Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance:
Account: |
Amount: |
Account: |
Amount: |
|
Cash |
$18,944 |
Retained Earnings |
$41,392 |
|
Accounts Receivable (A/R) |
$15,088 |
Service Revenue |
$89,430 |
|
Prepaid Rent |
$10,100 |
Advertising Expense |
$12,550 |
|
Equipment |
$37,920 |
Wages Expense |
$48,000 |
|
Accumulated Depreciation-Equipment |
$16,195 |
Utilities Expense |
$2,775 |
|
Accounts Payable (A/P) |
$5,901 |
Depreciation Expense |
$0 |
|
Wages Payable |
$0 |
Rent Expense |
$0 |
|
Deferred Revenue |
$240 |
Cleaning Expense |
$9,040 |
|
Common Stock |
$1,259 |
The following additional information was gathered at September 30, 2019, the end of Just Like Fred Astaire’s quarterly accounting period. Assume Fred uses a quarterly accounting period and all adjustments and adjusting entries are made only at the end of each quarterly accounting period (i.e. AJEs are only made on March 31, June 30, September 30 and December 31st). No adjusting entries have been made yet for the third quarter, ending September 30th, 2019 related to the below items:
PART A: Record Adjusting Journal Entries (AJEs) : Record the five AJEs related to the information above that Fred would make on 9/30/19. Make sure to use proper formatting for all entries, and to include the date of each entry and a brief description of each entry. You must show all of your work on calculations.
PART B: Calculate adjusted Net Income for 2019: Calculate the amount of Net Income that Fred would report on its income statement for the period ended September 30, 2019. You must show all of your work on calculations.
PART C: Calculating Net Book Value : Calculate the net book value of the equipment that would be reported on the classified Balance Sheet as of 9/30/2019. You must show all of your work on calculations.
Following are the accounts and balances that appear in the unadjusted trial balance for Just Like...
Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable (A/P) $5,901 Depreciation Expense $0 Wages Payable $0 Rent Expense...
The Accounting Cycle – End of the period: followings are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable (A/P) $5,901...
2. The Accounting Cycle – End of the period (7pts): Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable...
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Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable: Office Equipment: Legal Database Subscription: Accounts Payable; Common Stock Dividends: Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T- accounts and key all entries with the number identifying the...
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney: Cash; Accounts Receivable: Office Equipment: Legal Database Subscription: Accounts Payable; Common Stock Dividends: Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T- accounts and key all entries with the number identifying the...