ZuoTi.Pro
Question

3 Below is an incomplete year-end worksheet which you will haveto complete Make the necessary adjustments, given the information items a through g. Oncethe worksheet is completed make thegen. journal closing entries. Trial Balance Debit Credit adj. ref 10000 25200 7000 Adjusted Trial Balance Inc. Statement Balance Sheet DebitCredit DebitCredi t Debit Credit Debit 0 Cash 1 Accounts recelvable 2 Prepaid Rent 3 Prepaid Insurance 4 Supplies S Equipment 6 Accum. Depreciation, Equip. 7 Accounts Payable 8 Salary Payable 9 Unearned Service revenue 0 Betty, Jones, Capital 1 Betty, Jones, Withdrawals 2 Service Revenue 3 Depreciation Expense 750 42000 18500 14600 1400 52400 41000 102110 fandg Supplies Exp s Salary Expense 6 Utilities Exp. 7 Insurance Exp. 8 Rent Exp 57000 5100 189010 189010 0 Profit/Loss 2 a 3 b 4 C. 5 d 6 e 7 f Totals The equipment is estimated to last 10 years.All the equipment was bought a few years ago. A year-end inventory reveals there is now 200 supplies on hand Theoffice werent has been in useall 12 months this past year and the monthly rental rate has been 350 per month for many years. Our current insurance policy will expire after 2 months into next year. Insurance Costs us 80 per month. At year end weoweour employees $1,500 in accrued compensation 800 oftheUnearned serv. Rev, account balance has now been earned $650 of rervenue has been earned but not yet recorded nor collected

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Question is about Betty Jones business wherein adjusted trial balance including closing entries to be made.Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Trial balance Adjustments Adjusted Inc State Balance Sheet it Debit Credit adj Ref Debit Credit Debit Credit DebitCredit Debit Account Cash Accounts Receivable Prepaid Rent Prepaid Insurance 10,000 25,200 7,000 10,000 s 25,8s0 $ 4,200 S2,800 10,000 $ 25,850 $2,800 160 650 750 42,000 550 2 4,200 1,500 $42,000 42,000 S 18,500 a S 14,600 22,700 S 14,600 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Betty Jones, Capital Betty Jones, Withdrawal Service Revenue Depreication Expense Supplies Expense Salaries Expense Utilities Expense Insurance Expense Rent Expense S 22,700 S 14,600 600 52,400 52,400 $41,00o S 4,200 $ 58,500 41,000 41,000 S 102,110 f& g S 103,560 103,560 S 4,200 4,200 5 550 58,500 $ 5,100 $1,500 57,000 S,100 $5,100 800 S 4,200 4,200 S 4,200 Total Profit/(Loss) Total 189,010 $189,010-$ 12,700 12,700 195,360 195,360 73,350 103,560 122,010 $ 91,800 30,210 $ 122,010 122,010 30,210 Working for Adjustments: $4,200o $SS0 Adj No a dj No b Adj No c Adj No d $42,000/10 years $ 750-$ 200 350 per Month 12 Months 4,200 80 per month 10 Months800 Part 2 Closing Ent Account Debit Credit Year End Service Revenue 103,560 $ 103,560 Income Summary being revenue account closed) Year End Income Summary 73,350 $4,200 550 $ 58,500 Depreication Expense Supplies Expense Salaries Expense Utilities Expense nsurance Expense Rent Expense (being expense account closed) Year EndBetty Jones, Withdrawal 41,000 $41,000 Betty Jones, Capital (being income summary closedo Year End Income Summary 30,210 30,210 Betty Jones, Capital being income summary closedo

0 0
Add a comment
Know the answer?
Add Answer to:
3 Below is an incomplete year-end worksheet which you will haveto complete Make the necessary adjustments,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Required: 2. Complete the worksheet by making the following adjustments: supplies on hand at the end...

    Required: 2. Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $7,200; expired insurance, $7,000; depreciation expense for the period, $3,100. Analyze: How does the insurance adjustment affect Prepaid Insurance? Complete this question by entering your answers in the tabs below. Partial Worksheet Analyze Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $7,200; expired insurance, $7,000; depreciation expense for the period, $3,100. NEAL...

  • Please make the year end adjustments in a worksheet and include and in a general journal...

    Please make the year end adjustments in a worksheet and include and in a general journal Cascade Bicycle Shop Trial Balance December 31, 20 -- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accumulated Depr. -Building Store Equipment Accumulated Depr.-Store Equip Accounts Payable Wages Payable Sales Tax Payable Unearned Storage Revenue Mortgage Payable D. Lamond, Capital 22,895 14,640 31,390 7,475 4,505 28,130 51,440 16,520 27,450 9,150 3,530 2,985 5,660 43,400 163,640 D....

  • Question 21 The trial balance and information for year-end adjustments for J. Olsen Company are as...

    Question 21 The trial balance and information for year-end adjustments for J. Olsen Company are as follows: Credit J.Olsen Company Trial Balance December 31, 2017 Account Title Debit Cash 15,700 Accounts Receivable 9,400 Office Supplies 6,000 Prepaid Insurance 1,500 Equipment 50,000 Accumulated Depreciation Equipment Accounts Payable Wages Payable J. Olsen, Capital Vilardi, Drawing 1,500 Service Fees Wages Expense 15,100 Rent Expense 7,800 Supplies Expense Utilities Expense 860 Insurance Expense Depreciation Expense-Equipment 107,860 10,000 5,400 29,460 63,000 107,860 Supplies on hand...

  • adjust the worksheet Adjustments: 1. After doing the year-end count of office supplies, Myers found that...

    adjust the worksheet Adjustments: 1. After doing the year-end count of office supplies, Myers found that $430 of office supplies remained. 2. After doing the year-end count of inventory, Myers determined that there was $53,200 in ending inventory. 3. $800 of the prepaid insurance is unexpired at year end. 4. Depreciation of the office equipment for the year was $10,000. 5. Depreciation of the store equipment for the year was $15,500. 6. The $24,000 in unearned revenue was for orders...

  • The data for year-end adjustments are as follows: Fees earned, but not yet billed, $26. Supplies...

    The data for year-end adjustments are as follows: Fees earned, but not yet billed, $26. Supplies on hand, $6. Insurance premiums expired, $32. Depreciation expense, $13. Wages accrued, but not paid, $13. Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the end-of-period spreadsheet for the year ended October 31, 2018, shown below. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Unadjusted...

  • Complete the worksheet using the excel file. Add your adjusting journal entries and complete the adjusted...

    Complete the worksheet using the excel file. Add your adjusting journal entries and complete the adjusted trial balance. Do not do the financial statements, closing entries, or post-close trial balance. The information for the adjusting journal entries are at the bottom of the tab- "adjusting entries" Adjusting Journal Entries Info. Insurance that expired during December was $275.00 A physical count of the supplies indicated that $715.00 were on hand. Depreciation on office equipment for the period was $330.00 Salaries worked...

  • 22. Use the following information to complete the partial worksheet for Bill's Company. Record the appropriate...

    22. Use the following information to complete the partial worksheet for Bill's Company. Record the appropriate adjusting entries using the data below and extend the balances over to the adjusted trial balance columns. Please Note: because this is a partial trial balance, your adjusted trial balance columns will not equal. (15 pts) $10 3 Merchandise inventory-ending Store supplies on hand Depreciation on store equipment Accrued salaries Bill's Company Partial Worksheet For the Year Ended December 31, 200x Trial Balance Adjustments...

  • Excel Trainers, Inc. Worksheet Month Ended January 31 Adjustments Debit Credit 2009 Adjusted Trial Balance Debit...

    Excel Trainers, Inc. Worksheet Month Ended January 31 Adjustments Debit Credit 2009 Adjusted Trial Balance Debit Credit Trial Balance Debit Credit 60,000 10,000 19,000 36,000 64,000 5,000 12,000 30,000 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Dep. - Equipment Accounts Payable Notes Payable Unearned Revenue Interest Payable Salaries Payable Common Stock Retained Earnings Service Income Salaries Expense Insurance Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Totals 96,000 7,000 70,000 28,000 2002 1800 6,000 150g report. i)...

  • Blum Services has the following unadjusted balances at year-end. Cash $12,900 Prepaid insurance 2,000 Office supplies...

    Blum Services has the following unadjusted balances at year-end. Cash $12,900 Prepaid insurance 2,000 Office supplies 1,300 Office equipment 10,500 Accumulated depreciation–office equipment 3,500 Accounts payable 2,900 Salaries payable -0- Unearned service revenue 4,500 A.L.Blum, capital 11,750 A.L.Blum, drawing 5,600 Service revenue 13,350 Salary expense 3,700 Depreciation expense -0- Supplies expense -0- Insurance expense -0- The following information is available to use in making adjusting entries. a. Office supplies on hand at year-end: $250 b. Prepaid insurance expired during the...

  • 1. Unexpired insurance at year-end is $1,800. 2. A year-end inventory of supplies shows a balance...

    1. Unexpired insurance at year-end is $1,800. 2. A year-end inventory of supplies shows a balance of $3,800. 3. Depreciation has not yet been taken. a. Furniture and Equipment at 20% declining balance method b. Automobile at 30% declining balance method The bank loan is due in 2 years. calculate adjustments, income statement and balance sheet showing columns for debits and credits Service Company Worksheet ACCOUNTS TRIAL BALANCE DEBIT CREDIT Bank       18,744.00 Accounts Receivable         7,500.00 Supplies         5,000.00...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT