ZuoTi.Pro
Question

Hello,

I am really confused about this homework. She did the professor did not provide a trial balance. I need to submit homework by 5:00pm. I really need help as soon as possible. Please try to work with what she provided

Thank You,

Hello,

This is all the teacher provided. I am going to attach a picture.Week 4-Assignment Question A: 1lCollected $1,000 rent for the period December 1, 2012, to April 1, 2013, which was credited to Unearned Rent Revenue on December 1, 2012. 2 Purchased a machine for $32,000 cash on January 1, 2008. The company estimates annual depreciation at $3,000. 3] Paid $4,200 for a two-year insurance premium on July 1, 2012; debited Prepaid Insurance for that amoun!Font Color Instruction: Please make and adjusted transactions Questions B: Determining Financial Statement Effects of Adjusting Entries (Deferred Accounts) For each of the transactions above, indicate the amounts and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate+ for increase, -for decrease, and NE for no effect. Balance Sheet Income Statement Transaction Assets Liabilities Stockholders Revenue Equity

For this question, I need a 10- column worksheet reflecting the Trial Balance, The end of period adjustment, the adjusted trial balance, the income statement and the balance sheet. Week 4 – Assignment Question A: 1] Collected $1,000 rent for the period December 1, 2012, to April 1, 2013, which was credited to Unearned Rent Revenue on December 1, 2012. 2] Purchased a machine for $32,000 cash on January 1, 2008. The company estimates annual depreciation at $3,000. 3] Paid $4,200 for a two-year insurance premium on July 1, 2012; debited Prepaid Insurance for that amount. Instruction: Please make and adjusted transactions

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

Homework Answers

Answer #1

31 A) 32 Date Account title & explanatiorn Debit Credit 31-Dec Unearned Rent Revenue (1000/4) 250 Rent Revenue 34 35 36 37 38 39 40 41 42 43 250 To record rent revenue earned during the Year) 31-Dec Depreciation Expense - Machinery 3,000 Accumulated Depreciation -Machinery 3,000 To record depreciation expense) 31-Dec Insurance expense (4200*6/12) 2,100 Prepaid insurance 2,100 To record expired insurance)46 B) 47 10- Column Work Sheet TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET 49 50 51 Cash 52 Machine 53 Prepaid insurance 54 Uneamed Rent Revenue 55 Rent Revenue 56 Insurance 57 58 Accumulated Depreciation -Machin 59 Net Loss 60 61 62 63 64 65 ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 35,200.00 32,000.00 4,200.00 35,200.00 32,000.00 2,100.00 35,200.00 32,000.00 2,100.00 2,100 750.00 250 1,000.00 250.00 750.00 250.00 250 2,100.00 3,000.00 2,100.00 3,000.00 2,100.00 3,000.00 reciation nse 3,000.00 3,000.00 3,000.00 4,850.00 5,100.00 5,100.00 4,850.00 3,750.00 1,000.00 1,000.00 5,350.005,350.00 4,000.00 4,000.00 3,750.00 Balance Sheet Income Statement Transaction Liabiliti Stockholders Net Inome NE NE NE NE 69

0 0
Add a comment
Know the answer?
Add Answer to:
Hello, I am really confused about this homework. She did the professor did not provide a...
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

  • Week 4 – Assignment Question A: 1] Collected $1,000 rent for the period December 1, 2012,...

    Week 4 – Assignment Question A: 1] Collected $1,000 rent for the period December 1, 2012, to April 1, 2013, which was credited to Unearned Rent Revenue on December 1, 2012. 2] Purchased a machine for $32,000 cash on January 1, 2008. The company estimates annual depreciation at $3,000. 3] Paid $4,200 for a two-year insurance premium on July 1, 2012; debited Prepaid Insurance for that amount. Instruction: Please make and adjusted transactions Questions B: Determining Financial Statement Effects of...

  • Hello! I am super confused about this question. I am trying to figure out the correct...

    Hello! I am super confused about this question. I am trying to figure out the correct numbers from those blank boxes, and I don´t get any right. Please help me! Thank you! :) .... (I click thumbs up if it´s correct) Adjusting Entries from Tral Balances The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Eva's Laundry Trial Balance...

  • Hello please see attachments for reference. Please help me. I am so confused. Thank you very...

    Hello please see attachments for reference. Please help me. I am so confused. Thank you very much. Accounting 2140 - Comprehensive Problem On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2019. After the success of the company's first two months, Santana...

  • adjusting entries On December 31, 2013, the bookkeeper of Atomic Company prepared a statement of income...

    adjusting entries On December 31, 2013, the bookkeeper of Atomic Company prepared a statement of income and a balance sheet. The statement of income showed net income of $60,000 while the balance sheet reflected total assets of $320,000, total liabilities of $80,000, and shareholders equity of $240,000. The controller of the company realized that the statements were incorrect as the bookkeeper had not prepared adjusting journal entries relating to the following information: 1. Wages amounting to $47,000 for the last...

  • In each of the following transaction (a) through (c) the Catena’s Marketing Company indicated the amount and the direction of effects

    In each of the following transaction (a) through (c) the Catena’s Marketing Company indicated the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement indicate + for increase. -for decrease (Reductions in account balance should be indicated with a minus sign)Collected $1,200 rent for the period December 1 of the current year to April 1 of next year, which was credit to Unearned Rent on December 1.Purchased a machine...

  • In each of the following transactions (a) through (C) for Catena's Marketing Company, indicate the amounts...

    In each of the following transactions (a) through (C) for Catena's Marketing Company, indicate the amounts and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Indicate + for increase, – for decrease. (Reductions in account balances should be indicated with a minus sign.) a. Collected $2,000 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on...

  • points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement...

    points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement for the December 31, 2012. Baba Repair Service Adjusted Trial Balance December 31, 2012 Debit Credit $1,600 2,400 800 200 14,000 Accounts Cash Accounts receivable Prepaid rent Supplies Building Accumulated depreciation Accounts payable Salary payable Unearned revenue D. Baba, capital D. Baba, drawing Service revenue Salary expense Rent expense Depreciation expense Supplies expense Total $2,000 4,200 1,000 800 6,000 1,000 50,000 121.000 114,000 8.500...

  • I need help completing my Financial Statement homework and if what I have completed is correct....

    I need help completing my Financial Statement homework and if what I have completed is correct. k Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total...

  • Homework: Homework - Chapter 03 Save 2 of 5 (0 complete) Score: 0 of 2 pts...

    Homework: Homework - Chapter 03 Save 2 of 5 (0 complete) Score: 0 of 2 pts E3-18A (similar to) HW Score: 0%, 0 of 10 pts Question Help Joumalize the adjusting entry needed at May 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from anyjournal entries.) Click the icon to view the transactions.) a. On March 1, $4,500 rent was...

  • simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable...

    simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable 740,000 inventory 250,000 supplies 120,000 prepaid rent 75,000 office furniture 1,500,000 accumulated depreciation 450,000 account payable 380,000 salary payable 25,000 interest payable 17,000 unearned sales revenue 39,000 note payable long term 209,000 simpleton capital 1,652,500 simpleton withdrawal 105,000 sales revenue 1,200,000 interest revenue 16,000 sales discount 32,000 sales returns and allowances 21,000 cost of goods sold 213,500 salary expense 105,000 rent expense 135,000 depreciation...

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