31 bank statement. Based on count, only $200 of...
just need income tax expense/payable Saved Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700...