Part 1
Journal Entries
Posting in General Ledger
Adjusted Trial Balance
Part 2
Income Statement & Retained Earnings StatementBalance
Sheet for Garcia Inc.
Part 3
Closing Journal Entries
Posting in General Ledger
Post Closing Trial Balance
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Credit Rs. Particulars Cash Accounts Receivable Supplies Prepaid Insurance Adjusted Trial Balance Debit Rs. $ 42,000.00 $ 11,600.00 $ 300.00 $ 19,000.00 $ 12,900.00 $ 8,300.00 Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Tax Payable $ $ $ 3,000.00 640.00 5,540.00 Note Payable (3 Years) Common Stock (5000 Shares outstanding) Additional paid-up-Capital Retained Earnings Service Revenue Remaining Expenses $ 17,000.00 $ 400.00 $ 19,000.00 $ 6,000.00 $ 61,360.00 $ 33,360.00 Income Tax Expense Shortage of Supplies Insurance Expense Depreciation Expense $ 5,540.00 $ 600.00 $ 800.00 $ 3,700.00 Wages Expense $ 640.00 Total $1,25,840.00 $ 1,25,840.00
Debit Date Particular Before 31-12-XX To Shortage of Supplies $ 31-12-XX To Insurance Expense $ 31-12-XX To Depreciation Expense $ - - - Income Statement Credit After Date Particular Before After $ 600.00 31-12-XX By Service Revenue $ 61,360.00 $ 61,360.00 $ 800.00 $ 3.700.00 31-12-XX To Wages Expense 31-12-XX To Remaining Expense 640.00 33,360.00 $ 33,360.00 $ 31-12-XX To Income Tax Expense $ - $ 5.540.00 To balance transferred 31-12-XX to Retained Earnings $ 28,000.00 $ 16,720.00 $ 61,360.00 $ 61,360.00 $ 61,360.00 $ 61,360.00 Retained Earnings Debit Before Date Particular After Date Particular 31-12-XX By balance b/d Credit Before After $ 6,000.00 $ 6,000.00 By balance transferred 31-12-xx from Income Statement $ 28,000.00 $ 16,720.00 31-12-XX To balance c/d $ 34,000.00 $ 22,720.00 $ 34,000.00 $ 22.720.00 $ 34,000.00 $ 22,720.00
Balance Sheet Assets Before After Liabilities Particular Common Stock (5000 Shares outstanding) Additional paid-up-Capital Before After Particular $ 400.00 $ 400.00 Service Vehicles $ 19,000.00 $ 19,000.00 Less: Accumulated Depreciation (Net Block) Service Vehicles $ 19000 $-9200 $ 9,800.00 $ 6,100.00 Retained Earnings + Profits $ 34,000.00 $ 22,720.00 Supplies $ 3,000.00 $ 3,000.00 Accounts Receivable $ 640.00 Cash Accounts Payable Wages Payable $ 900.00 $ 300.00 $ 11,600.00 $ 11,600.00 $ 42,000.00 $ 42,000.00 Income Tax Payable $ $ 8,300.00 5,540.00 Other Assets Prepaid Insurance $ $ 8,300.00 800.00 Note Payable (3 Years) $ 17,000.00 $ 17,000.00 $ 73,400.00 $ 68,300.00 | $ 73,400.00 $ 68,300.00
Closing Journal Entries Debit Rs. Date Particular Credit Rs. Dr. 600.00 31-12-XX 31-12-XX Income Statement A/C To Shortage of Supplies A/C 600.00 (Being loss of supplies found on physical verification booked as shortage at year-end booked as expense) 31-12-XX 31-12-XX $ 800.00 800.00 Income Statement A/C Dr. To Insurance Expense A/c (Being Insurance expired for the year-end booked as expense) Dr. $ 31-12-XX 31-12-XX 3,700.00 Income Statement A/C To Depreciation Expense A/C 3,700.00 (Being Depreciation booked for the year-end booked as expense) 31-12-xx 31-12-XX $ 640.00 640.00 Income Statement A/C Dr. Dr. To Wages Expense A/C (Being wages earned by the employees remained unpaid at year-end booked as expense) 5,540.00 31-12-XX 31-12-XX 5,540.00 Income Statement A/C Dr. To Income Tax Expense A/C (Being income tax expense remained unpaid at year- end booked as expense)
Credit Rs. Particulars Cash Accounts Receivable Supplies Prepaid Insurance Post-Closing Trial Balance Debit Rs. $ 42,000.00 $ 11,600.00 | $ 300.00 $ 19,000.00 $ 12,900.00 $ 8,300.00 Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Tax Payable $ 3,000.00 640.00 5,540.00 $ Note Payable (3 Years) Common Stock (5000 Shares outstanding) Additional paid-up-Capital Retained Earnings $ 17,000.00 $ 400.00 $ 19,000.00 $ 22,720.00 Total $ 81,200.00 $ 81,200.00
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Account Titles Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals 17,000 400 19,000 6,000 61,360...
This is all one question
these are the spreed sheets to help with the problem
Chapter 4 The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional...
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Account Titles Debit Credit Cash 42,000 Accounts receivable 11,600 Supplies 900 Prepaid insurance 800 Service trucks 19,000 Accumulated depreciation 9,200 Other assets 8,300 Accounts payable 3,000 Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31)...
I need help particularly with the wages expense as for all spots
it says 640 is incorrect. Also calculating retained earnings, net
income, and earnings per share and anything else I may have
missed
Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,000...
Use ders Earn SOUTH BEND REPAIR SERVICE CO. Unadjusted Trial Balance For the Year Ended December 31 Debit Credit 19,600 7.000 1,300 900 27,000 12,000 er 31 after 5.100 2,500 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Note payable (two years: 12% interest due each December 31) Common stock (3,000 shares outstanding all year) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income...
Chapter 3 HiTech Communications example continued Trial balance as of March 31, 2013, before adjustments Credit Debit $16.600 6,500 1,200 4.500 $500 9.000 RE Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Notes Payable Common Stock Dividends Service Revenue Salaries Expense Utilities Expense Totals Adjustments at the end of March 3.000 12,000 500 12.100 1,800 5.200 $36.600 $36,600 1. HiTech had performed $1.500 of advertising services for which it had not yet billed the customer 2....
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account Titles Debit Credit Cash $3,670 Accounts Receivable 3,780 Supplies 520 Accounts Payable $1,500 Unearned Service Revenue 140 Common Stock 3,340 Retained Earnings 2,000 Dividends 800 Service Revenue 5,100 Salaries and Wages Expense 1,300 Miscellaneous Expense 310 Supplies Expense 2,200 Salaries and Wages Payable 500 $12,580 $12,580 Prepare a post-closing trial balance, Concord Company Post-Closing Trial Balance For the Month Ended June 30, 2022 Debit...
The unadjusted trial balance of PS Music as of July 31, 2016,
along with the adjustment data for the two months ended July 31,
2016, are shown in Chapter 3. Based upon the adjustment data, the
following adjusted trial balance was prepared:
PS Music
ADJUSTED TRIAL BALANCE
July 31, 2016
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
9,945.00
2
Accounts Receivable
4,150.00
3
Supplies
275.00
4
Prepaid Insurance
2,475.00
5
Office Equipment
7,500.00
6
Accumulated Depreciation-Office Equipment
50.00
7
Accounts Payable...
Exercise 4-7 Swifty Company had the following adjusted trial balance. Swifty Company Adjusted Trial Balance For the Month Ended June 30, 2019 Adjusted Trial Balance Account Titles Debit Credit Cash $3,790 Accounts Receivable 3,760 Supplies 460 Accounts Payable $1,700 Unearned Service 180 Revenue Common Stock 1,990 Retained Earnings 2,500 Dividends Service Revenue 5,300 Salaries and Wages 1,300 Expense Miscellaneous Expense 360 Supplies Expense 1,900 Salaries and Wages 700 Payable 800 $12,370 $12,370 Prepare closing entries at June 30, 2019. (Credit...