Homework Answers
Answer:
Cash Account
| DATE | PARTICULARS | DEBIT | DATE | PARTICULARS | CREDIT |
| Capital | 118700 | Building | 125000 | ||
| Revenue | 171000 | Supplies Expenses | 21500 | ||
| Office Supplies | 1200 | ||||
| Wages | 36000 | ||||
| rent | 6000 | ||||
| Land | 50000 | ||||
| Drawings | 48000 | ||||
| 289700 | 287700 | ||||
| Cash Balance | 2000 |
Milos Management Company
Trial Balance
for the year ended December 31
| Particulars | Debit | Credit |
| Capital Account (after drawings) | ||
| D. Milo, Capital | 70700 | |
| Current Liabilities | ||
| Account Payable | 6500 | |
| Fixed Assets | ||
| Land | 50000 | |
| Building | 125000 | |
| Current Assets | ||
| Cash | 2000 | |
| Accounts Receivable | 7000 | |
| Unearned Management fee | 4000 | |
| Direct Income | ||
| Management Revenue | 175000 | |
| Direct Expense | ||
| Supplies expense | 21500 | |
| Rent Expense | 6000 | |
| Wages Expense | 36000 | |
| Office Supplies | 1200 | |
| Grand Total | 252700 | 252200 |
| 500 |
Add Answer to:
4. The balances for the accounts of Milo's Management Co. for the year ended December 31...
10) The balances for the accounts of Milo's Management Co. for the year ended December 31...
10) The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance. 7,000 Wages Expense......... Rent Expense............ 36,000 6,000 Accounts Payable..... Accounts Receivable... Cash..................... Office Supplies. Building................. Supplies Expense...... Common Stock........... Management Revenue. ? 1,200 125,000 I 21.500 I 118,700 175,000 Land. Unearned Management Fees Dividends 50,000 4,000 48,000 DIT Write your answer in the space provided or on a separate sheet of paper. eginning cash...
Prepare adjusting journal entries for the year ended (date of) December 31, 2011, for each of...
Prepare adjusting journal entries for the year ended (date of) December 31, 2011, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities: a. Depreciation on the company's equipment for 2011 is computed to be $16,000 b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An...
5) Stymies Auto Service has the following balances for the year ended 12-31-09. Insurance expense Service...
5) Stymies Auto Service has the following balances for the year ended 12-31-09. Insurance expense Service revenue Accounts receivable Supplies expense $ 4,000 Salary expense $42,000 101,000 Accounts payable 8,000 7,000 Owner, capital, December 31, 20X8 13,000 1,000 Supplies 2,000 16,000 Withdrawals by owner 36,000 6,000 8,000 Cash Fuel expense Rent expense Required: Prepare the Statement of Retained Earnings for Stymies Auto Service.
Bolton Consulting Work Sheet For the year ended December 31 Balance Sheet and Statement of Stockholders...
Bolton Consulting Work Sheet For the year ended December 31 Balance Sheet and Statement of Stockholders Income Statement Equity Adjusted Unadjusted Trial Trial Balance Adjustments Balance Account Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash 31,000 Accounts Receivable 8,000 Supplies 12,500 Automobiles 175,000 Accum. Depr. - Autos 52,000 17,500 Accounts payable Unearned 26,500 fees Salaries payable Capital Stock 58.000 Dividends 42,500 241,750 Fees earned Salary 91,000 Module 8: Portfolio Project 262020 expense Rent expense 35,750 Advertising expense...
Chapter Assignments 133 Ozaki Tax Service Trial Balance December 31, 20x8 Cash Accounts Receivable Prepaid Insurance...
Chapter Assignments 133 Ozaki Tax Service Trial Balance December 31, 20x8 Cash Accounts Receivable Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation-Office $ 2,268 1,031 782 7,100 Equipment Accounts Payable Unearned Tax Fees J. Ozaki, Capital J. Ozaki, Withdrawals Tax Fees Revenue Office Salaries Expense Advertising Expense Rent Expense Telephone Expense 770 635 219 5,439 6,000 21,926 8,300 650 2,400 218 $28,989 $28,989 The following information is also available: a. Office supplies on hand, December 31, 20x8, $227. b. Insurance...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020....
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 640,000 $ 38,000 $ 13,000 $ 380,600 $ 25,000 $ 2,900 $ 25,300 $ 124,000 $ 32,000 $ 153,700 $ 12,000 $ 54,600 $ 6,000 $ 260,000 $ 3,800 $ What is...
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $50,700 Accounts...
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $50,700 Accounts Receivable 30,000 Prepaid Insurance 6,500 Office Supplies 3,000 Land 50,000 Building 140,000 Accumulated Depreciation—Building $16,500 Equipment 76,000 Accumulated Depreciation—Equipment 7,000 Accounts Payable 27,000 Salaries Payable 3,000 Unearned Revenue 24,000 Mortgage Payable 102,000 Baker, Capital 25,500 Baker, Withdrawals 25,000 Service Revenue 290,000 Salaries Expense 63,000 Depreciation Expense—Building and Equipment 6,000 Supplies Expense 11,000 Insurance Expense 14,800 Utilities Expense 19,000 Total $495,000 $495,000 There were no...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
10) The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance. 7,000 Wages Expense......... Rent Expense............ 36,000 6,000 Accounts Payable..... Accounts Receivable... Cash..................... Office Supplies. Building................. Supplies Expense...... Common Stock........... Management Revenue. ? 1,200 125,000 I 21.500 I 118,700 175,000 Land. Unearned Management Fees Dividends 50,000 4,000 48,000 DIT Write your answer in the space provided or on a separate sheet of paper. eginning cash...
Prepare adjusting journal entries for the year ended (date of) December 31, 2011, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities: a. Depreciation on the company's equipment for 2011 is computed to be $16,000 b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An...
5) Stymies Auto Service has the following balances for the year ended 12-31-09. Insurance expense Service revenue Accounts receivable Supplies expense $ 4,000 Salary expense $42,000 101,000 Accounts payable 8,000 7,000 Owner, capital, December 31, 20X8 13,000 1,000 Supplies 2,000 16,000 Withdrawals by owner 36,000 6,000 8,000 Cash Fuel expense Rent expense Required: Prepare the Statement of Retained Earnings for Stymies Auto Service.
Bolton Consulting Work Sheet For the year ended December 31 Balance Sheet and Statement of Stockholders Income Statement Equity Adjusted Unadjusted Trial Trial Balance Adjustments Balance Account Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash 31,000 Accounts Receivable 8,000 Supplies 12,500 Automobiles 175,000 Accum. Depr. - Autos 52,000 17,500 Accounts payable Unearned 26,500 fees Salaries payable Capital Stock 58.000 Dividends 42,500 241,750 Fees earned Salary 91,000 Module 8: Portfolio Project 262020 expense Rent expense 35,750 Advertising expense...
Chapter Assignments 133 Ozaki Tax Service Trial Balance December 31, 20x8 Cash Accounts Receivable Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation-Office $ 2,268 1,031 782 7,100 Equipment Accounts Payable Unearned Tax Fees J. Ozaki, Capital J. Ozaki, Withdrawals Tax Fees Revenue Office Salaries Expense Advertising Expense Rent Expense Telephone Expense 770 635 219 5,439 6,000 21,926 8,300 650 2,400 218 $28,989 $28,989 The following information is also available: a. Office supplies on hand, December 31, 20x8, $227. b. Insurance...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Refer to the list of the accounts and balances below for the year-ended December 31, 2020. Common Stock Depreciation Expense Dividends Fees Earned Insurance Expense Miscellaneous Expense Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 640,000 $ 38,000 $ 13,000 $ 380,600 $ 25,000 $ 2,900 $ 25,300 $ 124,000 $ 32,000 $ 153,700 $ 12,000 $ 54,600 $ 6,000 $ 260,000 $ 3,800 $ What is...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
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