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3. Prepare a post-closing trial balance at September 30, 2021. PA4-2 Analyzing and Recording Adjusting Journal Entries Brokeback Towing Company is the end of its accounting year, December 31, 2021. The following data that must be considered were developed from the company's records and related documents: ent is behogei On July 1, 2021, a two-year insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2021, the unadjusted balance in the Supplies account was $1,000. A physi- cal count of supplies on December 31, 2021, indicated supplies costing $300 were still on hand. ferred Revenue 25w 1091 2189 air 000,00 a. C. d. aid e. 8. On December 31, 2021, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $800. The amount is not yet recorded. It will be paid during January 2022. On July 1, 2021, the company purchased a new hauling van. Depreciation for July-December 2021, estimated to total $2,750, has not been recorded. upor f. As of December 31, the company owes interest of $500 on a bank loan taken out on October 1, 2021. The interest will be paid when the loan is repaid on September 30, 2022. No interest has been recorded yet. Brode On December 31, 2021, the company completed a contract for an out-of-state company for $7,950 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. now been fulfilled Sui Assume the income after the preceding adjustments but before income taxes was $30,000. The company's federal income tax rate is 30%. Compute and record income tax expense. L

3. Prepare a post-closing trial balance at September 30, 2021. PA4-2 Analyzing and Recording Adjusting Journal Entries Brokeback Towing Company is the end of its accounting year, December 31, 2021. The following data that must be considered were developed from the company's records and related documents: ent is behogei On July 1, 2021, a two-year insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2021, the unadjusted balance in the Supplies account was $1,000. A physi- cal count of supplies on December 31, 2021, indicated supplies costing $300 were still on hand. ferred Revenue 25w 1091 2189 air 000,00 a. C. d. aid e. 8. On December 31, 2021, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $800. The amount is not yet recorded. It will be paid during January 2022. On July 1, 2021, the company purchased a new hauling van. Depreciation for July-December 2021, estimated to total $2,750, has not been recorded. upor f. As of December 31, the company owes interest of $500 on a bank loan taken out on October 1, 2021. The interest will be paid when the loan is repaid on September 30, 2022. No interest has been recorded yet. Brode On December 31, 2021, the company completed a contract for an out-of-state company for $7,950 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. now been fulfilled Sui Assume the income after the preceding adjustments but before income taxes was $30,000. The company's federal income tax rate is 30%. Compute and record income tax expense. L

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section21.1: Accruals
Problem 1OYO
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3. Prepare a post-closing trial balance at September 30, 2021. PA4-2 Analyzing and Recording Adjusting Journal Entries Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data that must be considered were developed from the company's records and related documents: a. b. C. d. ain't e. On July 1, 2021, a two-year insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2021, the unadjusted balance in the Supplies account was $1,000. A physi- cal count of supplies on December 31, 2021, indicated supplies costing $300 were still on hand. 25w 1091 2189y adT 000,00 On December 31, 2021, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $800. The amount is not yet recorded. It will be paid during January 2022. On December 31, 2021, the company completed a contract for an out-of-state company for $7,950 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. now been fullied but On July 1, 2021, the company purchased a new hauling van. Depreciation for July-December 2021, estimated to total $2,750, has not been recorded. f. As of December 31, the company owes interest of $500 on a bank loan taken out on October 1, 2021. The interest will be paid when the loan is repaid on September 30, 2022. No interest Anodu has been recorded yet. g. Assume the income after the preceding adjustments but before income taxes was $30,000. The company's federal income tax rate is 30%. Compute and record income tax His expense. LO 4-1, 4- day 2900
Transcribed Image Text:3. Prepare a post-closing trial balance at September 30, 2021. PA4-2 Analyzing and Recording Adjusting Journal Entries Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data that must be considered were developed from the company's records and related documents: a. b. C. d. ain't e. On July 1, 2021, a two-year insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2021, the unadjusted balance in the Supplies account was $1,000. A physi- cal count of supplies on December 31, 2021, indicated supplies costing $300 were still on hand. 25w 1091 2189y adT 000,00 On December 31, 2021, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $800. The amount is not yet recorded. It will be paid during January 2022. On December 31, 2021, the company completed a contract for an out-of-state company for $7,950 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. now been fullied but On July 1, 2021, the company purchased a new hauling van. Depreciation for July-December 2021, estimated to total $2,750, has not been recorded. f. As of December 31, the company owes interest of $500 on a bank loan taken out on October 1, 2021. The interest will be paid when the loan is repaid on September 30, 2022. No interest Anodu has been recorded yet. g. Assume the income after the preceding adjustments but before income taxes was $30,000. The company's federal income tax rate is 30%. Compute and record income tax His expense. LO 4-1, 4- day 2900
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