Question

On April 1, 2020, these were the account balances of Ayala Architects Debit $ 23.125 Accumulated Depreciation $ 27.500 Accounts Receivable 6.700 Accounts Payable 3.200 Common Stock 420.000 Building 420.000 Retained Earnings 5453075 $452.075 These selected events and transactions occurred in April. Apr.2 Bradley issued 18,000 shares of $1 par value common stock at par 5 Paid interest on loan for the month $900. 12 Purchased supplies for $1,300 on account. 16 Completed blueprints on a carport and billed client $1,900. 20 Received $2,800 cash for services completed and delivered to S. Melvin 25 Paid receptionist for the month, $1.500 28 Paid $675 on an account payable due. 29 Paid a $500 cash dividend. Ayala has these accounts in its chart of accounts: Cash, Accounts Receivable Supplies Building. Accumulated Depreciation, Accounts Payable, Salaries Payable. Common Stock Retained Earnings, Dividends, Income Summary, Service Revenue Interest Expense Salaries Expense, Supplies Expense, Depreciation Expense. Instructions: Perform the following steps on the Excel workbook 1. Journalize the month's transactions. You may amit journal entry descriptions 2. Post the month's journal entries to the general ledger. Omit post references Prepare an (unadjusted) trial balance on April 30. 4. Journalize and post the following adjusting entries for April: 1. Supplies remaining at the end of the month amounted to $2,900 2. Building depreciation is $2,600 per month 3. Ayala finished and delivered blueprints to another dient for a job totaling $7.900 4. Accrued salaries are $1.480. 5. Prepare an adjusted trial balance on April 30. column total = 483,380 6. Prepare financial statements: a income statement b. statement of stockholders' equity balance sheet 7. Journaline and post closing entries for April 8. Prepare a post-closing trial balance on April 30 9. Check ALL steps against the rubrice and make any necessary corrections. Do not sp "I did instructions through 3, but need help with adjusting the adjusted trial balance instruction 4) AYALA ARCHITECTS TRIAL BALANCE APRIL 30, 2020 Supplies Acumulated Depec Corrmen Stock Service Revenue Interest Expense

Answer 1

Ayala Architects Adjusting Enteries Date Particulars 30.4.2020 Supplies Expense a/c Dr. To Supplies (Supplies expensed) 4500 - 2900 Debit in $ Credit in $ 1600 1600 2600 30.4.2020 Depreciation Expense a/c Dr. To Accum. Depre- Build. (To record depreciation) 2600 7900 30.4.2020 Accounts Receivable a/c Dr. To Service Revenue (Services provided on account) 7900 Dr. 1480 30.4.2020 Salaries Expense a/c To Salaries Payable (Salary accrued) 1480 Closing Enteries Date Particulars 30.4.2020 Income Summary a/c Dr. To Salaries Expense To Supplies Expense To Depreciation Expense To Interest Expense (Expense accounts closed) Debit in $ Credit in $ 8080 2980 1600 2600 900 12600 30.4.2020 Service Revenue a/c Dr. To Income Summary (Revenue accounts closed) 12600 Dr. 30.4.2020 Income Summary a/c To Retained Earnings (Profits transferred) 4520 Dr. 500 30.4.2020 Retained Earnings a/c To Dividends (Dividends charged) 500

Worksheet For the period ending 30.4.2020 Particulars Cash Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense Interest Expense Totals Unadjusted Adjustments Adjusted Post Closing Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 40400 40400 40400 8600 7900 16500 16500 4500 1600 2900 2900 420000 420000 420000 27500 2600 30100 30100 1300 1300 1300 1480 1480 1480 438000 438000 438000 4900 4900 8920 500 500 4700 7900 12600 1500 1480 2980 1600 1600 2600 2600 900 900 476400 476400 13580 13580488380 488380 479800 479800

12600 Statement of Income For the period ending 30.4.2020 Service Revenue Less: Salaries Expense Supplies Expense Depreciation Expense Interest Expense Net Income 2980 1600 2600 900 8080 4520 Statement of Retained Earnings For the period ending 30.4.2020 Beginning Balance Net Income 4900 4520 9420 -500 8920 Less:Dividends

Amounts in $ Amounts in $ Balance sheet As at 30.4.2020 Assets Current Assets Cash Accounts Receivable Supplies Amounts in $ Amounts in $ Liabilities Current Liabilities 40400 Accounts Payable 16500 Salaries Payable 2900 59800 1300 1480 2780 Non Current Assets Building Accum. Depreciation Total Assets 420000 -30100 Shareholders Equity Common Stock 389900 Retained Earnings 449700 Total Liabilitoes & Equity 438000 8920 446920 449700