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my home work is to do 3.2A and 3.3A
May 31 Instructions a. Prepare the adjusting entries for the month of May. Use J4 as the page number for your journal b. Post
Adjusting the Accounts $101,055 5 -6,175 225 Instructions a. Journalize the adjusting entries on May 31. b. Prepare a ledger
b. Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post b. Prepare an income sta
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Answer #1

3.3A

a.

Account Titles Debit Credit
Accounts Receivable $          1,100
       Service Revenue $          1,100
Supplies Expense $             850
       Supplies $             850
Rent Expense $          1,700
       Prepaid Rent $          1,700
Depreciation Expense $             700
       Accumulated Depreciation $             700
Interest Expense $             100
       Interest Payable $             100
Salaries and Wages Expense $             725
       Salaries and Wages Payable $             725
Unearned Rent Revenue $          1,450
        Rent Revenue $          1,450

b.

Income Statement
Revenue
Service Revene $       17,100
Rent Revenue $          2,860
Total Revenue $       19,960
Expenses
Salaries and Wages Expense $          8,725
Rent Expense $          3,600
Depreciation Expense $             700
Supplies Expense $             850
Utilities Expense $          1,510
Interest Expense $             100
Total Expenses $       15,485
Net Income $         4,475
Statement of Owner's Equity
Beginning Balance, Capital $       22,000
Add : Net Income $          4,475
$       26,475
Less : Drawings $          1,600
Ending Balance, Capital $       24,875
Balance Sheet
Assets
Current Assets
Cash $          8,700
Accounts Receivable $       11,500
Supplies $             650
Prepaid Rent $             500
Total Current Assets $       21,350
Property, Plant and Equipment
Equipment $       18,000
Less :Accumulated Depreciation-Equipment $           (700)
Total Property, Plant and Equipment $       17,300
Total Assets $       38,650
Liabilities & Owner's Equity
Current Liabilities
Accounts Payable $          2,500
Salaries and Wages Payable $             725
Interest Payable $             100
Unearned Service Revenue $             450
Total Current Liabilities $         3,775
Long term Liabilities
Notes Payable $       10,000
Total Liabilities $       13,775
Owner's Equity
Owner's Capital $       24,875
Total Owner's Equity $       24,875
Total Liabilities & Owner's Equity $       38,650

c.
Interest for year = $10000 x 12% = $1200
Months outstanding = 1 month

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