FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Looking for answers to subsections 4, 5 and 6 please! 

Additional Information: 1. Annual payments of $3,000 are required on the note. Required: 1. Journalize and post the Apr transactions. Susie's Commerical Cleaning records all prepaid expenses and unearned revenues as assets and liabilities Prepare an unadjusted trial balance at April 30, 2021. Journalize and post the following adjustments Earned and unbilled fees at Apr 30, 2021 were $1,500. The truck has an estimated useful life of four years and no residual value. The insurance policy is effective Apr 1, 2021 and expires on March 31, 2022 d. An inventory count shows $375 of cleaning supplies on hand at Apr 30, 2021. At Apr 30. 2021, $1,000 of the fees collected in advance have been earned. Accrued but unpaid employee salaries were $400. The note payable has a 6% annual interest rate. Prepare an adjusted trial balance at Apr 30, 2021. Prepare in good form an Income Statement, Statement of Owner's Equity and a Classified Balance Sheet for the month ended Apr 30, 2021. Journalize and post the closing entries. Prepare a post closing trial balance at Apr 30, 2021. Susie's Commerial Clearning has chosen to prepare reversing entries. Prepare necessary reversing entries in May 2021. They do not need to be posted. 2. 3. а. b. С. е. f. g. 4. 5. 6. 7. 8.
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Transcribed Image Text:Additional Information: 1. Annual payments of $3,000 are required on the note. Required: 1. Journalize and post the Apr transactions. Susie's Commerical Cleaning records all prepaid expenses and unearned revenues as assets and liabilities Prepare an unadjusted trial balance at April 30, 2021. Journalize and post the following adjustments Earned and unbilled fees at Apr 30, 2021 were $1,500. The truck has an estimated useful life of four years and no residual value. The insurance policy is effective Apr 1, 2021 and expires on March 31, 2022 d. An inventory count shows $375 of cleaning supplies on hand at Apr 30, 2021. At Apr 30. 2021, $1,000 of the fees collected in advance have been earned. Accrued but unpaid employee salaries were $400. The note payable has a 6% annual interest rate. Prepare an adjusted trial balance at Apr 30, 2021. Prepare in good form an Income Statement, Statement of Owner's Equity and a Classified Balance Sheet for the month ended Apr 30, 2021. Journalize and post the closing entries. Prepare a post closing trial balance at Apr 30, 2021. Susie's Commerial Clearning has chosen to prepare reversing entries. Prepare necessary reversing entries in May 2021. They do not need to be posted. 2. 3. а. b. С. е. f. g. 4. 5. 6. 7. 8.
Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following transactions were completed. Apr-01 Invested $14,000 cash in the business 1 Purchased a used truck for $26,400, paying $6,400 cash and signing a note payable for the balance 1 Collected $3,000 from XYZ for their cleaning needs for Apr, May and June. 3 Purchased cleaning supplies on account for $850 5 Paid $1,800 on a one-year insurance policy, effective Apr 1 12 Billed customers $3,800 for cleaning services 18 Paid $400 of amount owed on cleaning supplies 20 Paid $1,600 for employee's salaries 21 Collected $1,400 from customers billed on Apr 12 25 Billed customers for $3,000 for cleaning services 30 Paid gas and oil for the month on the truck $350 30 Withdrew $1,600 to pay personal property taxes
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Transcribed Image Text:Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following transactions were completed. Apr-01 Invested $14,000 cash in the business 1 Purchased a used truck for $26,400, paying $6,400 cash and signing a note payable for the balance 1 Collected $3,000 from XYZ for their cleaning needs for Apr, May and June. 3 Purchased cleaning supplies on account for $850 5 Paid $1,800 on a one-year insurance policy, effective Apr 1 12 Billed customers $3,800 for cleaning services 18 Paid $400 of amount owed on cleaning supplies 20 Paid $1,600 for employee's salaries 21 Collected $1,400 from customers billed on Apr 12 25 Billed customers for $3,000 for cleaning services 30 Paid gas and oil for the month on the truck $350 30 Withdrew $1,600 to pay personal property taxes
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