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 |
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. Please show all calculations and explanation.
The Accounting Cycle – End of the period: followings are the accounts and balances that appear...
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...
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...
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...
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