Question

Integrative Exercise 01 The Accounting Cycle Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2019 Accounts payable $16,700 Accounts receivable 39,200 Accumulated depreciation (equipment) 36,800 Cash 6,700 Common stock (20,000 shares) 100,000 Depreciation expense (equipment) 12,300 Dividends 6,300 Equipment 269,500 Income taxes expense 2,700 Income taxes payable 1,100 Interest expense 16,500 Interest payable 0 Interest income 4,100 Inventory 4,900 Investments 35,000 Notes payable (due May 2, 2025) 160,000 Prepaid rent (4 months) 36,400 Rent expense 94,400 Retained earnings, 12/31/2018 43,000 Service revenue, parking 224,600 Service revenue, repair 208,100 Supplies expense 36,900 Wages expense 233,600 Wages payable 0

Answer 1

	Univesity Street Parking Garage
	Adjsuting Journal entries
SR	Account Title	Dr $	Cr $
a	Rent Expense	9,100
	Prepaid Rent		9,100
	Adjust rent
b.	Wages Expense	12,500
	Wages Payable		12,500
	Adjust wages
c	Depreciation expense-Equipment	2,000
	Accumulated Depreciation-Equipment		2,000
	record additional depreciation
d	Interest Expense	1,800
	Interest Payable		1,800
	Record Interest for two months

Univesity Street Parking Garage

Adjsuted Trial Balance

As on Dec31,2019

Accounts	Dr $	Cr $
Cash	6,700
Accounts Receivable	39,200
Inventory	4,900
Prepaid Rent	27,300
Investments	35,000
Equipment	269,500
Accumulated Depreciation-Equipment		38,800
Accounts Payable		16,700
Interest Payable		1,800
Income Tax Payable		1,100
Wages Payable		12,500
Notes Payable (due May 2,2025)		160,000
Common Stock(20,000 shares)		100,000
Retained Earnings (12/31/2018)		43,000
Dividends	6,300
Service Revenue parking		224,600
Service Revenue repair		208,100
Supplies Expense	36,900
Wages Expense	246,100
Depreciation expense-Equipment	14,300
Rent Expense	103,500
Interest Income		4,100
Interest Expense	18,300
Income Tax Expense	2,700

Total	810,700	810,700

Univesity Street Parking Garage

Income Statement

for the Year ending Dec31,2019

Particulras	Amt $	Amt $
Service Revenue parking	224,600
Service Revenue repair	208,100
Total Revenue		432,700
Operating Expenses
Supplies Expense	36,900
Wages Expense	246,100
Depreciation expense-Equipment	14,300
Rent Expense	103,500
Total Operating Expenses		400,800
Operating Income /(Loss)		31,900
Other Income/(Expenses):
Interest Income	4,100
Interest Expense	(18,300)
Other Income/(Expenses):		(14,200)
EBT		17,700
Income Tax Expense		2,700
Net Income /(Loss)		15,000

Univesity Street Parking Garage

Retained Earning Statement

for the Year ending Dec31,2019

Particulras	Amt $
Beginning Balance Jan 1,2019	43,000
Add: Net Income from year 2019	15,000
Less : Dividends paid in 2019	(6,300)
Ending Balance Retained Earning Dec 31,2019	51,700

Univesity Street Parking Garage

Balance Sheet

As on Dec31,2019

Assets	Amt $	Liabilities & Equity	Amt $
Current Assets		Current Liabilities
Cash	6,700	Accounts Payable	16,700
Accounts Receivable	39,200	Interest Payable	1,800
Inventory	4,900	Income Tax Payable	1,100
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