Unadjusted trail balance Account Debit ($) Credit ($) Cash 37,000 Investment (Capital) 100,000 Accounts Receivable 16,000 Rent Expense 4,000 Office Supplies 1,000 Unearned Revenue 16,000 Salaries Expense 6,000 164,000 Total 180,000 180,000 Missing Credit = Total Debits Credit Balance Missing Credit = $ 180,000 $16,000 = $164,00 5 Create and journalize adjustments 6 Prepare adjusted trial balance 7- Prepare financial statements 8 - Prepare closing entries 9 - Prepare post - closing trial balance.
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Unadjusted trail balance Account Debit ($) Credit ($) Cash 37,000 Investment (Capital) 100,000 Accounts Receivable 16,000 Rent Expense 4,000 Office Supplies 1,000 Unearned Revenue 16,000 Salaries Expense 6,000 164,000 Total 180,000 180,000 Missing Credit = Total Debits Credit Balance Missing Credit = $ 180,000 $16,000 = $164,00 5 Create and journalize adjustments 6 Prepare adjusted
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- Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets= Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Lets assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, 3,000. (f) Paid rent for March, 1,000. (g) Paid March phone bill, 68. (h) Jon Wallace withdrew cash for personal use, 800. (i) Performed services for clients on account, 900. (j) Paid wages to part-time employee, 500. (k) Received cash for services performed on account in transaction (i), 500.On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
- Transactions; financial statements 2. Net income: 10,850 On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of 24,000 in exchange for common stock. b. Paid rent on office and equipment for the month, 3,600. c. Paid automobile expenses for month, 1,350, and miscellaneous expenses, 600. d. Purchased supplies on account, 1,200. e. Earned sales commissions, receiving cash, 19,800. f. Paid creditor on account, 750. g. Paid office salaries, 2,500. h. Paid dividends, 3,500. i. Determined that the cost of supplies on hand was 300; therefore, the cost of supplies used was 900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Prepare an income statement for April, a statement of stockholders equity for April, and a balance sheet as of April 30.A 250 payment for salaries expense was incorrectly journalized and posted as a debit to Salaries Expense for 2,500 and a credit to Cash for 2,500. Using the one-step method, how would the entry be corrected? a. Cash2,500 Salaries Expense2,500 b. Salaries Expense250 Cash250 c. Cash2,250 Salaries Expense2,250 d. Salaries Expense2,250 Cash2,250Brief Exercise 3-28 Accrual- and Cash-Basis Accounting The following are several transactions for Halpin Advertising Company. Purchased $1,000 of supplies. 0Sold $5,000 of advertising services, on account, to customers. Used $250 of supplies. Collected $3,000 from customers in payment of their accounts. Purchased equipment for $10,000 cash. Recorded $500 depreciation on the equipment for the current period. Required: Identify the effect, if any, that each of the above transactions would have on net income under cash-basis accounting and accrual-basis accounting.
- Unadjusted trail balance Account Debit ($) Credit ($) Cash 37,000 Investment (Capital) 100,000 Accounts Receivable 16,000 Rent Expense 4,000 Office Supplies 1,000 Unearned Revenue 16,000 Salaries Expense 6,000 164,000 Total 180,000 180,000 Missing Credit = Total Debits Credit Balance Missing Credit = $ 180,000 $16,000 = $164,00 5 Create and journalize adjustments 6 Prepare adjusted trial balance 7- Prepare financial statements 8 - Prepare closing entries 9 - Prepare post - closing trial balanceHow do you make a balance sheet? POST COMPANYADJUSTED TRIAL BALANCE Debit Credit Cash 80,000 Accounts Receivable 12,000 Prepaid Insurance 2,000 Equipment 4,000 Accumulated Depreciation 100 Supplies 400 Accounts Payable 800 Wages Payable 200 200 Unearned Revenue 1,200 Contributed Capital 82,400 Retained Earnings…1. PREPARE ADJUSTED TRIAL BALANCE , INCOME STATEMENT & BALANCE SHEET - TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BAL INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CASH 419,640.0 ACCOUNTS RECEIVABLE 30,000.0 OFFICE EQUIPMENT 40,000.0 ACCOUNTS PAYABLE 40,000.0 APEX, CAPITAL 500,000.0 APEX DRAWING 10,000.0 PURCHASES 85,000.0 PURCHASE RETURN 3,000.0 PURCHASE DISCOUNT 1,440.0 SALES 110,000.0 SALES DISCOUNT…
- Accounts Unadj Trial Balance ---adjustments---- Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash $115,000 A/Rec $25,000 Supplies $18,000 Prepaid Ins $12,000 Computer $50,000 Accts Payable $15,000 Unearned Rev $20,000 Common Stock $80,000 Retained Earns $10,000 Revenues $175,000 Wages Exp $28,000 Utils Exp $22,000 Supplies Exp $15,000 Insurance Exp $15,000 ----------- ----------- ----------- ----------- ----------- ----------- TOTALS $300,000 $300,000 year end adjustments: 1. Sales of $10,000, on account, have yet to be accounted for 2. Depreciation expense of…Date Accounts Titles Debit Credit Dec-01 Cash 500,000 Owner's capital 500,000 to record the capital invested by the owner Dec-02 Computer repair equipment 250,000 Cash 150,000 Accounts payable 100,000 to record the purchse of computer repair equipment Dec-03 Office supplies expense 25,000 Cash 25,000 to record the supploes expense incurred Dec-05 Account receivable 80,000 Service revenue 80,000 to record the service revenue earned Dec-08 Prepaid rent 45,000 Cash 45,000 to record the rent paid in advance Dec-10 Taxes and licenses 8,000 Cash 8,000 to record the amount received from customers Dec-14 Cash 50,000 Account Receivable 50,000 to record the amount received from customers Dec-15 Salaries Expense 18,000 Cash 18,000 to record the salaries expense incurred and paid Dec-18 Cash…1. PREPARE AN INCOME STATEMENT & BALANCE SHEET - TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BAL INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CASH 419,640.0 419,640.0 ACCOUNTS RECEIVABLE 30,000.0 30,000.0 SUPPLIES 10,000.0 1)8000 2,000.0 PREPAID INSURANCE 12,000.0 2)1000 11,000.0 OFFICE EQUIPMENT 40,000.0 40,000.0 ACCOUNTS PAYABLE 40,000.0 40,000.0 APEX, CAPITAL 500,000.0 500,000.0 APEX DRAWING 10,000.0…
