Question: Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance o... Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Skylar Gaming, Inc. at the end of its first year of operations, December 31, 20x7: Account Name DR. CR. Cash $71,550 Accounts Receivable $25,200 Supplies $550 Prepaid Insurance $12,000 Equipment $31,750 Accumulated Depreciation-Equipment $4,050 Accounts Payable $6,700 Salaries Payable $0 Unearned Revenue $2,200 Common Stock $45,700 Retained Earnings $23,850 Dividends $3,500 Revenue $80,750 Depreciation Expense-Equipment $2,000 Salaries Expense $4,750 Insurance Expense $3,100 Rent Expense $4,200 Supplies Expense $2,500 Utilities Expense $2,150 $163,250 $163,250 The following additional information is available: Skylar Gaming, Inc. needs to accrue $2,000 in salaries that will not be paid until next month. Skylar Gaming, Inc. has earned $2,000 of the services that were paid for in advance as included in the unearned revenue account. At the end of the period, Skylar Gaming, Inc. has provided services in the amount of $500 to another customer (John Gartner). However, Skylar has not billed them yet since they only issue bills at the beginning of each month. Skylar Gaming, Inc. needs to record the annual $1,025 of depreciation on the equipment. One month of the 12-month insurance policy in prepaid insurance has been used up, and a journal entry is needed to reflect this. At the end of the period, $125 in supplies are remaining. Required: Prepare all necessary adjusting entries at December 31, 20x7 Descriptions are not needed. Using the below linked template prepare an adjusted trial balance at December 31, 20x7. Using a worksheet template, prepare an income statement, statement of retained earnings, and a balance sheet. Prepare closing entries including descriptions.
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Question: Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance o......
Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Skylar Gaming, Inc. at the end of its first year of operations, December 31, 20x7: Account Name DR. CR. Cash $71,550 Accounts Receivable $25,200 Supplies $550 Prepaid Insurance $12,000 Equipment $31,750 Accumulated Depreciation-Equipment $4,050 Accounts Payable $6,700 Salaries Payable $0 Unearned Revenue $2,200 Common Stock $45,700 Retained Earnings $23,850 Dividends $3,500 Revenue $80,750 Depreciation Expense-Equipment $2,000 Salaries Expense $4,750 Insurance Expense $3,100 Rent Expense $4,200...
balance at the end of the month: Credit 875 The Lemur Golf Company Unadjusted Trial Balance September 30, 2019 Account Name Debit Cash 21,610 Accounts Receivable 11,900 Prepaid Insurance 6,000 Supplies 1,820 Equipment 8,750 Accumulated Depreciation - Equip Automobile 26,750 Accounts Payable Unearned Golfing Revenue Contributed Capital Dividends 2,400 Retained Earnings Golfing Adventure Revenue Golf Lesson Revenue Salaries Expense 28,210 Rent Expense 13,790 Telephone Expense 5,250 Travel Expense 1,260 Interest Expense 14,870 142,610 10,585 2,800 37,800 20,000 55,550 15,000 142,610...
3.25 Journalining adjusting entries and posting to account The unadjusted trial balance for Pit Class Maldo Company, the dining service, is as follows: FIRST CLASS MAIDS COMPANY Unad usted Trial Balance December 31, 2014 3.000 Account Title Cath Office Supplies Prepaid instance Equipment Accumuland Depreciation opment Accounts Payable Salaries Payable Unnamed Revenue Molly Capital Moly Withdrawal Service Revenue Salaries Expense Supplies Expense Depreciation Expense Equipment Insurance pense Total $ 4.500 During the 12 months ended December 31, 2014. First Class...
Required: 1. Prepare the adjusting entries on the Trial Balance tab, and complete the worksheet on the Trial Balance tab 2. On the Financial Statements tab, prepare the income Statement, Retained Earnings Statement, and Balance Sheet for the 2020 year 3. On the Tab complete T-Accounts for all accounts. The ending balances in every should agree to the balances on the Balance Sheet as of December 31, 2020 Prepaid Insurance 1,000 89,020 Accounts Receivable 103,100 103 100 Equipment 100,000 Allowance...
Required: 1. Prepare the adjusting entries on the Trial Balance tab, and complete the worksheet on the Trial Balance tab 2. On the Financial Statements tab, prepare the income Statement, Retained Earnings Statement, and Balance Sheet for the 2020 year 3. On the Tab complete T-Accounts for all accounts. The ending balances in every should agree to the balances on the Balance Sheet as of December 31, 2020 Prepaid Insurance 1,000 89,020 Accounts Receivable 103,100 103 100 Equipment 100,000 Allowance...
Adjusting Entries Below please find the unadjusted trial balance Williams Corporation Unadjusted Trial Balance As of the year ended May 31, 2020 Cash 33,845 Accounts Receivable 88,000 Allowance for Doubtful Accounts 300 Prepaid Rent Prepaid Insurance 21,940 Equipment 950,333 Accumulated Depreciation 215,000 Patent 45,000 Accounts Payable 73,000 Short Term Notes Payable 65,000 Salaries Payable Interest Payable Unearned Fee Revenue 40,000 Unearned Service Revenue 8,000 Bonds Payable 300,000 Discount on Bonds Payable 28,782 Common Stock 100,000 Retained Earnings 185,000 Fee Revenue...
Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items...
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)...
Requirement 2. The accounts listed in the unadjusted trial balance, together with their unadjusted balances as of December 31, 2018 have been opened for you in T-account form. Post the adjusting entries to T-accounts using the adjustment letters (a, b, c, etc.) as posting references. Determine the ending balances for all T-accounts (including any that may not be affected by any of the adjusting entries) on December 31, 2018. Calculate each accounts balance and enter the balance, along with a...
VIl. Adjusting Entries (17 points) . owing is an unadjusted trial balance for Han's Music The followin instruments and saxophone lessons. sole proprietor etorship specializing in band 12,780 24,840 850 2,800 Han's Music Unadjusted Trial Balance 31-Dec-2020 Cash Accounts Receivable Office Supplies Prepaid Insurance Notes Receivable Band Equipment Accumulated Depreciation Equipment Accounts payable Notes Payable Unearned revenues Han Dai, Capital Sales Revenues Salaries Expense Utilities Expense Rent Expense 13,920 6,000 2.680 1.820 12,000 3,860 25,480 57,800 33.000 1.750 7,700 103,640...