Adjusting Journal entries | |||
Debit | Credit | ||
1 | Expenses on Supplies | 3600 | |
Supplies | 3600 | ||
2 | Salary Expenses | 1000 | |
Salaries Payable | 1000 | ||
3 | Depreciation | 300 | |
Accumulated Depreciation - Equipment | 300 | ||
4 | Unearned Revenue | 800 | |
Revenue from Services | 800 | ||
5 | Income Tax Expenses | 1100 | |
Income Tax Expenses Payable | 1100 | ||
Adjusted Trail Balance for the Period ending - 30th November 2018 | ||
Particulars | Debit | Credit |
Cash | 35,140 | |
Accounts Receivable | 7,220 | |
Supplies | 1,000 | |
Equipment | 18,000 | |
Accumulated Depreciation - Equipment | 3,900 | |
Accounts Payable | 600 | |
Salaries Payable | 1,000 | |
Unearned Revenue | 110 | |
Common Shares | 15,000 | |
Retained Earnings | 33,200 | |
Revenue from Services | 15,960 | |
Rent Expenses | 600 | |
Dividend | 500 | |
Salary Expenses | 4,600 | |
Advance From Customer | 1,190 | |
Expenses on Supplies | 3600 | |
Depreciation | 300 | |
Income Tax Expenses | 1100 | |
Income Tax Expenses Payable | 1100 | |
72,060 | 72,060 |
Income Statement for the Period Ending - 30th Nov-18 | |
Particulars | Amount |
Revenue | |
Revenue from Sales | 15960 |
Total Revenue | 15960 |
Expenses | |
Salary Expenses | 4600 |
Rent Expenses | 600 |
Expenses on Supplies | 3600 |
Depreciation expenses | 300 |
Income Tax Expenses | 1100 |
Total Expenses | 10200 |
Net Profit | 5760 |
Retained Earning Statement for the Period Ending - 30th Nov-18 | |
Opening Balance | 33,200 |
Add :Net Profit for the period | 5,760 |
Less : Dividend Distributed | 500 |
Balance Profit Transferred to Retained Earnings Account | 38,460 |
Statement on Changes in Equity for the Period Ending - 30th Nov-18 | |
Opening Equity | 10,630 |
Add : issue of Equity | 4,370 |
Add: Retained Earnings | 38,460 |
Closing Balance of Equity | 53,460 |
Balance Sheet for the period ending 30th Nov-18 | |||
Assets | Amount | Liabilities | Amount |
Cash Account | 35,140 | Equity and retained earnings | 53,460 |
Equipment | 18,000 | Unearned Revenue | 110 |
Office Supplies | 1,000 | Advance received from Customer | 1,190 |
Account Receivables | 7,220 | Income Tax Payable | 1,100 |
Accumulated Depreciation - Equipment | 3,900 | ||
Account Payable | 600 | ||
Salaries Payable | 1,000 | ||
Total | 61,360 | Total | 61,360 |
s Problem 4 9A On Oitober 31, 2018, Alou Equigpment Repar Corp's opening trial balance was...
27, 2020, 2:43:09 PM (America/Halifax -04:00) 50% Current Attempt in Progress On July 31, 2018, the following alphabetically ordered list of accounts and amounts was available for Wildhorse Repair Accounts payable $2,100 Equipment $9,500 3,000 Retained earnings 19,250 Accounts receivable Accumulated depreciation-equipment Accumulated depreciation-vehicleš 1,900 Salaries payable 1,360 5,500 Supplies 920 Bank loan payable (non-current) 4,300 Unearned revenue 1,210 Cash 8,900 Vehicles 27,500 Common shares 14,200 Prepare an income statement for August. WILDHORSE REPAIR SERVICES LTD Income Statement Month Ended...
To create an income statement. On July 31, 2018, the following alphabetically ordered list of accounts and amounts was available for Wildhorse Repair Services Ltd Accounts payable $ 2,100 Equipment $9,500 Accounts receivable 3,000 Retained earnings 19,250 Accumulated depreciation equipment 1,900 Salaries payable 1,360 Accumulated depreciation-vehicles 5,500 Supplies 920 Bank loan payable (non-current) 4,300 Unearned revenue 1,210 Cash 8.900 Vehicles 27,500 Common shares 14,200 During August, the following summary transactions were completed: Aug. 1 Paid $270 for advertising on Kijiji...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
4. Prepare an unadjusted trial balance. RED STORM CLEANERS Unadjusted Trial Balance December 31, 2018 Accounts Cash Accounts receivable Supplies Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Repairs and maintenance expense Depreciation expense Supplies expense Debit Credit Totals 0 Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) IThe following information applies to the questions d'isplayed bewow. The general ledger of Red Storm Cleaners at January 1, 2018, includes the...
Problem 3-2A a-b (Part Level Submission) On July 31, 2018, the general ledger of Pharoah Inc. showed these balances: Cash $3,990; Accounts Receivable $1,500; Supplies $530; Equipment $4,980; Accounts Payable $4,100; Common Shares $3,500; and Ret Earnings $3,400. During August, the following transactions occurred: Aug. 2 Collected $1,190 of accounts receivable due from customers. 3 Received $1,330 for issuing common shares to new investors. 6 Paid $2,670 on accounts payable owing. 7 Earned fees of $6,500, of which $2,970 was...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
3. Prepare an adjusted trial balance as of January 31, 2018. 4. Prepare a multiple-step income statement for the period ended January 31, 2018. 5. Prepare a classified balance sheet as of January 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Record the closing entry for revenue accounts. 2. Record the closing...
i Data Table Wireless Solution Unadjusted Trial Balance November 30, 2018 Balance Account Title Debit Credit Cat Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Common Stock S 3,500 3,800 1,400 4,000 31,700 S 1,100 5,000 35.50a Print Done 1 of 9 (4 complete) i Data Table fo Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Common Stock Divndends Service Revenue Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense 31,700 S 1,100 5,000 35,500 2,300 8,300...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,500 Interest receivable 20 Accounts receivable 4,740 Note receivable, due October 31, 2018 4,000 Accumulated depreciation—equipment 2,030 Retained earnings 6,040 Cash 5,520 Salaries payable 1,460 Common shares 12,000 Supplies 1,030 Equipment 10,100 Unearned revenue 1,380 During August, the following summary transactions were completed. Aug. 1 Paid $440 cash for advertising in local newspapers....
Record transactions, post journal entries, prepare an unadjusted and adjusted trial balance, prepare the income statement and balance for the year ended dec 31, 2018, record closing entries and prepare a post-closing trial balance The following information applies to the questions displayed below.) The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 24,600 15,400 12,000 148,000...