Question

Comprehensive Problem 1 Part A

Page 137 COMPREHENSIVE PROBLEM 1 PART A (CHAPTERS 1, 3, 4) COMPREHENSIVE PROBLEM 1 REQUIREMENTS PART A: () Prepare journal entries to record the October 2019 transactions listed on the follow the chart of accounts for the appropriate account titles to use). Prepare a se each transaction and leave a space after each entry! Check figure: Toto s listed on the following page (refer to Prepare a separate journal entry for Check figure: Total debits = $112,705. OPTIONAL: Post the journal entries to the T-accounts and calculate the accoun unadjusted trial balance. Check figures Cash balance = $26.155) Trial balance to and calculate the account balances. Prepare an $26,155) Trial balance total debits = $86,190. (2) Prepare adjusting journal entries in the dated October 31): Journal entries in the general journal based on the following information (all AJES of $4,000 per week. Assuming a Monday - Friday workweek, accrue (a) The computers and mobile devices her and mobile devices have a useful life of 3 years. Record one month of depreciatio (b) The truck has a useful life of 5 years Record one month of depreciation. (c) There were $315 of supplies on hand at the end of the month. (d) Record insurance expired for one month. (e) Employees earn salaries & wages of $4.000 per week Assuming a Monday - Friday we wages and salaries for October 28-31 By the end of October, one month of cleaning services has been performed for La Playa High for which payment had been received in advance on October 24 g) on October 31, Sparkle performed cleaning services for a local athletic club. The client will be billed in November, $425. (h) Annual interest on the note payable is 7%. Record accrued interest for October. (1) Income taxes to accrue for October are estimated to be $490. has been performed for La Playa High School, Check figure: Total Debits = $6,090. OPTIONAL: Post the adjusting entries to the T-accounts and calculate the account balances. Prepare an adjusted trial balance. Check figure: Total Debits = $91,100.

Answer 1

в с D E F SPARKLE POOL & SPA SERVICES, INC. October 31, 2019 Unadjusted T/B Adjustments Adjusted T/B Account Titles Debit ($) Credit (S) Debit ($) Credit (S) | Debit ($) Credit (S) 5 Cash $ 26,155 $ 26,155 6 Accounts Receivable $ 9,000 $ 425 $ 9,425 7 Prepaid Insurance $ 1,800 $ 75 $ 1,725 8 Supplies $ 1,120 $ 805 S 315 9 Truck $ 33,000 | $ 33,000 10 Accumulated Depreciation - Truck $ 550 $ 550 11 Computers $ 3,780 $ 3,780 12 Accumulated Depreciation - Computers $ 105 $ 105 13 Notes Payable $ 24,000 $ 24,000 14 Accounts Payable $ 4,140 $ 4,140 15 Unearned Service Revenue $ 1,500 $ 300 $ 1,200 16 Interest Payable $ 140 $ 140 17 Salaries and Wages Payable $ 4,000 $ 4,000 18 Income Taxes Payable $ 490 $ 490 19 Common Stock $ 40,000 | $ 40,000 20 Dividends $ 1,000 $ 1,000 21 Service Revenue $ 16,550 $ 725 $ 17,275 22 Salaries and Wages Expense $ 7,600 $ 4,000 $ 11,600 23 Advertising Expense $ 250 $ 250 24 Insurance Expense $ 75 $ 75 25 Utilities Expense IS 360 S 360 26 Rent Expense $ 1,275 $ 1,275 27 Supplies Expense $ 805 $ 805 28 Legal Fees Expense $ 850 $ 850 29 Depreciation Expense $ 655 $ 655 30 Interest Expense $ 140 $ 140 31 Income Taxes Expense $ 490 $ 490 33 Total | $ 86,190 $ 86,190 $ 6,890 $ 6,890 $ 91,900 $ 91,900

Account Titles В SPARKLE POOL & SPA SERVICES, INC. October 31, 2019 Unadjusted T/B Debit ($) Credit ($) =40000-9000-250-1275-1800+4300-3600-850+1500-4000+2500-1120+750-1000 =11500-2500 =1800 =1120 =33000 Debit ($) Adjustments Credit (S) 425 =B7/24 =B8-315 | =(SLN(B9,0,5)*(1/12) 1=3780 =(SLN(B11,0,3))*(1/12) =33000-9000 =1120+3780-1120+360 =1500 | c15/5 5 Cash 6 Accounts Receivable 7 Prepaid Insurance 8 Supplies 9 Truck 10 Accumulated Depreciation - Truck 11 Computers 12 Accumulated Depreciation - Computers 13 Notes Payable 14 Accounts Payable 15 Unearned Service Revenue 16 Interest Payable 17 Salaries and Wages Payable 18 Income Taxes Payable 19 Common Stock 20 Dividends 21 Service Revenue 22 Salaries and Wages Expense 23 Advertising Expense 24 Insurance Expense 25 Utilities Expense 26 Rent Expense 27 Supplies Expense 28 Legal Fees Expense 29 Depreciation Expense 30 Interest Expense 31 Income Taxes Expense =(C13*7%)*(1/12) =4000 490 =40000 =1000 =4300+11500+750 =D15+425 =E17 =3600+4000 =250 =E7 =360 =1275 =850 =E12+E10 =E16 =E18 Je 33 Total =SUM(B5:B31) I=SUM(C5:C31) I=SUM(D5:D31) =SUM(E5:E31)

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