Question

Content Tasks Communication Resources Table of Contents > Weekly Assignments > Week 3 Assignment > Week 3 Practice Week 3 Practice < Homework for this week is to complete exercise E3-29 on page 167 of your textbook. Utilize the attached workpapers to complete the following steps: 1. Record the journal entries for a.d. 2. Post the journal entries to the ledger (T-accounts). 3. Prepare the adjusted trial balance. 4. Upload your completed workpapers to the DropBox in D2L.

Answer 1

$ 700 a Accounts Recievable Service Revenue (Service provided on credit) $ 700 300 b Supplies expense $ Supplies (Supplies used during the month) $ 300 1,300 c Depreciation expense $ Accumulated Depreciation (Depreciation expense charged) $ 1,300 $ 1,400 d Salaries expense Salaries payable (Salary yet to be paid ) $ 1,400

Accounts Recievable $ 4,100 $ 700 Salaries payable $ 1,400 Service Revenue $ 9,000 $ 700 $ 1,400 $ 4,800 $ 9,700 Supplies 1,200 $ Supplies expense 300 $ 300 $ $ 900 $ 300 Accumulated Depreciation $ 13,900 $ 1,300 Depreciation expense $ 1,300 $ 1,300 $ 15,200 $ $ Salaries expense 2,200 1,400 $ 3,600

Adsjusted Trial Balance $ 1,100 $ 4,800 $ 900 $ 32,700 Cash Accounts Recievable Supplies Equipment Accumulated Depreciation Salaries payable Common Stock Dividends Service revenue Salaries expense Rent expense Depreciation expense Supplies expense $ 15,200 $ 1,400 $ 25,200 $ 5,300 $ 9,700 $ $ $ $ 3,600 1,500 1,300 300 $ 51,500 $ 51,500 Post Closing Trial Balance $ 1,100 $ 4,800 $ 900 $ 32,700 Cash Accounts Recievable Supplies Equipment Accumulated Depreciation Salaries payable Common Stock Dividends Retained earnings $ 15,200 $ 1,400 $ 25,200 $ 5,300 $ 3,000 $ 44,800 $ 44,800

Retained earnings = Net income

Net income = 9700 - 3600 - 1500 - 1300 - 300

= 3000